Pick ONE big mistake Lottery Winners do...

Reply #10

Stack47 — Sat, 22 Jan 2022 04:55:45 GMT

It's difficult to tell if they mean large jackpot game winners or someone that won $900. Both get a W-2G, but 25% for federal taxes will be withheld on prizes over $25,000. There are people in federal prison that made one big tax related mistake , but doubt that's a common mistake among lottery game winners.

Reply #9

rcbbuckeye — Thu, 20 Jan 2022 23:19:07 GMT

I'm thinking our dear Uncle will see to it a lottery winner's taxes are paid right.

Reply #8

Stack47 — Thu, 20 Jan 2022 23:12:39 GMT

Hopefully one of these days a real live jackpot winner is going to post and we can ask them questions like this. Do you actually know a lottery winner that didn't pay their taxes right

Reply #7

Karen Nathan — Thu, 20 Jan 2022 23:09:48 GMT

What I was trying to convey is that the Lottery Winners forget to pay the taxes on their Winnings, ie, they only pay their State Taxes and forget to pay the Federal Taxes which is big trouble when they get audited at Tax Time for not paying their Federal Taxes. The smart thing would be to ask upfront to take out the State Taxes and the Federal Taxes at the same time.

Reply #6

ah1963 — Thu, 20 Jan 2022 22:13:27 GMT

Find a right financial adviser and a lawyer. Negotiate their fees. There are many lawyers will rip you off. Financial adviser and financial manager should be separate entity. After that enjoy your life, but remember money won't solve your all problem. Consult a good therapist time to time.

Reply #5

CDanaT — Thu, 20 Jan 2022 21:55:29 GMT

Course, depending on the total dollar amount won ? Some do not live within their means. It's one thing if you won $1 Million but entirely something else if you won $20M or $50M or a $100+ Million. A simple meeting with a financial representative or 2 should assist one in resolving any future earnings with a 8-9 figure jackpot win. Should all other reasonable, common sense ideas fail ?? IMHO, make darn sure you are completely debt free with a nest egg before you conduct any donating of dollars to... [ More ]

Reply #4

Stat$talker — Thu, 20 Jan 2022 18:41:11 GMT

My one big mistake Lottery Winners do is not thinking the taxes thing through.

Most of us would LOVE to have just such a problem..

Let'z see naah,.. exactly which one of my many Bank accounts, shall I pay Ole Unck frum?..The Main one wit $100 Million in it,.. or my miscellaneous account wit $12 Million?

..Decisionz, Decisionz, Decisionz..

Reply #3

Nikkicute — Thu, 20 Jan 2022 18:17:56 GMT

you have to learn to say NO

Reply #2

Coin Toss — Thu, 20 Jan 2022 17:32:14 GMT

As one jackpot winner said Don't let everybody else think you've just become their ATM.

Reply #1

hearsetrax — Thu, 20 Jan 2022 14:48:34 GMT

get a case of all that money will fix the unfixable

get a case of all that money will solve enough the world's issues

Pick ONE big mistake Lottery Winners do...

Karen Nathan — Thu, 20 Jan 2022 12:36:00 GMT

My one big mistake Lottery Winners do is not thinking the taxes thing through. They end up in debt due to not paying the taxes right.