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Can you have your daughter claim your lottery winnings to avoid high taxes?
Wiki User
∙ 14y ago
No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings.
Wiki User
∙ 14y ago
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CAn a convicted felon claim lottery winnings in the state of Arkansas?
can a convicted felon claim a mega million or powerball lottery winnings in georgia
How do you claim losses on lottery winnings?
Since winnings are the opposite of losses, your question is very confusing. Perhaps your lottery winnings were stolen. If so, you can report the theft to the police.
Is it better to set up a trust than to claim a lottery prize as an individual?
The purpose of setting up a trust fund to receive lottery prize money is usually to avoid one's heirs having to pay inheritance/estate tax on the winnings you leave behind when you pass away. If this is a concern for you, then you need to consult an estate planner BEFORE you claim your lottery jackpot.
Mike Powell in Canada lottery corporation?
I git a bogus lottery winner email from the Ontario Lottery Corporation stating Mike Powell as the contact person to claim my winnings. If anyone received this please post it here and maybe we can catch this scammer.
Where could one purchase lottery tickets in Canada?
There are websites available to purchase lottery tickets in Canada. The sites offer extensive information on how to play the lottery in Canada and the types of lotto games which can be entered into. There is also the opportunity to watch the draws. And of course most importantly how to claim any winnings.
Does IL let you claim lottery winnings through a blind trust?
(in the US) you may be able to initially succeed, but no, it is not lawful. It's been tried before and has never turned out well for the person who tried it.
Is there state tax in California on lottery?
Yes, California does collect tax from California Residents who win lotteries from other states. See Page 4, Line 21 of this State of California Franchise Tax Board document: http://www.ftb.ca.gov/forms/2010/10_540cains.pdf Quote: "California excludes California lottery winnings from taxable income." However, "Make no adjustment for lottery winnings from other states. They are taxable by California." Federal taxes will be collected on most lottery winnings as well.
Do you have to claim radio winnings on your taxes?
Yes, you have to claim all winnings of any kind (radio, TV, church raffle, lotto, bingo, casino, illegal bookies, online gambling, etc) on your taxes. You have to claim winnings of any size, even if the payor is not required to send you a 1099.
Can you claim megamillion lottery as a trust in Illinois?
Most of them form a limited partnership not a trust. Its called an LLC. If you win, do not tell anyone, sign the lottery ticket, go to the bank and put it in a save deposit box and then find an attorney who is experienced in lottery winnings which you can find through doing research on the internet. Do not tell anyone until you consult with a lawyer.
Can lottery winners remain anonymous in british Columbia?
No. Prizes are only paid to the ticket holder or group trustee. You can not set up a blind trust to claim lottery winnings like you can in some states. When a player purchases a lottery ticket from BCLC it constitutes a contract between that player and BCLC. Part of that contract is BCLC's right to publicize winners' names and picture.
Can I claim a winning lottery ticket if I havent filed taxes yet this year?
Claiming your lottery winnings DOES NOT have any thing to do with the filing of your 1040 federal income tax for the tax year 2009. BUT you should be getting all of your federal and state tax forms completed completely and correctly this year by OCTOBER 15, 2010.
where do i cash a scrach off more then 800 dollors?
By winning a lottery Related 6 Tips to Save Using the Most Popular Food Delivery Apps Learn More → Congratulations! You took a chance and bought a winning lottery ticket. Now, you need to cash it. Winning lottery tickets may only be redeemed in the state where the ticket was purchased. Prizes up to a certain amount may be redeemed at any store or location that sells lottery tickets. However, prizes over a certain amount must be redeemed with the state lottery office. Winnings More Than $600 If your prize is over $600, the prize amount is reported to the IRS and you will have to pay taxes on the amount. As of 2020, the federal tax withheld on lottery winnings is 24%, and state taxes vary across different states, ranging from zero to 13%. The state lottery commission also sends a 1099 to you at the end of the year listing your prize over $600. Prizes that are less than $600 are not reported to the IRS, but this does not mean that they are not taxable. If you've won an enormous prize, such as the Powerball jackpot, you'll also want to decide whether you want to receive your money as an immediate, reduced lump sum or as an annuity spread out over three decades. You may not want to dawdle on that decision, because while some states give you 180 days after winning to claim your prize, others may give only 60 days if you want your payout as a lump sum. Read More: When Are Lottery Winnings Taxable? Tips If you've won a large amount of money, you may want to assemble a trustworthy team of attorneys and financial experts – at the least, a certified public accountant (CPA) to help you claim and control your winnings. Winnings Less Than $600 When you win less than $600, you can take your winning ticket to an authorized lottery retailer. It doesn't have to be redeemed at the same place you purchased the ticket, however, it does have to be redeemed in the same state. You can redeem a winning ticket from any type of lottery game to an authorized retailer when your prize is less than $600. Authorized retailers include stores and other establishments that sell lottery tickets in your state such as, convenience or grocery stores. Contact the State Lottery Office You can also take your lottery ticket to a state lottery office to redeem it. Although the lottery office cashes out winning tickets for any prize amount, many players take tickets showing a prize of over $600 to the lottery office as some authorized lottery retailers may not have enough cash on hand to pay out large winnings. To redeem with the office, visit the website for the winning ticket’s state lottery to find claim office locations. Don't forget, you must sign the back of your ticket in order to make sure you're the only one who can claim it. Mail in a Claim Form If you do not wish to visit the lottery office in person, you may mail your winning ticket, along with a claim form, to the lottery office for the state where the ticket was purchased. If you live in a state other than the state you purchased the winning ticket, you may also use the mail-in method to redeem your prize easily. Locate claim forms on the state lottery website for the state where the winning ticket was purchased for further guidance.
