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Jacksonville Jaguars Fan Forums Other Stuff Fargin's Flyby My roommate's brother won a million dollars off of a scratch off ticket.


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My roommate's brother won a million dollars off of a scratch off ticket.

  • Offline rollerjag
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#9
05-15-2015, 12:13 PM (This post was last modified: 05-15-2015, 12:14 PM by rollerjag.)

Quote:Taxes on lottery winnings seem ridiculous. Aren't you taxed up front, then again at the end of the year?
 

I believe the lottery office withholds the maximum up front and any year end tax is only owed on any other income, including earnings on any amount invested of the winnings. However, if the plan is giving part to a friend or relative, that amount will be tax owed by the recipient. If that's the plan, better to co-sign the ticket and let the lottery office divide it up front. That way it's only taxed once.

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My roommate's brother won a million dollars off of a scratch off ticket. - by rollerjag - 05-15-2015, 12:13 PM



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