Search

$325 MILLION: Powerball lottery jackpot goes through the roofReply
The IRS rules are that income is earned when you get constructive possession. You've got constructive possession of the ticket as soon as the clerk hands it to you, and you've probably got constructive possession of any winnings as soon as the numbers are drawn. I don't know of any challenges yet, but there's a fair amount of thought that when the state allows you 60 days to decide between cash and annuity you can't have constructive possession until you've been able to use that time to make
Nov 24, 2012, 2:12 am - KY Floyd - Lottery News

$325 MILLION: Powerball lottery jackpot goes through the roofReply
You bring up a valid concern. What most people don't realize is that lottery winnings are treated like earned income and not investment/capital gains. Our Government WILL be limiting deductions as well as raising taxes on the wealthy starting next year and lord knows where the top rate will be in 10 or 20 years. Just today alone on a variety of news stations I heard many view points of how someone would spend the $325 million jackpot. These clueless news anchors are insinuating that the winne
Nov 23, 2012, 5:45 pm - Jill34786 - Lottery News

Do some number combinations have better odds?Reply
The odds dictate that I only hit 5 of 5 ONCE every 39 draws using 28 numbers......... but I have hit 5 of 5, three times in 19 draws. Depending how you decide to pick your numbers, it's probably more reasonable to expect a five number hit once out of 15 drawings. It's the number of three and four matches in the other 14 drawings that determines how many drawings you can go between five number matches to help cover the cost of play. A 435 combo wheel could cost about $6200 minus the three an
Aug 19, 2012, 7:48 pm - Stack47 - Lottery Discussion Forum

why are prize amounts diff between scratch and 5+0 prizes?Reply
That same scenario is for pretty much for every state. In NH, we have a million dollar scratch ticket, which guarantees a $1 million payout as an annuity over twenty years. ($50,0000 x 20 years). If you want the lump sum however, they only give you $650,000 before taxes. So I guess the final total would depend on what state and federal taxes your liable for. In NH we have no state tax, just the 25% federal (which may not be enough came tax time, may wind up being 35%). The
Aug 10, 2012, 6:51 pm - mcginnin56 - Lottery Discussion Forum

A trick to remain anonymous?Reply
I don't think a bank would do what you're asking simply because that's not what they're in the business for (accepting somebody's lottery winnings). I mean you could try, the worst that would happen is they'd say no, but I just wouldn't count on it. I really doubt you'd get anything more from selling the ticket than you would if you claimed yourself or through a trust. Going by what I know of people selling their annuity payments or even shady sellings of other winning lottery tickets (f
May 23, 2012, 8:13 pm - ttech10 - Lottery Discussion Forum

Anyone else find the jump in MM j/p surprising?Reply
They didn't really lose money, but they didn't make the 50% profit that they normally do. For the last PB run that resulted in a winner at $70 million sales for the first drawing were $32.4 million, not including powerplay sales. Roughly 32% of sales go to the jackpot prize pool. That gave them a bit lerss than $10.4 million in cash for a $40 million annuity jackpot with a cash value of about $24.3 million. If somebody had won the starting jackpot the available funds would have been about $14
Apr 7, 2012, 12:31 am - KY Floyd - Lottery Discussion Forum

State cuts lottery winner's benefitsReply
Venom, while i know the above was directed at Sully, there are a few thing you may want to adjust....she did not pay $600,000. in taxes.....according to her own video statements, she VERBALLY chose to take the lump sum of $700,000.00 and after she netted just over $500,000.00 (not sure how much over the 500k)......as opposed to accepting the payments over so many years adding up to a Million. Lotteries are pretty clear on the lump sum or annuity.....Don't worry V, the feds are gonna take more, c
Mar 8, 2012, 11:28 am - CDanaT - Lottery News

A couple of new questions (I think)...cash gifts, pools winning optionReply
Someone recently posted that a couple could give gifts of $26,000, that being the limit of $13,000 by each (I thought it was $12K).......but if they gave $50,000 let's say, could they call $26,000 of it a gift? A married couple can each give someone a $13,000 for a total of $26,000 or the can give another married couple $52,000. To give one person $50,000, the first $26,000 would probably be considered a gift and I assume taxes must be paid on the other $24,000. If players in a pool win
Feb 12, 2012, 9:52 pm - Stack47 - Lottery Discussion Forum

Mich. lottery winner burns through money, gets jail time for drugsReply
Today was the first time I viewed the Most Eligible Millionaire. I had a hard time watching this episode because of Mr. Fick's son. My tolerance for stupidity is zero. And the son is in a class by himself of morons. Mr. Fick should've been on the annuity and had a professional handler. Mr. Fick reminds me of Abraham Shakesphere. Only difference is Mr. Fick didn't turn up dead.
Jan 14, 2012, 8:13 pm - PERDUE - Lottery News

How many tickets do you buy?Reply
This is absolutely correct, although as usual, the lotteries are trying to misrepresent what they are doing. I play according to the expectation value, which is the ratio of the return divided by the odds times the cost of a ticket. Obviously the expectation value will fall when tickets go to $2. In order for the expectation value to be the same, the odds of winning would have to fall by half, and this is most definitely not what is happening. Large jackpot games differ from other forms
Dec 5, 2011, 4:28 pm - Prob988 - Jackpot Games Forum