PLEASE HELP - regarding tax and lottoriesPrev TopicNext Topic

• twisted

  

  New Jersey
  United States
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  September 25, 2003
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  Oct 20, 2004, 9:35 am

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  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

  

  100

  United States
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  January 19, 2002
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  Oct 20, 2004, 9:52 am

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  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 
• lola23

  

  Cape TOwn
  South Africa
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  October 20, 2004
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  Oct 21, 2004, 9:54 am

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  Is it a crime to be a new meme
• Todd

  

  50

  Chief Bottle Washer

  New Jersey
  United States
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  May 31, 2000
  28,192 Posts
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  Oct 21, 2004, 1:37 pm

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  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

  

  chicago ill.
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  February 4, 2004
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  Oct 23, 2004, 8:55 am

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   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

  

  50

  Chief Bottle Washer

  New Jersey
  United States
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  May 31, 2000
  28,192 Posts
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  Oct 23, 2004, 9:13 am

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  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!
• CASH Only

  United States
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  June 5, 2002
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  Nov 1, 2004, 4:17 pm

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