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LiveInGreenBay

Green Bay
United States
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October 15, 2015
3,040 Posts
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Oct 17, 2015, 12:13 pm

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.
grwurston

100

Same digits. Different games.

United States
Member #90,245
April 24, 2010
17,076 Posts
Online

Oct 17, 2015, 1:30 pm

Quote: Originally posted by LiveInGreenBay on Oct 17, 2015
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.

Before you play there are 2 choices to make. Low sum or high sum and consecutive pair or no consecutive pair. Choose correctly and you go from 120 combos down to 30. Not a bad starting point.
LiveInGreenBay

Green Bay
United States
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October 15, 2015
3,040 Posts
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Oct 17, 2015, 5:32 pm

Thanks for the info.

Never give up.
RJOh

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
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Oct 20, 2015, 1:40 pm

Quote: Originally posted by LiveInGreenBay on Oct 17, 2015
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 every combination, just the winning ones *
LiveInGreenBay

Green Bay
United States
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October 15, 2015
3,040 Posts
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Oct 20, 2015, 4:14 pm

Quote: Originally posted by RJOh on Oct 20, 2015
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.
DELotteryPlyr

Maryland
United States
Member #162,425
January 2, 2015
4,051 Posts
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Oct 20, 2015, 5:20 pm

Quote: Originally posted by LiveInGreenBay on Oct 17, 2015
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'.
grwurston

100

Same digits. Different games.

United States
Member #90,245
April 24, 2010
17,076 Posts
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Oct 20, 2015, 6:13 pm

Quote: Originally posted by DELotteryPlyr on Oct 20, 2015
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'.

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.

Before you play there are 2 choices to make. Low sum or high sum and consecutive pair or no consecutive pair. Choose correctly and you go from 120 combos down to 30. Not a bad starting point.
LottoBux

25

Ontario
Canada
Member #109,236
April 9, 2011
61,326 Posts
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Oct 20, 2015, 10:02 pm

Quote: Originally posted by grwurston on Oct 20, 2015
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
cathryn

nassau
Bahamas
Member #120,832
December 28, 2011
14 Posts
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Oct 21, 2015, 7:59 am

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

United States
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September 11, 2011
1,871 Posts
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Oct 21, 2015, 8:06 am

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)
ALX

Maine
United States
Member #99
January 27, 2002
6,338 Posts
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Oct 21, 2015, 12:09 pm

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! As the Lottery Guru Gail Howard used to say, "What happens most is what is most likely to happen".
LiveInGreenBay

Green Bay
United States
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October 15, 2015
3,040 Posts
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Oct 21, 2015, 1:33 pm

Quote: Originally posted by ALX on Oct 21, 2015
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.
grwurston

100

Same digits. Different games.

United States
Member #90,245
April 24, 2010
17,076 Posts
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Oct 21, 2015, 4:56 pm

Quote: Originally posted by cathryn on Oct 21, 2015
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.

Before you play there are 2 choices to make. Low sum or high sum and consecutive pair or no consecutive pair. Choose correctly and you go from 120 combos down to 30. Not a bad starting point.
grwurston

100

Same digits. Different games.

United States
Member #90,245
April 24, 2010
17,076 Posts
Online

Oct 21, 2015, 5:11 pm

Quote: Originally posted by LiveInGreenBay on Oct 21, 2015
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.

Before you play there are 2 choices to make. Low sum or high sum and consecutive pair or no consecutive pair. Choose correctly and you go from 120 combos down to 30. Not a bad starting point.
TinkerMazell

Augusta, Georgia
United States
Member #127,846
May 10, 2012
83 Posts
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Nov 1, 2015, 2:18 pm

Quote: Originally posted by cathryn on Oct 21, 2015
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"!

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