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The Official Scratch Off Winners Info Thread!Reply
WOW! Great! You mean to tell me NY will give you 1 Mill A YEAR?!? The most PA can muster up on their new $25.00 ticket is 3 Mill ANNUITY where you'll come out with $120,000/yr. (less taxes of course) I'm livin' in the wrong state playin' the wrong tickets. LOL - *put winning ticket in pocket while no one was watching* LOL Here's to more wins...
Jul 16, 2009, 9:29 am - dr65 - Instant ("Scratch-Off") Games Forum

N.J. Lottery goes from zero to highest tax rate in the USAReply
First the easy one. Mmoving after you win will not change your tax liability. It's possible that a few states don't cover the situation (though I doubt it), but you can expect that the tax laws have already covered that in two ways. Your tax obligation arises when you have constructive possession , which generally means when you become entitled to the money. Online games are easy. If you have the right numbers your ticket becomes a winner as soon as the drawing is held, and at that moment you be
Jul 3, 2009, 1:24 am - KY Floyd - Lottery News

What if a visiting tourist wins Powerball/Mega Millions?
Greetings LP fans! I was asked by an acquaintance who's visiting my folks from abroad (Philippines), whom I've encouraged to buy some lottery tickets just for the heck of it. He asked me optimistically what if he wins the upcoming Powerball jackpot ($192 million annuity; $74,850,000 cash (Pennsylvania) as of this writing); but since he's just a visiting tourist and not a US resident, would the lottery officials ask him to open a US bank account (if tourists are allowed) to transfer the money
May 23, 2009, 1:30 am - Super-man - Lottery Discussion Forum

Calculating a percentageReply
Mega Millions tickets cost $1.00 per play. Players may pick six numbers from two separate pools of numbers - five different numbers from 1 to 56 and one number from 1 to 46 - or select Easy Pick. You win the jackpot by matching all six winning numbers in a drawing. What if you win the jackpot? Annuity option: Provides 26 annual payments. For every $1,000,000 in the jackpot, you will receive approximately $38,500 per year before taxes. Cash option: A one-time, lump-sum payment that i
May 7, 2009, 1:15 pm - pick4hawk - Mathematics Forum

Powerball lottery to have larger jackpot, but harder to winReply
I beg to differ.. if you include contests that aren't the Lottery, but with money prizes.. ever read the odds on the McDonald's Monopoly or the Publisher's Clearinghouse? I remember in McDonald's to win the $1M top prize (annuity only) it was something like a BILLION to one! Yet people even won that. Maybe in Italy the tickets are cheaper so they play 3 times as many? I remember when in PA you got 3 for a dollar and the odds were 100M to 1 per line but per dollar it was ~33M to 1. I have beat
Jan 1, 2009, 11:28 pm - LckyLary - Lottery News

Collecting Big WinningsReply
Perhaps one of the reasons the big lotteries send checks for lump sum payouts has to do with the FDIC limits on insurance for accounts. Currently the limits are (from the FDIC website) Deposits at FDIC-insured institutions are insured up to at least $250,000 per depositor until December 31, 2009. On January 1, 2010, FDIC deposit insurance for all deposit accounts except for certain retirement accounts will return to at least $100,000 per depositor. Insurance coverage for certain retirement a
Dec 6, 2008, 2:26 am - djklaugh - Lottery Discussion Forum

Collecting Big WinningsReply
Until you actually go to the Lottery office in your state and turn in a validated ticket .... they do not know who you are! They don't have to know your name or social security number to know you're the winner. They know when and where the ticket was sold, and the value of the ticket. That allows them to set the money aside for the person who owns the ticket, and that meets the requirements for constructive receipt. The fact that you don't claim what is rightfully yours doesn't mean you are
Dec 1, 2008, 1:13 am - KY Floyd - Lottery Discussion Forum

How are payments invested?Reply
I've found government securities to be very stable. I've also purchased US Savings bonds. I know someone here keeps saying they don't keep up with inflation and that I'm bad in math but right now I'm earning 8.22% and that's tax deferred. Anyway, it's true that you can usually get a much better interest rate by taking the cash, but interest on what? If you have $10 million and the lump sum pays only 50%, you need to do the math to figure out how much time it will take to get back that cut. S
Aug 17, 2008, 5:05 am - justxploring - Jackpot Games Forum

a "tax" question for those in the knowReply
How could a player be entitled to or get payment before validating the ticket? How could you be entitled to your pay before cashing your paycheck? For online games they know exactly when the ticket was sold, and the instant the drawing makes it a winner you're entiltled to your winnings, subject to the time it takes the lottery to go through their procedures and cut the check. Just because you don't present the ticket doesn't mean you couldn't, just as waiting to cash your paycheck doesn
Aug 15, 2008, 12:58 am - KY Floyd - Lottery Discussion Forum

I Won A $86Million AnnuityReply
Gee, I wonder if EZMoney/ tookabath / ??? knows that it is an illegal act to pose as a lottery winner when you aren't one. It's called fraudulent impersonation. Not to worry, you'll go to a camp at a Federal Pen., for white collar crime. You'll like the joint, they have gyms and everything now, but it's still a Federal pen, sweetie. Oh yeah, the Powerball website could get you for fraud, too, genius. Latest entry on the PB winners page: Unknown Oklahoma July 2, 2008 Undecided
Aug 7, 2008, 5:21 pm - Coin Toss - Lottery Discussion Forum