I checked around and I still am confused about What a someone has to pay in taxes when they win pick 4 at online lottery playing sites.
One site says that they withhold 25 percent for federal taxes on winnings over 5grand, But does that mean I dont have to pay any federal tax on winnings under 5G? Or am I still expected to pay those taxes on my own? What about State taxes ?
I also would like to know if those of you who play and win online, report your winnings to the irs or if they even check?
It would be nice if the online lottery sites would send the winnings in US Cash, instead of a check or doing it where it goes into your bank account. Anyone know of a way around this, so I can get winnings in US cash? I would certainly think that if I cash a check at the bank, they would report the transaction to the government.
I know if I won a $5,000 in the pick 4 in my state, that After tax Ill only get a lousy $3,100. Thats pathetic! It almost takes the incentive out of playing. Its hard enough to win at all and when you do the gov takes half.
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