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How many lottery tickets did you buy?
- Thread starter Rest
- Start date
Do they tax the lotto ticket then? Gov must get their cut somehow.
Kilau
Member
They take their cut before the money goes in the pot, same as the states do here but here the federal government comes after the winner for their cut and then the state again if they have income tax lol.
In the UK, lottery winnings aren’t considered income but instead gambling winnings.
On topic, never bought a ticket and never will. The saying “lottery is a tax on the poor and uneducated” holds true. I have about the same odds of finding the winning ticket in the gutter as someone has of buying the winning ticket.
Grildon Tundy
Member
I'm always surprised when people think that there's some critical earnings threshold you cross where your money under the previous tax bracket is suddenly worth less, and so it's not worth earning more money if it puts you in a new "tax bracket".
Let's say taxes are 30% under $50K earnings but go up to 40% at >=$50K. If you make $55K, you aren't taxed at 40% for the entire $55K (which would be $22K).
Instead, you'd be taxed 30% on the earnings up to $50K ($15K), then taxed at 40% for the remaining $5K ($2K) for a total of $17K in taxes--NOT $22K. A difference of $5K.
I only bring this up in order to say: don't let tax brackets scare you and GO GET THAT PAPER, BOYYYYYYYY
Let's say taxes are 30% under $50K earnings but go up to 40% at >=$50K. If you make $55K, you aren't taxed at 40% for the entire $55K (which would be $22K).
Instead, you'd be taxed 30% on the earnings up to $50K ($15K), then taxed at 40% for the remaining $5K ($2K) for a total of $17K in taxes--NOT $22K. A difference of $5K.
I only bring this up in order to say: don't let tax brackets scare you and GO GET THAT PAPER, BOYYYYYYYY
Rest
All these years later I still chuckle at what a fucking moron that guy is.
And that saying is nonsense. I know and understand the odds, and buy tickets when the jackpot gets huge for fun. The lottery helps pay for schools, I'm happy to donate some extra tax money to education for a tiny chance to get rich. There are no losers here.
Kilau
Member
There is a ton of research that backs up that saying, it is not nonsense just because it doesn't apply to you. The biggest lottery losers, and there are losers, come from the lowest incomes in the country. I'm not arguing to take away anyone's precious gambling but to pretend it is only a positive is ignoring basic facts.
FunkMiller
Member
Winning the lottery is much like being murdered by midgets dressed as pirates. It’s very, very unlikely to happen. But it has to happen to somebody.
I never play the lottery, and run from the merest sight of a midget.
I never play the lottery, and run from the merest sight of a midget.
Nobody_Important
“Aww, it’s so...average,” she said to him in a cold brick of passion
I always buy 2 every week when it gets above 937 million.
NecrosaroIII
Ultimate DQ Fan
I dropped 50
IDKFA
I am Become Bilbo Baggins
Gov get nothing. The winnings are classed as gambling winnings are are tax free. However, lotto winnings never get to that crazy amount in the UK. The biggest jackpot I've seen is around the £200mil mark, but that was for the EuroMillions.
In the US, lotto winnings are classed as income, so what would be the tax on this jackpot? Over 50%? Either way, you're still getting 'fuck you' money.
Rest
All these years later I still chuckle at what a fucking moron that guy is.
I don't gamble. Like I said I'm making an extra donation to schools. But don't let me stop you from feeling smug.
NecrosaroIII
Ultimate DQ Fan
If you take the lumpsum, which you should, they take 50 off the top. Then another 40% taken off I believe.
The dude who won the 1.5 billion a while back only say like 400 million of it
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Hip Hop
Member
Why is lump sum the better option?
Rest
All these years later I still chuckle at what a fucking moron that guy is.
You can invest it. It should be worth more than the annuity by the time the annuity is paid in full.
Mr Reasonable
Completely Unreasonable
I get a ticket every so often, I don't drink much, don't do drugs, smoke or vape and I can afford it. I know the odds of winning are beyond remote, but the feeling of it being possible to win is nice.
Seven figures?
Seven figures?
Rest
All these years later I still chuckle at what a fucking moron that guy is.
Ten, whatever.
Kilau
Member
Not smug at all. I don’t look down on people that enjoy playing the lottery. I didn’t drive by post calling people idiots like some did, I just don’t believe lotteries are a net positive. Good luck to everyone here playing.
NecrosaroIII
Ultimate DQ Fan
The annuity pays off super slowly. 30 years. And it's non transferable. If you die or something, the payments stop
kapshin
Member
Man I I had a billion I could buy so much midget porn, half off!Winning the lottery is much like being murdered by midgets dressed as pirates. It’s very, very unlikely to happen. But it has to happen to somebody.
I never play the lottery, and run from the merest sight of a midget.
AlteredForms
Banned
I'm always laughing at people who purchase tickets when the numbers are extremely high. You ain't going to win 900+ million, just settle on a cool 1 million or 500K instead. That's more than enough to fall back on.
Maiden Voyage
Gold™ Member
$500k will get me closer to retirement. $1 million too. I'll still have to work but for a lot less time.
I am not a gambler but every few years I'll bite the bullet and buy a ticket. I don't mind, as a chunk of it goes to public topics like education.
Powerball Distribution of Revenue
Find out here how much of the Powerball revenue goes to the prize fund from different locations across the United States, along with information about how the rest of it is distributed.
Sub_Level
wants to fuck an Asian grill.
People do that as a self control mechanism, I imagine. 500k is life changing but if you only buy when its outrageously high you end up buying a few tickets a year instead of multiple times a week. Much healthier, shall we say.
AJUMP23
Parody of actual AJUMP23
Same, Same
If you do win, find a way to claim it anonymously. Set up a trust and control the access. Try not to change your lifestyle immediately, gradually change it.
The Lottery Curse | 10 Biggest Lottery Losers of All Time
It might seem impossible that anyone could spend tens, if not hundreds, of millions of dollars in just a few years, but it actually happens quite often. Here are 10 lottery winners who blew it all.
www.lottoanalyst.com
West Texas CEO
GAF's Nicest Lunch Thief and Nosiest Dildo Archeologist
I'm pouring my life savings into this.
I hope it pays off.
I hope it pays off.
AJUMP23
Parody of actual AJUMP23
It won’t.
jshackles
Gentlemen, we can rebuild it. We have the capability to make the world's first enhanced store. Steam will be that store. Better than it was before.
My grandpa used to love to gamble, and would buy a powerball ticket every week. Obviously, he never won but he loved playing. He was a pretty shrewd gambler and would often win a bit at the casinos. Whenever he won, he put his winnings in a safe deposit box. Whenever he lost - well, he was just out that cash (as best I could tell, he never gambled with money he didn't have to lose. i.e., he didn't have a "gambling problem").
When he passed away last yer, my mom and I found a huge sum of money in his safe deposit box - basically all his gambling winnings over about 25-30 years. It all got split evenly among the grandchildren.
I haven't spent any of the money (I don't really need it, and I can't really fathom what he would "want" me to spend it on). I keep thinking that maybe I should just start buying a weekly powerball ticket with it - it's enough money that I could easily do that for the rest of my life. Perhaps I'll start now. If not lottery tickets, the next best thing he would want me to spend it on would be drugs. Or prostitutes. He was a cool old guy.
When he passed away last yer, my mom and I found a huge sum of money in his safe deposit box - basically all his gambling winnings over about 25-30 years. It all got split evenly among the grandchildren.
I haven't spent any of the money (I don't really need it, and I can't really fathom what he would "want" me to spend it on). I keep thinking that maybe I should just start buying a weekly powerball ticket with it - it's enough money that I could easily do that for the rest of my life. Perhaps I'll start now. If not lottery tickets, the next best thing he would want me to spend it on would be drugs. Or prostitutes. He was a cool old guy.
Cyberpunkd
Member
It’s income, it should be taxed.
IDKFA
I am Become Bilbo Baggins
It's money obtained via gambling. It shouldn't be taxed.
Serious question. Does gambling winnings from a casino get taxed in the US?
newtypepilot
Member
americans bad at math
and the fact you get taxed even if you win is icing on the cake LMAO
and the fact you get taxed even if you win is icing on the cake LMAO
AJUMP23
Parody of actual AJUMP23
Yes, you have to declare it on the taxes. The casino only reports if the winnings are more than $999. So if you don't want to report any winnings under that you are fine for the most part. But if the casino reports and you do not, you will get an audit.
Government is the house and it wins.
Alcibiades
Member
0
eddie4
Genuinely Generous
I buy a ticket once in a while, but don't look at the prize because anything I win over the $2 I spend is a good deal. I know I'll lose the $2, and if I happen to win, great. My biggest win was $200 from a $1 scratch ticket.
My mom had a dream once where her deceased father came to her and told her the winning lottery numbers, she only remembered 5 of the 6, played them and won $10k. I don't know if it was a coincidence or not, but it was sure weird.
My mom had a dream once where her deceased father came to her and told her the winning lottery numbers, she only remembered 5 of the 6, played them and won $10k. I don't know if it was a coincidence or not, but it was sure weird.
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Robot Carnival
Member
probably getting $20 or so tomorrow just for the hell of it.
also, just in case anyone has need for it
just go directly down to the "what to do" part of the thread. hopefully someone can use the advice.
also, just in case anyone has need for it
just go directly down to the "what to do" part of the thread. hopefully someone can use the advice.
Pegasus Actual
Member
Total scam, anything added to education just gets cut from the tax revenue side and you don't net anything.$500k will get me closer to retirement. $1 million too. I'll still have to work but for a lot less time.
I am not a gambler but every few years I'll bite the bullet and buy a ticket. I don't mind, as a chunk of it goes to public topics like education.
Powerball Distribution of Revenue
Find out here how much of the Powerball revenue goes to the prize fund from different locations across the United States, along with information about how the rest of it is distributed.www.powerball.net
I hate the lotto but my mom gets all superstitious so whenever it gets big I have to buy some tickets (~$200 a year), "think positively" because "people win a lot in California". I mean I try to explain the concept that there are more people here than other states, thus more players, thus Californians will win more often than an average state but that it's not disproportional...
So yeah I'd rather the shit just got banned, it does no good for basically anyone, often not even the winners who aren't prepared to cope with handling a windfall. Lottos are complete Idiocracy type stuff...
But I suppose it's fun to dream of what you'd do with the winnings.