If you win $10 million from a Lotto scratcher and take lump sum they give you $5.8 million

[TidWell]

Lottery winnings not taxed here so take that!

You live in Europe?

 

[SammyPops]

You live in Europe?

Ontario.

 

[Hooran]

What about Online Lottery, guys? Do you have to pay taxes if you win there? And what if I win such a lottery from another country? Cause, I would not want to pay so much money for nothing

 

[HereticBD]

I'll take "Things You'll Never Have to Worry About" for $200, Alex.


We don't get taxed up here, but seriously, I wouldn't lose too much sleep over it. Win any $10 million dollar lotteries lately? I didn't think so.

 

[therealdope]

Lottery winnings not taxed here so take that!

Payouts are also smaller so it's a wash.

 

[SammyPops]

Payouts are also smaller so it's a wash.

well not really here since the OP stated a concrete amount.

 

[jefferz]

You're forgetting that some states tax the winnings too.

iirc some cities, like San Francisco, tax winners as well.

 

[DarkneT]

Great return but still not that much money. I guess it is for the types that play it.

What an asshole post that was

 

[Adamant]

Then you get taxed on the 5.8 million you are left with, Im not sure the tax on that since im not in that tax bracket but you will probably be left with like 3.5 million right? So you are not really winning 10 million you win 3.5 million.

If anyone knows the right amount you are left with and is familiar with these high tax brackets please inform us.

if you take annuity you get $400,000 a year for 25 years

If you are under 30 the 400k a year is probably the better choice

But what always baffles me is why does the Government take half of your winnings when its people who invest in the lotto not the government, why cant they just tax you on the 10 million its almost like a double tax, they take out half to supposedly INVEST back into the state mainly in schools or something. why do they have to double dip?


I heard in Canada they don't do that they just tax you on what you won they don't double dip like that.

Yeah, it's bullshit. The parasites and leeches rape the winnings. If the lottery is advertised as "$10,000,000" then the winner should get the full $10,000,000 no questions asked.

 

[Execute]

What an asshole post that was

But not wrong.

 

[TSO]

Then you get taxed on the 5.8 million you are left with, Im not sure the tax on that since im not in that tax bracket but you will probably be left with like 3.5 million right? So you are not really winning 10 million you win 3.5 million.

If anyone knows the right amount you are left with and is familiar with these high tax brackets please inform us.

if you take annuity you get $400,000 a year for 25 years

If you are under 30 the 400k a year is probably the better choice

But what always baffles me is why does the Government take half of your winnings when its people who invest in the lotto not the government, why cant they just tax you on the 10 million its almost like a double tax, they take out half to supposedly INVEST back into the state mainly in schools or something. why do they have to double dip?


I heard in Canada they don't do that they just tax you on what you won they don't double dip like that.

when you take a limp sum instead of annuity payments they give you enough money to pay yourself those annuity payments forever. You just have to have the discipline to not spend more than what each payment would be each year. So your choice is take payments for 20-26 years depending on the game played or set up your own rollover account and get those same payments forever.

 

[DarkneT]

But not wrong.

Perhaps but still classless

 

[Execute]

Perhaps but still classless

Yep. I'm sure your family that is winning on scratch offs are fine people. Although if you were a shit poster I would be doubling down on it and calling you poor/never heard of you.

 

[DarkneT]

Yep. I'm sure your family that is winning on scratch offs are fine people. Although if you were a shit poster I would be doubling down on it and calling you poor/never heard of you.

Not my family, my wife's
However I'd be hard pressed to find anyone in my life that would look down on 100 grand
And I am poor, but only if you value life in monetary gain
Which I don't.

 

[Revolver]

I would always take the lump sum. Investing it smart would always make more than the rate they use to discount the amount to fmv.

 

[FyrFytr998]

My age would dictate how I would have taken payment. Now that I’m closer to 50 than 40. I’d probably opt for the lump sum and a good investor so my kids can get whatever I leave behind.

If I had won in my 20’s or 30’s I would have gone with an annuity.