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I won the Little lotto

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Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

four4me's avatar - gate1
In response to SoxFan42

if you give your ticket to someone else to cash for you it's not your ticket anymore it whomever signs the ticket.

take care of it yourself.

talk with a tax consultant if you want to figure out what you will owe when you cash your ticket and what you will owe at the end of the year.

Talk with an investor if you want to invest your winnings.

And cash your ticket and put the money in the bank take enough out to have a good time and think about what you are going to do with your win fall. let the excitement of wining ware off some before you go crazy and spend it all.

cadmill12's avatar - praying hands.jpg
In response to SoxFan42

MAKE SURE IT'S A PERSON YOU TRUST, Ask a senior citizen maybe your grandparents or mother or father.  Make sure you pay them for using their social security #.

When they cash in the ticket go with them.

four4me's avatar - gate1
In response to cadmill12

Yea if you do do that make sure they don't owe the state any money because if the do they will take that money out of the winnings.

Just because a person is retired doesn't mean they wouldn't owe taxes on the win.

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thanks, i didn't know abou that sign thing. so if i sign it something like ... this ticket can't be cashed unless in the presense of yada yada yada.. it would probably be a good thing in case i lose it right? and yeah i've already contacted my financial advisor.. just waiting for his email.

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thanks, i was thinking that same thing. so i if have one of my grandparents cash it for me they probably would have to pay little or no money in tax right?

four4me's avatar - gate1

heres a link to Illinois lottery facts page scroll down to where it says

http://www.illinoislottery.com/subsections/news03.htm#num14

Must i pay taxes on my lottery winnings.

 this applies to anyone who wins the lottery.

Todd's avatar - Cylon 200.jpg
In response to SoxFan42
tiggs95's avatar - Lottery-036.jpg

Get some guts and cash it yourself..If and when I hit big I will never let anyone else cash my ticket to many problems when someone else is in on it..Do it yourself..Glad you won big like we all want to..

Raven62's avatar - binary
In response to SoxFan42

Be Responsible: Cash the Ticket and pay the Taxes you're Legally Obligated to Pay!

Captain Lotto's avatar - CaptLotto

No offense intended, but when I read something like this, the first thing I think is someone is trying to avoid paying their dues.  Maybe they have back-taxes or child-support payments.  I know it's going to take a chunk, but won't it feel great to be clear of all that?

It's become a big problem in Missouri.  Retailers cashing prizes beyond their limit, people splitting tickets to avoid taxes, or giving them to someone else to avoid state bills.  There are plenty of ways to reduce your tax burden, but trying to further game the system is asking for trouble.  Just man up and take the lump. 

Again, no offense if you were just asking how to avoid paying too much in taxes. 

konane's avatar - wallace
In response to four4me

I Agree!    Great advice. 

Also keep all of your non-winning tickets bought this year as an expense against your winnings.

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In response to SoxFan42

The amount of the winnings is income and they will probably deduct 25% for federal taxes so that means next year your grandparents have a much higher income. You never mentioned how much you won, but if it's over $25,000 you will probably be better off cashing it yourself and talking to a good tax accountant.

ThatScaryChick's avatar - giphy11resized

Congrats on your win. Like others have said already, I think you should cash the ticket yourself, unless you have someone in your life that you can completely trust not to rip you off.

LottoAce's avatar - WWI Flying_Ace.gif

Congrats on your win!!...I also agree that you should cash the ticket yourself.

I don't know how much you won, but if it was me, I would place a good deal of that money offshore, like in Switzerland. that way, I wouldn't have to pay taxes on the dividends...

Hey,...I'm all for sticking it to tha man!! expecially considering that Uncle Sam bends us over ever chance he gets.

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Raven62's avatar - binary
In response to LottoAce

It's not Uncle Sam sticking it to you: It all the Tax Cheats that don't pay their fair share!

st.germain's avatar - Tarlor

How much was your win?  I'll cash it for you at a low fee.

tntea's avatar - Lottery-059.jpg
In response to Raven62

What about all those people who do not want to work?  Isn't that wrong...?

We have to be careful here at LP.. Things like this get people's feathers ruffled...lol

tntea's avatar - Lottery-059.jpg

BTW as for the winner:  Pay the taxes so another person can sit at home while others work.  It is the American way for some people.

Littleoldlady's avatar - basket

You should cash it yourself whether u owe child support or anything because if u have your grandparents or anyone else cash it, you can mess up their money.  Social Security has limits of earned income and so does disability pay.  If you aren't planning on taking care of "whomever" cashes your ticket in..then you need to do it yourself. Also, if they are on welfare, you can really mess them up. If you don't owe anything, the taxes are about (Federal-6,000 on 25,000).  If your state has income tax, then it may be a couple more.  The most important thing is that you can subtract your losing tickets against your win (the ones that you bought this year)...all of them scratchers, etc. Don't be scared, cash it yourself.  if it is over 100,000.00 u will pocket about 72-75.

justxploring's avatar - villiarna
In response to tntea

Tntea, I totally agree with you, but only to a point.  I'm glad you said "some people."   Yes, I've met a few moochers in my time, but there are also many folks who are very ill, physically or mentally handicapped, or on a lot of medication and can't go to work.  It's unfortunate that a system that was originally designed to help people in need has gotten out of control.

KY Floyd's avatar - sunflowers avatar.jpg
In response to LottoAce

Have you ever considered that taxes might not be so high if all the thieves like you paid their fair share?

justxploring's avatar - villiarna
In response to KY Floyd

Hurray!

Boy am I glad it was you who posted that last comment.   If I wrote it, I'd be called nasty names and criticized for being selfish and rude.  It must be nice not to be affected by those things.  Is there a "how to be negative and get positive results" course anywhere? 

Littleoldlady's avatar - basket

Amen..winning is a Blessing and "Being Honest" is the price. If u don't want to cash it, donate it to a legal charity.

tntea's avatar - Lottery-059.jpg
In response to justxploring

I know there are lots of people who cannot physically nor mentally able to hold a job.  I know several personally who are physically disabled, both in wheelchairs, one with MD who cannot wipe her own nose and the other paralized from the neck down.  However, both of these two individuals get up every morning, with assistance of course and go to work for at least 6 hours.  Why? Because of pride.

 

I know there are lots of others,  know/met them personally, who can show up at the park to practice swing bats to hit baseballs who refuse to work.

CCHS13's avatar - chi jpeg.jpg

Dont want to get off the subject here but how many are aware that income taxes is not a LAW,

it was voted upon and actually did not have enough votes to pass and was passed anyway,

furthermore it was suppose to be on a temporary basis and it never went away.  The initial 

purpose was to pay back the money with interest that is loaned to the goverment by the

Federal Reserve Bank.  Thats right, the Federal Reserve Bank is privately owned and they want

their money

tntea's avatar - Lottery-059.jpg
In response to CCHS13

do you blame them

jarasan's avatar - new patrick.gif
In response to CCHS13

Good point.  King George III would say "I told ye colonials ye shall render today or on the morrow!."  The thing that botheres me the most about paying taxes is the fact that all govt. employees have guaranteed pensions, medical etc. on our .  The worst of which is congreff, one term served and you are hooked up forever, I think that is the main motivating factor for a lot of these politikos. JMO.  Nobody ever talks about how much is spent monthly on Govt. salaries and pensions, if anybody knows please enlighten us. Thanks.

Defense, infrastructure, the truly needy, etc. no problemo, but the add more laws and taxes group must be reined in.

 it snipped ? ten cent units.

savagegoose's avatar - ProfilePho

heres a scenario for you.  you get someone to cash it for you, a trusted loyal persaon, " old school" so to speak.

 

you go in together, the tickets handed over, the lottery office says , ok everythings fine well pay the money over in 2 weeks.

you head outside and WHAM trusted person gets hit by a runaway bus and killed. I guess the money now belongs to his estate.

 

i know its a long shot, but when handing cash ovver to someone elseto " look after" you introduce all sorts of complications,. you are obfuscating the true ownership of the money form the gov, if you then need to prove your ownership, how are you going to  acheive this?

 

like everyone else says, claim it in ya own name, once you actually have the money theres plenty of chances to lose it in crackpot ideas.

Coin Toss's avatar - shape barbed.jpg
In response to CCHS13

It started out as a "temporary" tax to finance WW I.

Never forget folks, the difference between tax avoidance and tax evasion is about 15 to 20 years in a federal pen.

Just ask Irwin Schiff. He wrote a book all about you don't have to pay taxes and then went around the country "educating" people about it- then he went to the joint for tax evasion.

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