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So You've Won The Lottery...

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ooOoOoOAnaOoOoOoo
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02 Jul 2011, 10:31 pm

Fnord wrote:
If a person wins their state's Lotto (regular or "Mega"), and either puts all of the money in the bank, or spends it overseas (or both), could this person be charged with any crime under the law? Could a "Class-Action" or civil suit be brought against this person for failing to spend his or her money within the state? Should the person be compelled to return the money or give some of it away? Should anyone who did not win expect to be entitled to any portion or share of the winnings?

After you give state and fed their fair share in the form of taxes, you are not obligated to spend your money anywhere. You can put it all in banks and save it forever, any bank, anywhere. Besides, some lottos are national or involve more than one state.
You will not be charged with any crime. The moment I win the jackpot, if it is many millions of dollars, I am off to a decent place. With my luck I'd probably win it when the jackpot is low, like a measly twelve million instead of one hundred twenty.



bergie
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03 Jul 2011, 12:53 am

The states take like 50% of lottery proceeds off the top. Once you win it, it's yours to do with as you please. If you did win, do you need a new best friend? :)



Jediscraps
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03 Jul 2011, 1:08 am

You also choose whether you want a lump sum or annuity. You get less if you take the lump sum. But you only get a certain amount each year with the annuity (I believe).

Then, as I understand it, you have to pay the federal tax of 25% and then you pay your state tax if it is required.



TallyMan
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03 Jul 2011, 3:10 am

(Thread moved from Autism discussion to Random)


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