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do you think the lottery take out alot of taxes

heck yea they do

[ 23 ]

[ 69.7% ]

they suppose to

[ 4 ]

[ 12.1% ]

i will be happy with anything

[ 5 ]

[ 15.1% ]

[ 1 ]

[ 3.0% ]

never thought about it

[ 0 ]

[ 0.0% ]

Total valid votes

[ 33 ]

Discarded votes

[ 2 ]

CASH Only

United States
Member #379
June 5, 2002
11,296 Posts
Offline

Aug 28, 2004, 2:35 pm

Camden:
Not quite. $294m was the ANNUITY value; $117m is the CASH value AFTER withholdings.
ryanm

Morrison, IL
United States
Member #4,657
May 13, 2004
1,885 Posts
Offline

Aug 28, 2004, 3:34 pm

Yeah, I think the cash value was $168 million, so they really took out only $51 million.
DoctorEw220

Yinzer Country, PA
United States
Member #4,067
March 18, 2004
2,741 Posts
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Aug 28, 2004, 4:33 pm

ok. federal tax is 25 %, which is kinda reasonable because of the tax bracket that you will be going into, but i think that the states shuldn't take out taxes on winnings. with ohio's super lotto plus, if you take the cash option, half is already taken out, then another 12.5% is then taken out, and then another 1.5% taken out. if one tkes the cash option in ohio, they wind up only seeing 36% of the annuitized value. on their "where the dollar goes" section, they should point out that only 35.75% is paid in prizes, and 14.25% is paid in the form of 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.
lottoscorp

United States
Member #60
October 28, 2001
455 Posts
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Aug 28, 2004, 4:34 pm

This o
DoctorEw220

Yinzer Country, PA
United States
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March 18, 2004
2,741 Posts
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Aug 28, 2004, 4:56 pm

perhaps they could have kind of a flat tax on lottery winnings, but the amount depends on how much you win. for example, if you win $10,000 or less, no taxes taken out. $10,000-$50,000=$2,000 taken out. $50,000-$250,000=$10,000 taken out. $250,000-$500,000=$50,000 taken out. $500,000-$1 million= $75,000 taken out. $1million-10 million= $150,000 taken out. $10 million-50 million= $2 million taken out. $50 million-100 million= $5 million taken out. $100 million-200 million= $10 million taken out. Over $200 million= $25 million taken out. And this would be after you decide on annuity or cash, because some annuity payments could be less than $10,000 a year.

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.
four4me

MD
United States
Member #1,701
June 18, 2003
10,731 Posts
Offline

Aug 28, 2004, 6:20 pm

People shouldn't have to pay taxes if they win. The states make money on the lottery and they invest it. The people that win large amounts are already subject to paying more taxes because they move to a different tax bracket. We started the country because we were being taxed without representation. Now we are taxed worse than ever and we continue to vote the representatives in. Many of whom run on a ticket saying no more taxes, then after a year in office go back on their words and empty the pockets of every working class citizen. I say were already taxed to much and the whole reason of winning the lottery is to cash in on the big bundle of cash that the people invested in. I don't see uncle sam contributing to the jackpot in any way so why should we pay him back any of it.
DoctorEw220

Yinzer Country, PA
United States
Member #4,067
March 18, 2004
2,741 Posts
Offline

Aug 28, 2004, 7:30 pm

States and the IRS love it when someone in the state wins the lottery because they get money, and they should since it is income, but they are just taking out way too much from our winnings. I know people who will just play the daily number in PA just because they can win day after day, and not have to pay taxes on it.

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.
aftermath

United States
Member #6,570
August 28, 2004
36 Posts
Offline

Aug 28, 2004, 10:12 pm

I think people should pay taxes on the innitial winning but not pay a "Gift" Tax when trying to give money to friends, family, and relatives. Actually once the Government takes their taxes they should never touch another dime again.
rabbitfoot

United States
Member #620
August 25, 2002
205 Posts
Offline

Aug 28, 2004, 10:21 pm

Like it or not, Uncle Sam doesn't take out enought! He only wants 25% up front but the top income bracket is 35%. So at the end of the year you are going to have to pony up another 10% on a major jackpot. Here in Illinois, we also have a 3% state tax. Total= 38% of your winnings. And of course, if you take a lump sum, you only get about 51% of the advertised amount to start with.
$294 million x 51%= $150 million(rounded off)
$150 million less 38%=$93 million(rounded off)
Remember, there were $588 million worth of tickets sold to generate the jackpot of $294 million.
The lotto is truly the pot of gold at the end of the rainbow for everyone!

I play to dream and dream of winning a major jackpot!
camden2004

Minneapolis, Minnesota
United States
Member #6,508
August 26, 2004
74 Posts
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Aug 28, 2004, 11:43 pm

lol--
he really did the math

One day it might come true.
CASH Only

United States
Member #379
June 5, 2002
11,296 Posts
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Sep 20, 2004, 5:09 pm

I'd still take the lump sum.
NETGURU

United Kingdom
Member #6,098
August 5, 2004
10 Posts
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Sep 22, 2004, 12:06 pm

Guess the best way to play the lottery is with tax-free, lump sum online syndicates e.g play the UK lotto/euromillions with VWD or someone like that.
Hate tax grrrrr
tom
CASH Only

United States
Member #379
June 5, 2002
11,296 Posts
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Sep 25, 2004, 10:09 am

Pretty tempting.
Lottery_Analyst

Georgia
United States
Member #1,039
January 15, 2003
260 Posts
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Sep 28, 2004, 4:17 pm

The UK Lottery is not Tax Free for a US Resident if the IRS finds out you won........
qutgnt

United States
Member #3,676
February 10, 2004
425 Posts
Offline

Sep 28, 2004, 4:56 pm

This is why everyone should always hold on to their losing tickets and pick them up the floor all year long if need be just in case, that away you can write off some of your gambling losses.

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