help please with figuring out

Reply #17

slotplayer — Fri, 29 Oct 2004 01:06:10 GMT

In MA its only 5.35% at $600 and up, you can deduct the cost of the ticket but not any losses.On the fed return you can deduct any losses up to winning, so it's a wash. $2500 is less than $7 a day, with todays lottery that's nothing, especially if your lottery has $10 tickets.

Reply #16

st.germain — Tue, 26 Oct 2004 20:16:36 GMT

Save those non winners... I believe illinois has a game for people holding non winning tickets..I'm not sure how it is played because I throw away my tickets....On the other hand , the year that I won a lot of money...I had saved bad tickets and went to some stores and collected bad tickets by the shopping bag and was able to write off like 15 ,000 bucks. Then , you only get a percentage of that back in return, the I.R.S. has funny rules. Not only do you get taxed when you win...you have to c... [ More ]

Reply #15

qutgnt — Sat, 23 Oct 2004 22:35:31 GMT

Yeah just make sure you pick up 2500 worth of losers so you get a nice fat return next year

Reply #14

urbossmanpimpin — Sat, 23 Oct 2004 22:02:21 GMT

just call the lottery commission and they will tell you how much will be taken out.....they are the best source for information....

Reply #13

enterceptorr — Sat, 23 Oct 2004 20:59:42 GMT

taxes? did i hear taxes?i read the book for texas lotto and i understand that a minor can recieve as well as cash in a ticket. you have to take the kid to the bank first with the social security card and tell the new accounts person that you wish to open an account for a minor and drop $25.00 on the table and then go to the lotto claim center and have the kid tell them that it is a winning ticket and a gift to a minor the kid diddnt buy it, they recieved it thus the process of eliminating... [ More ]

Reply #12

shelbyjean — Mon, 27 Sep 2004 20:18:42 GMT

Reply #11

Badger — Mon, 27 Sep 2004 00:38:23 GMT

Quote: O

Reply #10

shelbyjean — Mon, 20 Sep 2004 21:35:16 GMT

i have a question

Reply #9

elaine — Mon, 20 Sep 2004 21:29:05 GMT

Littleoldlady, you're right about the losing tickets. I save all my tickets in the dvent I do have a big win. At the end of the tax year I throw them out and start over again.

Reply #8

Littleoldlady — Sun, 19 Sep 2004 21:18:13 GMT

If you keep your losing tickets, you can claim them as loses against your win...Just make sure you have the losing tickets..

Reply #7

Blackie — Sun, 19 Sep 2004 17:18:38 GMT

Ever heard the old song by the Beatles ...... There's three for me and one for you , I'm the taxman.......... I agree with Badger. It seems the same here in Virginia I think. Blackie

Reply #6

Badger — Sat, 18 Sep 2004 12:53:56 GMT

Quote: Originally posted by wannawinnow on September 16, 2004please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$Here in Wisconsin, on any single winning ticket in an amount over $599 you must go to the lottery office to redeem it. Once there, they take out 30% for the Fed, and 7% for the state (that's our highest state income take bracket) -- So you leave with 63% of what you won. At the end of... [ More ]

Reply #5

CalifDude — Fri, 17 Sep 2004 04:43:42 GMT

Quote: Originally posted by wannawinnow on September 16, 2004please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$It would depend on your tax bracket at the end of the year. In California there is no state tax, but the IRS still wants their money! If you play on-line like it is totally tax free because they do not report any winnings to any government. They are in Costa Rica.

Reply #4

cv844 — Fri, 17 Sep 2004 03:58:10 GMT

And congrats. on your win

Reply #3

cv844 — Fri, 17 Sep 2004 03:52:09 GMT

Your quite welcome

Reply #2

wannawinnow — Fri, 17 Sep 2004 02:56:13 GMT

thanks for your respond,, it helps ,,,well at least gives me an idea of what to expect

Reply #1

cv844 — Fri, 17 Sep 2004 02:52:58 GMT

I dont know about ohio taxes, but I live in TX and i won a 1000.00 before and the tax preparer , told me it was a 150.00 for every thousand that you win.

help please with figuring out

wannawinnow — Fri, 17 Sep 2004 02:10:30 GMT

please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00