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paying taxes after they takes their taxes

Topic closed. 21 replies. Last post 12 years ago by starchild_45.

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Chief Bottle Washer
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Posted: September 26, 2004, 12:25 am - IP Logged

SC tax info can be found on the USA Mega Powerball Jackpot Analysis page.

 

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

 

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    Posted: September 26, 2004, 12:33 am - IP Logged

    thanks todd

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      Posted: September 26, 2004, 12:35 am - IP Logged

      todd does s.c not have a state tax or does it just not show it

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        Posted: September 26, 2004, 12:36 am - IP Logged

        i see it now thanks

          dvdiva's avatar - 8ball

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          Posted: September 26, 2004, 1:29 am - IP Logged

          oregon's state tax is wrong - it's 9%

          the 8% listed at the oregon lottery web site just for state withholdings

            dvdiva's avatar - 8ball

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            Posted: September 26, 2004, 1:31 am - IP Logged

            in fact some other states are wrong - you might want to check out http://www.taxadmin.org/fta/rate/ind_inc.html

            to see how bad the damage is in whatever your state is.

              DoctorEw220's avatar - alien helmet.jpg
              Yinzer Country, PA
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              Posted: September 26, 2004, 1:51 am - IP Logged

              another thing to remember is that some states do not tax their own residents if they win the lottery, but if a non-resident wins the same amount, that person will have to pay state taxes (look at hobart parnell. he's from VA, but won a powerball jackpot in 2003 with a ticket purchased in WV. it even mentioned in the article that because he was from out-of-state that he had to pay state taxes.)

              I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.

                Todd's avatar - Cylon 2.gif
                Chief Bottle Washer
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                Posted: September 26, 2004, 6:41 am - IP Logged
                Quote: Originally posted by dvdiva on September 26, 2004


                in fact some other states are wrong - you might want to check out http://www.taxadmin.org/fta/rate/ind_inc.html
                to see how bad the damage is in whatever your state is.




                The state lotteries themselves provided the data, and I believe they are correct.  If you think there is an error then I suggest you contact the states lottery and ask them.

                I have no idea how you can look at the chart you linked to and say that it applies to lottery withholdings.  It shows income bracket ranges, not the percentage that the lottery withholds.

                 

                Check the State Lottery Report Card
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                  Chief Bottle Washer
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                  Posted: September 26, 2004, 6:42 am - IP Logged
                  Quote: Originally posted by DoctorEw220 on September 26, 2004


                  another thing to remember is that some states do not tax their own residents if they win the lottery, but if a non-resident wins the same amount, that person will have to pay state taxes (look at hobart parnell. he's from VA, but won a powerball jackpot in 2003 with a ticket purchased in WV. it even mentioned in the article that because he was from out-of-state that he had to pay state taxes.)



                  Sometimes the out-of-state winner pays a different rate than an in-state person.  Examples of this can be seen for Arizona and Maryland.  The two different rates are shown on the Jackpost Analysis pages.

                   

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

                   

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

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
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                    Posted: September 26, 2004, 6:49 am - IP Logged
                    Quote: Originally posted by dvdiva on September 26, 2004


                    oregon's state tax is wrong - it's 9%
                    the 8% listed at the oregon lottery web site just for state withholdings




                    dvdiva,

                    I posted my original response above, but then realized that the reason you posted your messages was that you don't understand the Jackpot Analysis page.

                    It is not designed to show what the winner would pay at the end of the year as a total tax bill.  NOBADY CAN KNOW THAT IN ADVANCE.  You can say that the winner will probably be in the highest tax bracket, but that is only determined after the winner does their taxes.

                    The Jackpot Analysis page shows what will be withheld from the winner's prize check.  That is a fixed amount that the state withholds, not some amount that you THINK the winner will have to pay come April 15.

                     

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

                     

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

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                      Fantasy Land
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                      Posted: September 29, 2004, 4:11 am - IP Logged
                      Quote:
                        twisted's avatar - underground
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                        Posted: September 29, 2004, 9:47 am - IP Logged

                        After the lottery withhelds 25% federal tax and state tax (if there is any), you would have to pay another 10% federal tax when you do your taxes (since lottery winnings are considered personal income).  Ofcourse this would only happen if you won a big jackpot which would put you in the highest tax bracket.

                        The highest tax bracket for 2004 is







                        $319,101 & Over


                        35.0%




                        Its better than 2002 when you almost paid 39% federal tax.

                        Does anyone know if you have to pay social security and medicare on your jackpot win?

                          four4me's avatar - gate1
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                          Posted: September 29, 2004, 10:30 am - IP Logged
                          I'll try and explain what I found out about this tax stuff. I won 5000 I had to pay taxes on that 5000 to the feds and state. At the end of the year when I filled my taxes I had to pay taxes on the remaining money after they got the first cut. So essentially I got taxed twice once when I won the money and again for the remainder of the money I received. It has to be reported as unearned income. Regardless of whether you put it in the bank or pocketed the money.

                           

                          If you win a large amount you'll be paying taxes on that until the day you die how much will depend on whether or not you have a good accountant and tax preparer.
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                            Fantasy Land
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                            Posted: September 29, 2004, 7:30 pm - IP Logged

                            You aren't being taxed twice. You are paying a withholding, kind of like a payment on dventual taxes owed. Kind of like giving the government a tax free loan instead of the money sitting in your bank account or investment portfolio earning interest/returns until tax time. The government makes it in your best interest for you to do this because if you don't they will penalize you for under withholding. But you aren't being taxed twice. Your final tax bill is unknowable until the end of the tax year.



                            But still, other then possible estate or gift taxes you are not taxed again on that money after you pay the final tax bill.

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                              Posted: September 29, 2004, 11:52 pm - IP Logged

                              does anyone know how to pick a great financial team ?????  i won't know who to start to talk to.. how do u know were to look