Lottery Payment Calculators

Reply #8

Stack47 — Sat, 08 Sep 2012 15:09:23 GMT

If winnings were classified as capital gains, every winner would get a nice refund check. There are many investments a jackpot winner could make deferring or limiting how much in taxes, but the amount they spend on the investments comes off how much they won. I've always wondered what it be like to look at my W-2 with withholdings of $25 million and find out I still owed a few million more. But as problems go that's one problem I wouldn't mind having.

The players winning $5000 and under have... [ More ]

Reply #7

billionaire2bee — Fri, 07 Sep 2012 23:45:12 GMT

Visit the sites....they have the taxes broken down for you. So have fun playing with it...which was my original reason for listing this post....Now go have fun....Don't overthink it now

Reply #6

haymaker — Fri, 07 Sep 2012 23:21:41 GMT

Stack47,

I have to wonder if you could recoup some of the 25% withheld, winnings are treated like paychecks, if you overpay you get a refund.

If my tax acct. tells me I can get some of that back if i give it away, i'm inclined to give it away instead of pumping it down a gov't rathole.

Reply #5

Stack47 — Fri, 07 Sep 2012 22:14:52 GMT

The average lottery player probably makes under $30,000 a year so we can rule out gambling expenses equally the size of the jackpot as a deduction.

Usually they can recoup the lion's share of that 10% gap.

Yep, they can donate a couple million to their favorite charity as a deduction and probably eat up most of the 10%. The problem is at the end of the day, they are still out the $2 million. I agree getting a good CPA to fill out the tax forms is a must and maybe a tax attorney for the f... [ More ]

Reply #4

GASMETERGUY — Fri, 07 Sep 2012 13:32:37 GMT

You can avoid owing more taxes later in the year by deducting the full 35% up front. Later, after H R Block files your taxes, you should get a hefty refund. The same works at the state level.

Now the trick is to win that first and only million dollar jackpot.

Reply #3

Colt45ML — Fri, 07 Sep 2012 12:19:23 GMT

Just another reason to hire a good tax lawyer and an accountant if you win a big jackpot. Usually they can recoup the lion's share of that 10% gap.

Reply #2

zinniagirl — Fri, 07 Sep 2012 04:44:04 GMT

Just remember that they are only taking a portion of the taxes at that time. The IRS collects 25% upfront, but as of right now you owe another 10%. North Carolina collects 7% upfront but you still owe another 1% as of right now. Just something to keep in mind..... Good luck. I hope you win your heart's desire.

Reply #1

haymaker — Thu, 06 Sep 2012 20:48:57 GMT

Well thanks for the 1st one, but the usamega has a link in the left column right here,

I think most know about.

Lottery Payment Calculators

billionaire2bee — Thu, 06 Sep 2012 20:44:43 GMT

Found two web sites that will give the annunity and lump sum payouts in your state...

GGuldens.org is listed the standard tax amounts in the table already so all you do is put in the lottery prize amount and hit calculate...

usamega.com/powerballjackpot.asp...lists each state's payout of the current lottery prize and if you want the annunity you just click on the button below you state that says annunity.

I thought it was neat just instantly finding out how much I will take home wh... [ More ]