signing your tickets

Reply #22

KyMystikal — Mon, 26 Feb 2007 00:03:09 GMT

Any win that is under $600 is not reported so no one knows that you have won anything. I'm sure you may be right that you are supposed to report the win but who would actually tell the the Federal or state government that they won anything under $600 just so they could pay taxes.

I believe it is the same way in gambling at the horse racing parlor and gambling boat. Also I know that if you were to win enough to have to pay taxes, you can keep losing tickets from that year to write off the w... [ More ]

Reply #21

tnlotto1 — Mon, 19 Feb 2007 03:23:29 GMT

i sign my tickets at the store or in the parking lot in my car because im paranoid about losing it and someone else trying to claim it even though i have never won more than $5000

Reply #20

JAG331 — Sun, 18 Feb 2007 16:59:49 GMT

I would sign a ticket if I won an amount over $600, since you can't cash it without providing your information anyway.

Reply #19

CA LotteryGuy — Sun, 18 Feb 2007 15:56:01 GMT

KyMystical....you stated in KY you don't have to pay taxes unless the win is $601 or more. Don't you mean taxes are not witheld on wins below $601? I am pretty sure that at least from a federal standpoint you are supposed to report winnings below $601 and therefore pay taxes. Does the state of Kentucky not tax winnings below $601

Reply #18

tntea — Sun, 18 Feb 2007 12:26:02 GMT

Original Post by chasingadream it depends.....if I am out with someone when i buy them then yes i will sign them but if I'm alone and I don't have any fear of anyone takin the tkt then i don't sign it.

huh... I wouldn't go out with anyone I could not trust.

Reply #17

tntea — Sun, 18 Feb 2007 12:20:44 GMT

winning tickets of less than $600 go in the trash in TN after paid out... No one sees the back of the ticket.

Reply #16

dumars798 — Sun, 18 Feb 2007 06:29:11 GMT

Only if i wan a big Jackpot

Reply #15

KyMystikal — Sun, 18 Feb 2007 05:40:51 GMT

In KY any place that sells lottery tickets is suppose to cash tickets in up to $600. There are certain places that are cashing agents that can cash up to $5,000 but you also have to fill out tax forms. Then there are places you can go that can only cash up to $25,000. After that there is the lottery headquarters in Louisville. Every place that sells KY lottery tickets are supposed to cash them up to $600 but a lot of them don't have the money to cash. In KY you don't have to pay taxes unless the... [ More ]

Reply #14

RJOh — Tue, 13 Feb 2007 23:47:38 GMT

The banks consider their service a conveniences. Actually I have a choice of cashing a ticket for free by traveling 65mi. to the nearest regional office in downtown Columbus (the state capitol) and paying a fee to park in a parking garage near by or driving 13mi. to the nearest approved bank, park in their customer lot and pay their fee. For me the travel time and gas money saved is worth their fee. If I ever win a Jackpot, I'll have no choice, I'll have to travel to Columbus.

Reply #13

KY Floyd — Tue, 13 Feb 2007 21:18:57 GMT

I expect that $4999 that FL will let you collect is because $5000 is the threshold at which the IRS requires taxes to be withheld. State and federal law says that you are required to pay taxes on any lottery winning, even if it's only $1. $600 is just the level at which they bother with paperwork. They know nobody is going to report a $500 win, but they also know that virtually everybody who wins $500 spends more than that on tickets and therefore doesn't have a net income. If they thought man... [ More ]

Reply #12

justxploring — Tue, 13 Feb 2007 07:59:55 GMT

I'm surprised you weren't asked for ID. Your situation sort of defeats the whole purpose of asking for a signature. Are you sure it was $600 and not $599? AFAIK you can't collect $600 at a store, unless that's something local. You definitely are required to pay taxes on any ticket $600 or over, and that isn't a State Law, it's Federal. In FL they will let you claim up to $4,999 without deducting taxes at the local lottery office, but you are required to fill out forms and will get a W-G like... [ More ]

Reply #11

RJOh — Tue, 13 Feb 2007 05:46:02 GMT

In Ohio any ticket worth more than $599 has to be taken to an approved bank to be cashed after it has been verified a winner by the store terminal. The bank not only requests your name and some ID but your SS number and signature on some forms so the state can send you a W-G for taxes. Also you're charged for this service.

Reply #10

KyMystikal — Mon, 12 Feb 2007 04:23:13 GMT

Once when I tried to cash a $600 ticket they told me I needed to sign the back of the ticket and I asked why because you don't need to sign it unless you have to pay taces on it. The girl told me they had new management and required a signature so I signed the ticket Mickey Mouse.

Reply #9

starchild_45 — Mon, 12 Feb 2007 04:17:42 GMT

i do when i know it is a winner.

Reply #8

chasingadream — Sun, 11 Feb 2007 17:35:58 GMT

it depends.....if I am out with someone when i buy them then yes i will sign them but if I'm alone and I don't have any fear of anyone takin the tkt then i don't sign it.

Reply #7

TheGameGrl — Sun, 11 Feb 2007 13:14:13 GMT

From my state website lottery, the procedure when more then one person claims on the winning amount. Only one person need sign it as the primary holder. The primary claimant then must have all other parties file a form with social security and other ID . When the funds are distributed, its distributed based on the amount of claimants for that ticket claim. Whether its a trust or not, all names and identity must be validated /verified thru the lottery . More often then not its to catch any past d... [ More ]

Reply #6

justxploring — Sat, 10 Feb 2007 18:48:57 GMT

Yes, I agree. I guess I was thinking more about the huge jackpots. I never won more than $75 at a time, so I haven't had the pleasure of signing a $600 winner! It would be crazy not to sign my ticket immediately if I won thousands of dollars.

Does anyone know how a signature would have an effect on creating a Trust or LLC? I'm not talking about a pool. So many people here have said not to sign the ticket, but I'm not so sure it would make a difference if the winner signs his ticket and... [ More ]

Reply #5

TheGameGrl — Sat, 10 Feb 2007 14:02:50 GMT

If the ticket is over $600.00 then yes, I sign it. Its a precaution and a wise one at that!

If its a ticket that is in our lottery pool, then the group has a different procedure implemented.

Reply #4

dingo — Fri, 09 Feb 2007 20:21:31 GMT

I signed my tickets for a couple weeks. Then, I got bored. Now, I just leave them unsigned.

Reply #3

justxploring — Thu, 08 Feb 2007 04:38:30 GMT

I don't sign my tickets for the same reason RJOh mentioned. Although if I won millions, I'd probably consult an attorney immediately for advice. Regarding a Blind Trust, no matter how you claim your money in FL, your name and town of residence is a public record and always mentioned in the news release. While I was making plans to relocate, it would drive me crazy to think I had a piece of paper worth millions that was unprotected. I'm one of those people who go back to make sure I turned o... [ More ]

Reply #2

RJOh — Thu, 08 Feb 2007 03:09:48 GMT

It makes no sense to sign a winning ticket that's less than $600 unless you plan to include it on your tax returns and for the average lottery player that would mean paying extra taxes even if more than $600 was lost playing the lotteries.

Reply #1

LottoChica23 — Thu, 08 Feb 2007 02:58:23 GMT

Nope, even though the ticket is a bearer instrument I don't sign the back of my tickets.

If I sign the ticket, then that eliminates the possibility of my creating a blind trust or any other creative method to claim the winnings.

If When I win, I will have to let the Win marinate for a while, contact some advisors and then make the decision as to how the prize will be claimed.

signing your tickets

LOTTOMIKE — Thu, 08 Feb 2007 02:41:52 GMT

do you sign the back of your lottery tickets