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Posted

[b]RALEIGH, N.C.[/b]

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Posted

Are these lottery ticket winnings not tax free then?

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Posted

[quote name='arachnoid' timestamp='1357060116' post='595426682']
Are these lottery ticket winnings not tax free then?
[/quote]

No. You have to pay taxes on all lottery and even gambling winnings.

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Posted

A different situation to the UK then as lottery winners do not pay tax and betting winnings are now tax prepaid as part of the bet whereas before it was optional.

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Posted

[quote name='arachnoid' timestamp='1357060606' post='595426698']
A different situation to the UK then as lottery winners do not pay tax and betting winnings are now tax prepaid as part of the bet whereas before it was optional.
[/quote]

Same in Canada..Almost, all winnings are tax free in Canada.

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Posted

Yes winnings should be tax free. But then I see how that could easily be misused.

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Posted

everything in the US is taxed. you just have to figure that the govt will take 35% of your lottery winnings...

i always wonder - if the lottery raises [u]billions[/u] on winnings for state schools, why are the schools always broke?

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Posted

Gambling winnings are tax free up to $10,000 (at least here in CT). Lottery is always taxed, for any amount, as far as I know.

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Posted

[quote name='Jdawg683' timestamp='1357139167' post='595428236']
i always wonder - if the lottery raises [u]billions[/u] on winnings for state schools, why are the schools always broke?
[/quote]

Because most of the money allocated to schools goes to admin costs and the like. Got to pay the administrators 150k+ per year, ya know.

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Posted

[quote name='arachnoid' timestamp='1357060116' post='595426682']
Are these lottery ticket winnings not tax free then?
[/quote]

State and local tax exempt, in PA.

It's the Federal tax that eats into the prize. :/

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