How does a big lottery winner cash his huge check risk-free?
"You've just won $20 million in the lottery" Oh wow! thanks for the hot news! Where do I send the $1000 check to cover the bank fee? More seriously, while California might be marching to the beat of a different drummer, many state lotteries with large jackpots pay off over many years, and a $20 million win might actually be paid out in $1 ...
taxes - If someone lives in one state and purchases a winning …
Mar 31, 2012 · Lottery winnings are payed by States/State-run corporations and as such sourced to the State that pays it. Buying a ticket in SC links you to the lottery run in that State, even if you live in another. You'll be claiming your winnings in SC, not in NC, and the winnings will be sourced to SC, not NC. As such SC will be taxing them.
united states - Donating winning lottery ticket to 501(c)3 Private ...
May 22, 2019 · When there is a significant delta of price paid vs current redeemable value, it seems this can still be a perk for the donating taxpayer in some circumstances, such as with lottery tickets that are known winners already. If the donating taxpayer pays $1 for the ticket. Their cost basis is $1.
How are lottery winnings taxed when you move to a new state?
Jun 21, 2017 · Since US lottery winnings greater than $5k (I believe) have taxes automatically withheld from the payment, and the annuity payment always comes from the lottery organization in the state in which the ticket was bought, you have no way to escape owing (and paying) taxes to the state you bought the ticket in.
If I won the lottery but gave it all away, would I still have to pay ...
Oct 22, 2018 · Theoretically, you could walk into the lottery office with a winning ticket and a list of 970,000 people to whom you want the winnings distributed, and the lottery commission would make a $1000 payment - which would be taxable income - to each of those 'winners'. In practice, your state lottery commission may balk at dividing up the winnings ...
united states - Taxation on split lottery winnings? - Personal …
May 22, 2017 · 7. When you win a lottery or have other gambling winnings (over the threshold), you will receive a W-2G form from the payer. You could submit IRS form 5754 to the payer to inform them to split the winnings and issue separate W-2G forms accordingly. Note that certain payers do not honor the form and will only distribute a single W-2G form.
investing - Are lottery tickets ever a wise investment provided the ...
Jan 10, 2016 · If the odds of winning a lottery jackpot are one in 292 million, and the jackpot prize is expected to be greater than than $1 billion, does this make a lottery ticket a wise investment? I know there is a risk that I'll lose my investment, and also a risk that if I do win then I may have to share the jackpot with other winners. However, there ...
united states - How long to save losing lottery tickets? - Personal ...
Jul 9, 2019 · Gambling losses cannot carry forward to future years, for most tax situations. Per the IRS: "If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings. If you're in the trade or business of gambling, use Schedule C (Form 1040)."
Opportunity to buy Illinois bonds that can never default?
Jun 2, 2017 · Defaulting on the lottery was an especially dumb idea, because failing to pay lottery winners risks causing people to stop playing the Illinois Lottery. – Jasper Commented Jun 4, 2017 at 16:22
Depositing or cashing a $2 Million check [duplicate]
Sep 11, 2016 · If you are unbanked and lower class, $2M is actually dangerous - read a book called "Money for Nothing" about what happens to lottery winners. Honestly the tendency is for lower-class people to be possessed to keep making lower-class financial decisions, which directly lead them to be broke and bankrupt in months regardless of the size of the ...