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help please with figuring out

Topic closed. 17 replies. Last post 12 years ago by slotplayer.

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wannawinnow's avatar - anime21
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ohio
United States
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September 16, 2004
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Posted: September 16, 2004, 10:10 pm - IP Logged

please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$

    cv844's avatar - Lottery-049.jpg
    texas
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    May 17, 2004
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    Posted: September 16, 2004, 10:52 pm - IP Logged

    I dont know about ohio taxes, but I live in TX and i won a 1000.00 before and the tax preparer , told me it was a 150.00 for every thousand that you win.

      wannawinnow's avatar - anime21
      New Member
      ohio
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      Posted: September 16, 2004, 10:56 pm - IP Logged

      thanks for your respond,, it helps ,,,well at least gives me an idea of what to expect

        cv844's avatar - Lottery-049.jpg
        texas
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        Posted: September 16, 2004, 11:52 pm - IP Logged

        Your quite welcome

          cv844's avatar - Lottery-049.jpg
          texas
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          Posted: September 16, 2004, 11:58 pm - IP Logged

          And congrats. on your win

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            Poway CA (San Diego County)
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            January 25, 2004
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            Posted: September 17, 2004, 12:43 am - IP Logged
            Quote: Originally posted by wannawinnow on September 16, 2004


            please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$



            It would depend on your tax bracket at the end of the year.  In California there is no state tax, but the IRS still wants their money!  If you play on-line like it is totally tax free because they do not report any winnings to any government.  They are in Costa Rica. 

             

              Badger's avatar - adu50016 NorthAmericanBadger.jpg
              Wisconsin
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              March 27, 2003
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              Posted: September 18, 2004, 8:53 am - IP Logged
              Quote: Originally posted by wannawinnow on September 16, 2004


              please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$




              Here in Wisconsin, on any single winning ticket in an amount over $599 you must go to the lottery office to redeem it. Once there, they take out 30% for the Fed, and 7% for the state (that's our highest state income take bracket) -- So you leave with 63% of what you won. At the end of the year you may owe more, but that would depend on your 1040 that you submit to the IRS. Lottery winnings are considered "earned income". (I object to that but that's another story)

              ============

              How can you tell if a politician is lying?

              Answer: His lips are moving.

                Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
                Norfolk , Va
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                May 2, 2004
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                Posted: September 19, 2004, 1:18 pm - IP Logged

                 Ever heard the old song by the Beatles ...... There's three for me and one for you , I'm the taxman..........

                 I agree with Badger. It seems the same here in Virginia I think.

                 Blackie

                  Littleoldlady's avatar - basket
                  Clarksville
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                  July 15, 2002
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                  Posted: September 19, 2004, 5:18 pm - IP Logged

                  If you keep your losing tickets, you can claim them as loses against your win...Just make sure you have the losing tickets..

                  If you know your number is going to hit, have patience and then KILL IT!

                  You never know when you will get another hit.

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                    December 30, 2001
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                    Posted: September 20, 2004, 5:29 pm - IP Logged

                    Littleoldlady, you're right about the losing tickets. I save all my tickets in the dvent I do have a big win. At the end of the tax year I throw them out and start over again.

                      shelbyjean's avatar - shapes quad_feather.jpg
                      ohio
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                      February 1, 2004
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                      Posted: September 20, 2004, 5:35 pm - IP Logged

                        i have a question

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                        Badger's avatar - adu50016 NorthAmericanBadger.jpg
                        Wisconsin
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                        Posted: September 26, 2004, 8:38 pm - IP Logged
                        Quote: O

                        ============

                        How can you tell if a politician is lying?

                        Answer: His lips are moving.

                          shelbyjean's avatar - shapes quad_feather.jpg
                          ohio
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                          Posted: September 27, 2004, 4:18 pm - IP Logged

                           

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                            United States
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                            October 18, 2004
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                            Posted: October 23, 2004, 4:59 pm - IP Logged

                            taxes? did i hear taxes?

                            i read the book for texas lotto and i understand that a "minor" can recieve as well as cash in a ticket. you have to take the kid to the bank first with the social security card and tell the "new accounts" person that you wish to open an account for a minor and drop $25.00 on the table and then go to the lotto claim center and have the kid tell them that it is a winning ticket and a " gift to a minor"

                            the kid diddnt buy it, they "recieved it"

                            thus the process of eliminating taxes is final.

                            read someones child support papers, itll clear this matter up quickly

                            or call the attorney general for your state and they will tell you the samething

                              urbossmanpimpin's avatar - batman49
                              Dallas, Texas
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                              September 28, 2004
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                              Posted: October 23, 2004, 6:02 pm - IP Logged

                              just call the lottery commission and they will tell you how much will be taken out.....they are the best source for information....