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Bookmark or Share- How does a big lottery winner cash his huge check risk-free?"You've just won $20 million in the lottery" Oh wow! thanks for the hot news! Where do I send the $1000 check to cover the bank fee? More seriously, while California might be marching to the beat of a different drummer, many state lotteries with large jackpots pay off over many years, and a $20 million win might actually be paid out in $1 ...
- How are lottery winnings taxed when you move to a new state?Since US lottery winnings greater than $5k (I believe) have taxes automatically withheld from the payment, and the annuity payment always comes from the lottery organization in the state in which the ticket was bought, you have no way to escape owing (and paying) taxes to the state you bought the ticket in.
- Won the lottery - how do I keep the money?So, right off the bat. The first $2 million of your lottery winnings, you slap them in an "endowment-like thing" and draw them down at a conservative 4%. This will give you $80,000 a year and still leave room for the "endowment" to grow, so the $80,000 will also grow with inflation. That funds your basic needs.
- united states - Donating winning lottery ticket to 501(c)3 Private ...When there is a significant delta of price paid vs current redeemable value, it seems this can still be a perk for the donating taxpayer in some circumstances, such as with lottery tickets that are known winners already. If the donating taxpayer pays $1 for the ticket. Their cost basis is $1.
- Winning the lottery and moving to save on taxesThe tax on lottery winnings is based on the state where the lottery was held, because for legal purposes that's where the winnings are considered to have been earned for taxation purposes. Also, changing where you live after earning money does not change your tax liability at all. You still owe the state where the money was earned the tax that ...
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