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# How long after receiving a discharge do you have to not report a windfall of income such as winning the lottery or a large inheritance?

# Does a person with no income pay the same tax on lottery winning?

yes because it is a winning

# How do you win on lottery?

get a job

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# How can you win the lottery?

The lottery is purely a game of luck. There is no way to predict what lotto numbers will be drawn in the future. Some people will tell you that you should research what numb…ers have been drawn in the past, and pick the numbers that have not been drawn in a very long time. They think that numbers that haven't been drawn in awhile have a higher chance of being drawn, because they are "due" to be drawn. An example of this logic would be: "Say there are 30 possible combinations of numbers. If 29 of these combinations have already come up, that means the final one has a very high chance of being the next draw. The more times it doesn't show up, the more likely it will the next time. In other words, pick the numbers that appear least as your lotto numbers. They have the highest chance of appearing. It's like flipping an even coin. If it's heads the first time, it should be tails the second." However, this is completely false. Lotto numbers do not have a greater chance of being drawn if they have not been drawn in awhile. Lotto numbers do not have a smaller chance of being drawn if they have just been drawn recently. This is a fundamental law of statistics. This is because each drawing is separate from and independent of the previous ones. Statistically, every number has an equal chance of being drawn, regardless of how often it has been drawn in the past. To say otherwise is to claim that lotto numbers are magically selected by some supernatural entity. Say you have 10 numbered ping pong balls in a cloth bag. You stick your hand in there and pull out a ball. What are the chances that you will select the number 7 ball? The answer is 1 in 10: there are 10 numbered balls, and 1 number 7 ball, so the odds of picking the number 7 ball are 1 in 10. Now, say you put the number 7 ball back in the bag, you shake the bag up to scramble the balls, and then you stick your hand in again and pull out another ball. What are the chances that you will pick the number 7 ball? Again, the odds are 1 in 10. There are 10 balls, and 1 number 7 ball, so the odds that you will pick the number 7 ball are again 1 in 10. Now, say you put the number 7 ball back in the bag again, you shake the bag up again, and then you pick a ball for the third time. What are the odds it will be the number 7? The odds are 1 in 10, the same as they were the first 2 times. No matter how many times you do this, the odds of picking the number 7 ball will always be 1 in 10. Even if you've picked the number 7 ball 20 times in a row, you will still have a 1 in 10 chance of picking the number 7 the 21st time. Say you have picked a ball from the bag 50 times, but you still have not drawn the number 6 ball. What are the odds you will pick the number 6 ball the 51st time? The odds are 1 in 10. The odds of picking a certain ball are always 1 in 10, regardless of what balls you have drawn in the past. The only way these odds would change would be if you removed some of the balls from the bag, or if you added more balls to the bag. For example, say you pick the number 7 ball, but you do not put it back in the bag afterwards. What are the odds that you will pick the number 7 ball the next time? Zero. The number 7 ball is not in the bag, so it cannot possibly be selected. Or, say you put another number 6 ball in the bag, so now there are 2 number 6 balls. What are your odds of picking the number 6 ball now? The odds are 2 in 11, as there are now 11 balls and 2 of them have the number 6 on them. Otherwise, the odds of picking a certain ball are always going to be 1 in 10, because each drawing is independent of the last ones. Numbers cannot think. Numbers do not know which of them have been drawn in the past. The number 7 ball does not say to itself, "Jeez, I've been pulled out of this bag 20 times in a row. It's time to give someone else a chance. This time, I'll roll myself away to the corner of the bag, so the person won't pick me." For obvious reasons, this does not happen. The numbered balls don't plan to be picked out at the right time. Rather, every time you put your hand in the bag to pick out 1 of the 10 balls, the odds of picking a certain number are 1 in 10. It is the same with flipping coins. Regardless of what some people might tell you, if a coin has come up heads 8 times in a row, it is not "due" to come up tails the next time. Every time you flip the coin, the odds of getting tails are 1 in 2. Again, the coin does not know how often it has come up heads or tails. The coin is just a piece of metal; it doesn't know anything. The previous coin flips have no influence on the outcome of the future coin flips, just like how the previous balls you've picked have no influence on what balls you'll pick in the future. It is the same with lotto numbers. The previous winning lotto numbers have no influence on the future ones. Every number has an equal chance of being picked in every drawing. Numbers that have not been drawn in a long time are not "due" to be drawn soon. The numbers don't know which of them have been drawn in the past. And the people who run the lottos do not remove certain numbers from the drawing because they were just drawn recently. The lotto commission people don't say, "OK, we're going to remove the number 26 from the drawing next month, because it's been drawn so often this month." Each number always has an equal chance of being picked. It would only be different if you were betting on the outcome of two or more drawings, or two or more flips. While the odds of getting heads is 1 in 2 (or 50/50) every time you flip a coin, the odds of getting heads 10 times in a row is not. If you were making a separate bet for each coin flip, your odds of winning would be 1 in 2 (50/50) each time, because each bet is separate and independent from the last bets. But if you made one, single bet that the coin would come up heads 10 times in a row, the odds of winning would not be 1 in 2. Rather, the odds would be 1 in 2 (which can be written in fraction form as 1/2, or in decimal form as 0.5) multiplied 10 times. The odds are 0.5 each time, multiplied 10 times: 0.5 x 0.5 x 0.5 x 0.5 x 0.5 x 0.5 x 0.5 x 0.5 x 0.5 x 0.5, which equals 0.0009765625. Rounded up and put into fraction form, that is about 1/1,000,000 or 1 in 1,000,000 (1 in 1 million). You have a 1 in a million chance of getting heads 10 times in a row. However, lotteries do not work this way. Say you're playing Numbers. Numbers is a 3-digit lotto. You pick a number from 000 to 999 (for example, you could pick 000, 001, 224, 647, 826, 998, 999, 777, etc.). Your odds of winning are 1 in 1000 (because there are 1000 possible numbers to choose from). Every time you play, you have a 1 in 1000 chance of winning, because each bet is separate and each drawing is independent of the previous ones. If you go up to the counter and tell the man, "I want to bet on the number 454 for every day this week," you will be placing 7 separate bets and you will receive 7 different tickets. And your odds of winning each day of that week are the same: 1 in 1000. If the number 454 comes up on Wednesday, you win, even if it didn't come up the other 6 days of the week. But say you were able to bet that the number 454 would come up every day of the week. You would actually be placing 1 bet, and you would receive 1 ticket. But your odds of winning are not 1 in 1000. They are 1 in 1000 multiplied 7 times, because the odds of having your number drawn are 1 in 1000 each day, but your number must come up 7 days in a row, in order for you to win. Now, 1 in 1000 in decimal form is 0.001, so your odds of having your number drawn 7 days in a row are 0.001 multiplied 7 times: 0.001 x 0.001 x 0.001 x 0.001 x 0.001 x 0.001 x 0.001, which is 0.000000000000000000001. I would convert that to word form but I have no idea how to do so. However, as I said, lotteries don't work this way. Each bet is separate and each drawing is independent. You buy a separate ticket for each day. You can't buy a ticket where you must win each day of the week to get a prize. So, as I said at the beginning of this answer, there is no secret formula or magic trick to selecting winning lottery numbers. It is purely a game of chance and there is no way to improve your odds of winning. --------- Much faith, much power. For faith is the substance of things not seen, yet! And you have to play to win it.

# How long does it take to receive a check form the California lottery?

4-6 weeks from claim date.

# How long does a judgment discharged in bankruptcy stay on credit report?

Answer Most 7 to 10 yrs. 7 for chp.13 10 for chp.7

# In the westing game who will inherit the windfall?

turtle wexler

# Is lottery winnings considered separately earned income?

I don't believe ther is anything called seperatly earned income...and have no idea what you think it is. Lottery, or gambling, or any of those types of income are consid…ered and taxed as ordinary income.

# What percentage of tax do you have to pay on a large lottery win?

Taxes on Large Lottery Winnings Depending on your other income and the amount of your winnings, your federal tax bracket can go as high as 39.6%. Your lottery winnings …might also be subject to state income tax. So depending on where you live, your total tax bill could exceed 50%. You don't get any capital gains rate break for lottery winnings, nor is there any income averaging to help lower your tax bill. If you win more than $5,000 in the lottery, 28% must be withheld from your winnings for federal income tax purposes. You can do a google search 'taxes on lottery' to get more info specific to your situation. Answer 0% in Canada! YES ans In US it would all be taxable as ordinary, that is any other income, and effectively be taxed at whatever your personal rate ends up being. That means it is taxed like any other income (albeit not subject to FICA). Many have tried to call it a capital gain or investment gain, but that has always lost in court. If you are a professional gambler, there may be other considerations. This is actually a very well decided area of tax law everywhere. (Remember Oprah audience...the entire value of the cars they were given was taxable...in fact the money they were then given to pay the tax on it was taxable). Answer: You do not have to declare winnings as income in Australia either. So because it is not classed as income no tax is paid on it.

# Will you win the lottery?

Chances are pretty low. Depending on the numbers the odds of winning are minuscule. 1 chance in 15 million is what the standard odds are, depending on the number of tickets pu…rchased and the specific quantities of numbers. Adding a Power Ball factor into the equation reduces it even more.

# What to do after winning the lottery?

Party like there's no tomorrow!!!!!!!!!!!!!!!!!!!!!!!!!! There is a "lottery curse'', that people who win big cut their ties, spend it all, and end up worse off than before.… So, yes, enjoy your winnings, and the easing of worries about your next paycheck. But: be sure to put some aside in investments, perhaps hiring a financial adviser to help you make those decisions. Your goal should be to only spend the earnings from the money, never spending the principal. Only then you will be set for life the way the lottery advertises.

# Where do you report lottery winnings on your 1040 form?

line 21 of form 1040

Answered

In Income Taxes

# Do you have to claim lottery winnings as income?

Yes. See the 1040 tax form, page 1, Line 21, Other Income.

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In Jobs

# How to win lottery?

I really can't give away anything here but just search this into google. Its helped me a whole lot

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# How much is taken in taxes on large lottery winnings?

How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling. The withholding (like fro…m a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid. Lottery and Gambling winnings are taxed like any other income. That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc. It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes. Proveable losses are deductible against winning, so keep those losing lottery tickets! Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case. If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.

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# How long after a chapter 7 discharge can a trustee take windfall money or tax returns or proceeds from property sales?

The answer to this question isn't cut and dry, since the trustee can reach quite far into the future to get an asset if they think the debtor had the asset during the bankrupt…cy case and failed to disclose it or accuratelt represent its value. But, assuming it is truly an unexpected windfall, I think 11 U.S.C. 541(a)(5) is the best place to look, which states "[The bankruptcy estate includes] [a]ny interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date- (A) by bequest, devise, or inheritance; (B) as a result of a property settlement agreement with the debtor's spouse, or of an interlocutory or final divorce decree; or (C) as a beneficiary of a life insurance policy or of a death benefit plan." So, for these types of windfalls, the trustee can reach 180 days (6 months) into the future. I am not aware of the trustee's ability to reach into the future for any other types of windfalls unless, as I said above, the trustee thinks the debtor knew about them during the case. I know of one case where the debtor listed his home's value as $100,000.00 and then sold it about a year and a half after the case was closed for around $250,000.00 and the trustee found out and reopened the case and filed an Adversary Proceeding against the guy for misrepresenting the value of the home during the case.

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# Your bankruptcy was discharged in 2002 how long does it stay on your credit report?

They go by when it was filed--not discharged. Legally, the answer is 10 years from filing; however, some credit bureaus remove Chapter 13 after 7 years.