Wins lottery after being dumped

[Rey C.]

Shouldn't quit work.
What would you do all day? A man needs to work.

I think he should invest in a strip club. That'll teach his ass about how dreams can get broken at lightning speed!

 

[bobjustbob]

Gambling winnings are considered taxable personal income and losses also can be deductions.Since it would be ridicules for the the government to trace every bet and winning made by us they set up a limit to which they will monitor it. If you cash a ticket for anything over $600 you must fill out a form to collect and they will deduct 20% for tax and hand you the rest. The $600 is income and you pay $120 in tax at the window. Both are filed at the end of the year.

When you win a lottery the amount is displayed is calculated as the gross amount over the years they will pay you in installments. A $25 million prize paid at $1 million every year for 25 years. They take your 20% out when paid for taxes and you get that as a credit but now you must claim the $1 million dollars as personal income. That gets taxes at 35%. Get ready to write a $150k check. Your million is now 650k before other local taxes every year. Your $25 million is now $16,250,000.

If you take the lower lump sum you are only taxed once on it. For the next 24 years you may use and invest it any way you want. I'd like to see how long people actually stay at the jobs they love when they hit a lottery.

 

[Red Spyder]

Even though I'm aaaaaaaaaalllllllll for tax cuts, I see no problem with people paying those high taxes on lottery winnings, and after that, nobody should have the right to criticize them if they decide to blow the rest of the winnings on Ferraris and hookers

 

[bobjustbob]

Here's a fucked up story. My sister-in-law sends my nephew to the store to pick up a few things. He takes a few dollars and buys a Win For Life ticket and hits it. The problem is that he is only 17. He brings the ticket home to his mom and she claims it telling him that he bought it with her money. She wouldn't give him any of it. Won't buy him a car or anything. My brother didn't know about any of this till it was too late. They were divorced at that time.

It was $50k a year for life. She quit her job and was always a very bad gambler. She found a place that she could barrow against it and pissed that money away too. She didn't pay the taxes and got backed up on them. The money only lasted for about 5 years and nothing to show for it. Had my nephew told my brother about the ticket before showing it to mom, he would have held in a safety deposit box for a few months till he turned 18 so he could cash it himself.

 

[Bloodshot Scott]

I never understand compulsive gamblers. They're probably worse than drug addicts.

 

[Will E Worm]

Even though I'm aaaaaaaaaalllllllll for tax cuts, I see no problem with people paying those high taxes on lottery winnings, and after that, nobody should have the right to criticize them if they decide to blow the rest of the winnings on Ferraris and hookers

:nono: