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give the ticket to a minor

Topic closed. 6 replies. Last post 13 years ago by CASH Only.

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equifax's avatar - spherewall
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ohno
United States
Member #2977
December 8, 2003
40 Posts
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Posted: December 9, 2003, 6:36 pm - IP Logged

if you win any large amount of

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    United States
    Member #1079
    January 24, 2003
    104 Posts
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    Posted: December 10, 2003, 10:11 am - IP Logged

     last I checked any citizen of the US must pay taxes on everything they earn, regardless of their age. If you try & hold TLC to the no tax boo boo I bet the feds will make the minor pay. :)  Just more proof of the level of TLC's level of competance.  ;)

      dfw
      United States
      Member #2991
      December 10, 2003
      7 Posts
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      Posted: December 10, 2003, 7:16 pm - IP Logged

      the lottery commission sets up a trust fund and take out no taxes..sister. read the book its in the book

        dvdiva's avatar - 8ball

        United States
        Member #2338
        September 17, 2003
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        Posted: December 10, 2003, 9:39 pm - IP Logged

        1. the lottery does not set up trusts it buys an annuity if you choose that option

        2.all u.s. lotteries have 27% (or more) withholdings per federal law. true if they purchase an annuity the tax is not applied at that point. If its a cash option than 27% is withheld then or in an annuity 27% is held out of each per annum check.

          Jorli D's avatar - nw saucyelf2.jpg
          Michigan
          United States
          Member #2448
          October 4, 2003
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          Posted: December 10, 2003, 10:21 pm - IP Logged

          Can minors play lottery in Texas? I don't believe so.

            dfw
            United States
            Member #2991
            December 10, 2003
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            Posted: December 10, 2003, 10:54 pm - IP Logged

            it sets up a trust fund because its a minors ticket dummy!!!!!minors cannot play lottery!!!!!!!!!!!!!but they can recieve a winning ticket!!!!!!!1 call the lottery and ask them


              United States
              Member #379
              June 5, 2002
              11296 Posts
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              Posted: December 16, 2003, 9:13 am - IP Logged

              Probably the only situation where I "could" support a mandatory annuity is if the ticket is given to a minor...provided the minor could "withdraw" his/her winnings on his/her 18th/19th/21st birthday, whichever is the legal age to buy tickets for that state's lottery.

              As for federal withholding, it's now 25%.