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Hey pick 3 players I have a question.

Topic closed. 14 replies. Last post 1 year ago by TinkerMazell.

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LiveInGreenBay's avatar - driver
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October 15, 2015
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Posted: October 17, 2015, 12:13 pm - IP Logged

When I pay pick 3 sometimes I run more than one ticket.  Haven't hit 500 bucks yet but I was wondering...If  I win and use my real name on the back of the tickets then cash them at the store, will the IRS hit me up for taxes at the end of the year?  I mean does the lottery keep track of the small winner names?  I believe if I win more than $2,000.00 in the lottery then that money is taxable.

Never give up.  Banana

    grwurston's avatar - Cute animals_Spider.jpg
    Winning makes me smile.
    bel air maryland
    United States
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    April 24, 2010
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    Posted: October 17, 2015, 1:30 pm - IP Logged

    When I pay pick 3 sometimes I run more than one ticket.  Haven't hit 500 bucks yet but I was wondering...If  I win and use my real name on the back of the tickets then cash them at the store, will the IRS hit me up for taxes at the end of the year?  I mean does the lottery keep track of the small winner names?  I believe if I win more than $2,000.00 in the lottery then that money is taxable.

    Usually anything $600 or less they won't take taxes out. Just make sure you get a separate ticket for each $1 straight you play. You don't want 1 ticket for $5 straight for example, where you win $2,500 on 1 ticket. Then you'll pay.

    Now there will be people here who will say, "Any winnings are taxable," and they are right. But by that thinking you should pay taxes if you hit just the bonus ball in the MM or PB, but nobody does.  But the IRS isn't going to look for you so you're good. Now if you really want to give Uncle Sam his share, I'm sure he'll take it...

    Signing the ticket is good so no one else can claim it, but if you are cashing it at the store it's not necessary.

    "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

    The numbers will tell you what numbers to play. Pay attention to the numbers.

    Don't just think outside the box, crush it.

      LiveInGreenBay's avatar - driver
      Green Bay
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      Posted: October 17, 2015, 5:32 pm - IP Logged

      Thanks for the info.

      Never give up.  Banana

        RJOh's avatar - chipmunk
        mid-Ohio
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        March 24, 2001
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        Posted: October 20, 2015, 1:40 pm - IP Logged

        When I pay pick 3 sometimes I run more than one ticket.  Haven't hit 500 bucks yet but I was wondering...If  I win and use my real name on the back of the tickets then cash them at the store, will the IRS hit me up for taxes at the end of the year?  I mean does the lottery keep track of the small winner names?  I believe if I win more than $2,000.00 in the lottery then that money is taxable.

        The store where I cash my tickets destroy them after cashing them so since you don't file claims for prizes less than $600 the government expect you to be honest and keep track of those smaller winnings and voluntary pay the extra taxes when you file your taxes.

        Remember, unless the total amount spent on those losing tickets exceed the standard deduction allowed you can't use the lost to reduce your tax obligations.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          LiveInGreenBay's avatar - driver
          Green Bay
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          Posted: October 20, 2015, 4:14 pm - IP Logged

          The store where I cash my tickets destroy them after cashing them so since you don't file claims for prizes less than $600 the government expect you to be honest and keep track of those smaller winnings and voluntary pay the extra taxes when you file your taxes.

          Remember, unless the total amount spent on those losing tickets exceed the standard deduction allowed you can't use the lost to reduce your tax obligations.

          They destroy them?  I always thought they send them back to the lottery office.  Thanks for the info!

          Never give up.  Banana

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            Maryland
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            January 2, 2015
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            Posted: October 20, 2015, 5:20 pm - IP Logged

            When I pay pick 3 sometimes I run more than one ticket.  Haven't hit 500 bucks yet but I was wondering...If  I win and use my real name on the back of the tickets then cash them at the store, will the IRS hit me up for taxes at the end of the year?  I mean does the lottery keep track of the small winner names?  I believe if I win more than $2,000.00 in the lottery then that money is taxable.

            I never sign my small tickets, I make sure I TELL the store how much the winner is when I go to cash it.  I first ask if they can cover it, as have run into times which I hand them a $290 win and after they validate it they go 'oh we can't pay that much'. Mad

              grwurston's avatar - Cute animals_Spider.jpg
              Winning makes me smile.
              bel air maryland
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              Posted: October 20, 2015, 6:13 pm - IP Logged

              I never sign my small tickets, I make sure I TELL the store how much the winner is when I go to cash it.  I first ask if they can cover it, as have run into times which I hand them a $290 win and after they validate it they go 'oh we can't pay that much'. Mad

              That's what I do. 

              Question 1 me) Can you cash a winner / winners?

              Question 2 them) How much?

              Me) Tell them the amount it is.

              Them) Yes, or we can cash such and such amount now, and we can do the rest at such and such time.

              Me) Okay.

              "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

              The numbers will tell you what numbers to play. Pay attention to the numbers.

              Don't just think outside the box, crush it.

                LottoBux's avatar - 2elh5if
                Ontario
                Canada
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                April 9, 2011
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                Posted: October 20, 2015, 10:02 pm - IP Logged

                That's what I do. 

                Question 1 me) Can you cash a winner / winners?

                Question 2 them) How much?

                Me) Tell them the amount it is.

                Them) Yes, or we can cash such and such amount now, and we can do the rest at such and such time.

                Me) Okay.

                Me Also,

                Where I Go They Can Cash Up To $800 For Pick 3/4

                I Know This Since I Cashed A Ticket For That Amount On Pick 4/Keno

                Just Keep Asking Questions If You're Not Sure

                And Never Give Up Your Ticket

                                       

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                  nassau
                  Bahamas
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                  December 28, 2011
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                  Posted: October 21, 2015, 7:59 am - IP Logged

                  Who is Yogi Berra, and how con i find him on the net???

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                    Posted: October 21, 2015, 8:06 am - IP Logged

                    Nope. they only take out tax over 600 bux but over that you have to go and fill out a form and they will take out taxes and report it.when you cash at the store they have no idea who you are and they the irs doesnt keep track of you...besides why are you worried? i doubt youre ever gonna make enough on the low paying pick 3 anyways. just relax if you hit a rare 500 take the $$ and run have fun!:O)

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                      Maine
                      United States
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                      January 27, 2002
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                      Posted: October 21, 2015, 12:09 pm - IP Logged

                      I played a number 5 times on one ticket and it won $2500. I had to cash it at the lottery headquarters and give them my name etc. About 2 years later I got a notice from the IRS saying I owed them $700 taxes on the $2500. I learned the hard way to play on separate slips. Big supermarkets in big cities are usually the only place that has enough $ to cash say $1000, $1500 winners but always ask first. Welcome to LP and good luck!

                      If it wasn't impossible I wouldn't even consider it!

                        LiveInGreenBay's avatar - driver
                        Green Bay
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                        Posted: October 21, 2015, 1:33 pm - IP Logged

                        I played a number 5 times on one ticket and it won $2500. I had to cash it at the lottery headquarters and give them my name etc. About 2 years later I got a notice from the IRS saying I owed them $700 taxes on the $2500. I learned the hard way to play on separate slips. Big supermarkets in big cities are usually the only place that has enough $ to cash say $1000, $1500 winners but always ask first. Welcome to LP and good luck!

                        Thanks ALX.  Sometimes I run a ticket up to 10 times (when I feel confident).  So if I hit $500.00 that would be $5,000 in $500.00 tickets.  If I cash them at different stores then I would get away with paying tax on that money if the store doesn't require me to fill out the back of the ticket with my name and address.  LOL!

                        Never give up.  Banana

                          grwurston's avatar - Cute animals_Spider.jpg
                          Winning makes me smile.
                          bel air maryland
                          United States
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                          April 24, 2010
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                          Posted: October 21, 2015, 4:56 pm - IP Logged

                          Who is Yogi Berra, and how con i find him on the net???

                          Yogi Berra was a catcher on the New York Yankees in the 1940's, 50's and 60's. He recently passed away. Just Google him.

                          "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                          The numbers will tell you what numbers to play. Pay attention to the numbers.

                          Don't just think outside the box, crush it.

                            grwurston's avatar - Cute animals_Spider.jpg
                            Winning makes me smile.
                            bel air maryland
                            United States
                            Member #90251
                            April 24, 2010
                            4866 Posts
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                            Posted: October 21, 2015, 5:11 pm - IP Logged

                            Thanks ALX.  Sometimes I run a ticket up to 10 times (when I feel confident).  So if I hit $500.00 that would be $5,000 in $500.00 tickets.  If I cash them at different stores then I would get away with paying tax on that money if the store doesn't require me to fill out the back of the ticket with my name and address.  LOL!

                            Don't worry, they won't ask. You could cash it all at the same store if they have the money. Where I play if you have a big win and they don't have the money, they will tell you to come back tomorrow and they will cash it then. Also, I can think of about 7 retailers within 2 miles of where I live, so going to different stores is no problem either.

                            "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                            The numbers will tell you what numbers to play. Pay attention to the numbers.

                            Don't just think outside the box, crush it.

                              TinkerMazell's avatar - Lottery-035.jpg
                              Augusta, Georgia
                              United States
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                              May 10, 2012
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                              Posted: November 1, 2015, 2:18 pm - IP Logged

                              Who is Yogi Berra, and how con i find him on the net???

                              When you get to the fork in the road, take it.

                              I am a $20,000 winner from a Georgia Lottery scratch off game called "$3,000,000 Taxes Paid"!