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Old Today, 12:19 PM
 
8,829 posts, read 6,884,645 times
Reputation: 13248

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Quote:
Originally Posted by rstevens62 View Post
I cannot think of the states, but I know its not many that do not view lottery winnings as taxable income, maybe 3 at the most..?

I just checked at USA Mega, and they say the states that do not tax are

California
Delaware
Florida
New Hampshire
South Dakota
Texas
Tennesee
Washington
Wyoming
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Old Today, 01:21 PM
 
Location: on the wind
5,318 posts, read 2,056,649 times
Reputation: 18559
Of course you'll pay federal and state taxes on the initial win...it's income for that year after all, but when you deposit the winnings in some sort of financial institution's account it's going to earn interest...and you'll continue to pay taxes on the INTEREST every year after that. What sort of account doesn't pay interest? And, your overall tax bracket would probably skyrocket too so the rate will also be higher. I guess you'd need to hide it in a mattress after all.
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Old Today, 02:10 PM
 
Location: Deep 13
1,028 posts, read 753,111 times
Reputation: 3015
Quote:
Originally Posted by Parnassia View Post
Of course you'll pay federal and state taxes on the initial win...it's income for that year after all, but when you deposit the winnings in some sort of financial institution's account it's going to earn interest...and you'll continue to pay taxes on the INTEREST every year after that. What sort of account doesn't pay interest? And, your overall tax bracket would probably skyrocket too so the rate will also be higher. I guess you'd need to hide it in a mattress after all.
My credit union free checking account doesn't pay any interest.

Always thought about that: if, after all taxes, the lottery cuts me a check for $110 million. 10 million for immediate personal goals, house, car, material possessions, ect. Then place the remaining in a interest-free checking account. I'm 50 now, so even if I live to 100, that's 2 million a year and filing a 1040 EZ form for each of them.

Wouldn't make any money, but I'm not taking it with me.....
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Old Today, 02:38 PM
Status: "securing our Northern border" (set 28 days ago)
 
Location: Bel Air, California
20,865 posts, read 21,037,407 times
Reputation: 32511
Quote:
Originally Posted by MoneyMoney12345 View Post
It would not bother me as long I have my million dollars after 37% is taken out
Quote:
Originally Posted by LillyLillyLilly View Post
Me too. A million after taxes would suit me just fine.
I will need at least 2 million (take home) to even coax me out of bed
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Old Today, 03:08 PM
 
8,829 posts, read 6,884,645 times
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Quote:
Originally Posted by Ghengis View Post
I will need at least 2 million (take home) to even coax me out of bed

So you're typing this right now from the comfort of your twin mattress?
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Old Today, 03:32 PM
 
5,666 posts, read 6,364,647 times
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What ever happened to the second Mega Millions/Power Ball winner of the largest (or close to it) jackpot ever, who never came forward, did they? Time must be close to running out.....
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Old Today, 03:48 PM
 
9,700 posts, read 11,592,138 times
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Quote:
Originally Posted by rstevens62 View Post
If its not considered taxable income, federal tax would not apply either, right?


I cannot think of the states, but I know its not many that do not view lottery winnings as taxable income, maybe 3 at the most..?
7 states have no income tax, though Nevada doesn't have a lottery.
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Old Today, 04:31 PM
 
2,225 posts, read 523,428 times
Reputation: 2472
Quote:
Originally Posted by fluffythewondercat View Post
I feel sorry for him. I hope he has help to cope with this unexpected event. He'll have to change his phone number, move, get security because the beggars come out of the woodwork.

Winning a big prize is like having a target drawn on your back.
He's a truck driver... always on the move! One of the best jobs he could have for being a lottery winner!
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