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PLEASE HELP - regarding tax and lottories

Topic closed. 6 replies. Last post 12 years ago by CASH Only.

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twisted's avatar - underground
New Jersey
United States
Member #2376
September 25, 2003
582 Posts
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Posted: October 20, 2004, 9:35 am - IP Logged

Euro Millions - Lump sum, no tax.  (dont know if you would have to pay tax in South Africa on it)

Mega Millions - Annuity/Lump sum (your choice after you win but some states ask you to make the choice when you play), federal and state tax.

Powerball - Annuity/Lump sum (your choice after you win), federal and state tax.

UK Nation Lottery - Lump sum, no tax. 

Someone else double check.

    fja's avatar - gnome1

    United States
    Member #91
    January 19, 2002
    11924 Posts
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    Posted: October 20, 2004, 9:52 am - IP Logged

    carefull, new member, first post, and after I read it, the hair on the back of my neck stood up!!!! I dont think you want to get to close to this one..........

    "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

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      Cape TOwn
      South Africa
      Member #7986
      October 20, 2004
      4 Posts
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      Posted: October 21, 2004, 9:54 am - IP Logged

      Is it a crime to be a new meme

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
        New Jersey
        United States
        Member #1
        May 31, 2000
        23259 Posts
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        Posted: October 21, 2004, 1:37 pm - IP Logged

        lola23,

        I'm interested to learn why the tax issue is so important to you.

        To answer your question, UK Lotto, Euro Millions, and El Gordo (as offered by the services on the left side of the page) do not have taxes withheld.  That's because they are bought in the UK and Spain, which do not subtract taxes from lottery prizes.

        That is not to say that your particular country will not withhold taxes if you bring the money into your country.

        The US lotteries would have US government taxes withheld - normally 30% for non-residents.

         

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

         

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

          st.germain's avatar - Tarlor
          chicago ill.
          United States
          Member #3600
          February 4, 2004
          337 Posts
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          Posted: October 23, 2004, 8:55 am - IP Logged

           Who really cares about taxes....If you were to win a jackpot, you would gladly pay the taxes just so that you can get your hands on the money. Could it be that you did win some large jackpot and am trying to scam your local government out of the tax due?

            Todd's avatar - Cylon 2.gif
            Chief Bottle Washer
            New Jersey
            United States
            Member #1
            May 31, 2000
            23259 Posts
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            Posted: October 23, 2004, 9:13 am - IP Logged

            Knowing the taxes can help if you want to choose one single game to play based on the highest jackpot.

            Someone may see the Powerball jackpot at $20 million and UK Lotto at $10 million and incorrectly decide to play Powerball.  The informed lottery player will know that not only does the UK not take out taxes, but they also pay the entire jackpot as lump-sum cash.

            Therefore, the $10 million UK Lotto jackpot, which is paid as lump-sum, tax-free cash, is larger than the Powerball jackpot, which after taxes and the lump-sum option would be about $7.6 million.

             

            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
              Member #379
              June 5, 2002
              11296 Posts
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              Posted: November 1, 2004, 4:17 pm - IP Logged

              Plus, the odds per US dollar are much better in UK Lotto.