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$240 MILLION POWERBALL - Wednesday

Topic closed. 33 replies. Last post 13 years ago by kbcherokee.

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Todd's avatar - Cylon 2.gif
Chief Bottle Washer
New Jersey
United States
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Posted: July 6, 2003, 1:18 pm - IP Logged

Just to add to what Thomas said, depending on where you live, the US government may have a tax treaty with your country.  If so, you may end up paying taxes to your home country, and get reimbursed the US tax.

 

Check the State Lottery Report Card
What grade did your lottery earn?

 

Sign the Petition for True Lottery Drawings
Help eliminate computerized drawings!

    visiondude's avatar - eye3logo
    light on my feet
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    Posted: July 6, 2003, 2:12 pm - IP Logged
    Quote:

                "i am .........."meant to"       

    P.S.,  that RJoH  is a stand up guy.  thanks,  vision

             until further notice,  it's  france everyday

      NY
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      Posted: July 6, 2003, 2:54 pm - IP Logged

      You do have to pay taxes to SC.  Also, like TC pointed out, 27% is only the withholding.  You'll have to pay more taxes when you file if you choose lump sum.  I think the maximum rate is between 36 - 39% according to tax yr 2002.

      Fact:  If you live in NJ and purchase a MM tix in NY and you win the jackpot, you will have to pay the NY state tax.  There is no state tax for lottery winnings in NJ.

      Fact:  If you live in NY and buy a MM tix in NJ and you win the jackpot, you will still pay taxes to NY (the state you live in). 

        visiondude's avatar - eye3logo
        light on my feet
        United States
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        Posted: July 6, 2003, 3:05 pm - IP Logged

        i guess the bottom line would be WHO CARES if you win that much $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ (LOL)



        waaaaaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhhhooooooooooooooooo.

        VDQP"B"LS

                    "i am .........."meant to"       

        P.S.,  that RJoH  is a stand up guy.  thanks,  vision

                 until further notice,  it's  france everyday

          Thomas Covenant's avatar - money
          South Carolina
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          Posted: July 6, 2003, 3:13 pm - IP Logged

          Fact: If you win in NY and take the annuity, and then move to florida, you still have to pay NY state taxes every year.


          Okay, now I believe you can predict lottery numbers

            NY
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            Posted: July 6, 2003, 3:17 pm - IP Logged

            It might NOT matter if you win the multistate lottery of $200M but it does actually matter if you win the state lottery of only $2M or even second prizes like $175K or $100K.  It does make a difference. 

             

              NY
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              Posted: July 6, 2003, 3:22 pm - IP Logged

              TC:  True.  You do have to file a non-resident NY tax. 

              I believe people do not file state taxes in FL but let's say you move to a state where you do have to pay taxes on lottery winnings, you're NOT paying double tax to NY and the state you move to.  You'll receive state credit from NY and depending what the tax rate of the state you move to is, you might or might not have to pay add. taxes.

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                Wisconsin
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                Posted: July 6, 2003, 3:29 pm - IP Logged

                If

                ... the lottery never fails to surprise!

                  United States
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                  Posted: July 6, 2003, 3:52 pm - IP Logged
                  TC:

                  Don't forget to tell AnnuityIsGross!

                    NY
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                    Posted: July 6, 2003, 3:59 pm - IP Logged

                    Cash:  Why can't you change the subjects once in a while.  It always seems like your posts are about players choosing cash rather than annuity.  Also, besides the fact that you always bash on games where they pay only in annuity.  Both you and AnnuityIsGreat should consider posting on other important subjects.

                     


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                      Posted: July 6, 2003, 4:04 pm - IP Logged
                      Jeeves:

                      Many of my posts have NOTHING to do with cash vs annuity.

                      Thomas was pointing out something about NY winners moving to Florida while receiving annuity payments.

                        NY
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                        Posted: July 6, 2003, 4:26 pm - IP Logged

                        Yes, and you jumped on the bandwagon with his annuity comment.  All of us know that you FAVOR cash over annuity.  Why keep repeating it over and over and over and over in one form or another.

                        Seems like everytime someone mentions annuity, you always seem to attack it.  Give it up!  We all know what your thoughts are.


                          United States
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                          Posted: July 6, 2003, 4:37 pm - IP Logged
                          Jeeves:

                          I respect your criticism of me, but, until ALL lottery winners are paid in cash, or given the right to collect in lump sum (save for "win for life") prizes, I will continue to express my thoughts on this issue.

                          No lottery should be allowed to force winners to receive annuity payments.

                            Todd's avatar - Cylon 2.gif
                            Chief Bottle Washer
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                            Posted: July 6, 2003, 4:53 pm - IP Logged

                            I thought what Thomas said was

                             

                            Check the State Lottery Report Card
                            What grade did your lottery earn?

                             

                            Sign the Petition for True Lottery Drawings
                            Help eliminate computerized drawings!


                              United States
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                              Posted: July 6, 2003, 5:05 pm - IP Logged
                              Todd:

                              If I lived in Rockland Co, within walking distance of New Jersey, I would buy ALL my Mega Millions tickets in Jersey. However, I live in Westchester.