3 ms·

Are most of these multiple winnners anonymous? I see quite a few names mentioned in the article. Besides, the anonymous thing only matters to giant wins, like t

Are most of these multiple winnners anonymous? I see quite a few names mentioned in the article. Besides, the anonymous thing only matters to giant wins, like the recent case of nearly half a billion dollars. I’d guess the scrutiny there is orders of magnitude greater than a 5 digit winner.

Spooky23 9y ago
Winners of <$600 are anonymous. Winnings over that require a name for tax purposes. I believe those identities are either published or available via the state equivalent of FOIA.
- LandR 9y ago
  In the US do you pay tax on lottery winnings?
  - hirsin 9y ago
    Yes, and it is considered a different class of income than normal - so different tax rates usually.
    - jrs235 9y ago
      The only difference of "class" that I can think of might be since it's not from employment then it wouldn't be subjected to FICA. Otherwise, from my understanding it is taxed as regular income tax rates. Is this what you are alluding to?
      - eric_h 9y ago
        https://www.efile.com/taxable-gambling-winnings-income-taxes/ https://www.efile.com/taxable-gambling-winnings-income-taxes... suggests that winnings are taxed at a flat 25% up to $5000 and beyond that it's treated as income.
        jrs235 9y ago
        Awesome. Thanks for that info and link! This is another reason to keep and all losing tickets... to offset your winnings and applicable taxes.
  - Spooky23 9y ago
    You're obliged to pay taxes on any income. Up to $600, it's an honor system.
  - eric_h 9y ago
    yes. Any gambling win > $600 or a win over some multiple of your initial wager is taxed by the feds (and many states have additional taxes). Professional gamblers can write some portion of their losses off against that tax (I'm not sure of the details, you'd generally need to hire an accountant to handle something like that). Source: I used to work in the gambling industry and have had a win large enough to be required to pay significant (>$3k) taxes on it.

Spooky23 9y ago

Winners of <$600 are anonymous. Winnings over that require a name for tax purposes. I believe those identities are either published or available via the state equivalent of FOIA.

LandR 9y ago
In the US do you pay tax on lottery winnings?
- hirsin 9y ago
  Yes, and it is considered a different class of income than normal - so different tax rates usually.
  - jrs235 9y ago
    The only difference of "class" that I can think of might be since it's not from employment then it wouldn't be subjected to FICA. Otherwise, from my understanding it is taxed as regular income tax rates. Is this what you are alluding to?
    - eric_h 9y ago
      https://www.efile.com/taxable-gambling-winnings-income-taxes/ https://www.efile.com/taxable-gambling-winnings-income-taxes... suggests that winnings are taxed at a flat 25% up to $5000 and beyond that it's treated as income.
      - jrs235 9y ago
        Awesome. Thanks for that info and link! This is another reason to keep and all losing tickets... to offset your winnings and applicable taxes.
- Spooky23 9y ago
  You're obliged to pay taxes on any income. Up to $600, it's an honor system.
- eric_h 9y ago
  yes. Any gambling win > $600 or a win over some multiple of your initial wager is taxed by the feds (and many states have additional taxes). Professional gamblers can write some portion of their losses off against that tax (I'm not sure of the details, you'd generally need to hire an accountant to handle something like that). Source: I used to work in the gambling industry and have had a win large enough to be required to pay significant (>$3k) taxes on it.