Dang taxes after lottery win.

[bassboogieman]

Local news just had a story of a guy in KY that won 150 thousand on a scratch off in Louisville I think it was. He got 108 thousand after taxes. 42 thousand taxes on 150 thousand. That is outrageous.

Why do you think states legalized lotteries?

[Crappie Bob]

What gets me is they always say it helps fix all the things our other taxes are supposed to fix, and still aren't fixed. MAFIA

[ProVle]

This guy seem's OK with it! https://www.msn.com/en-us/money/othe...ng/ar-BB1joJBC
Most all Ky lottery money is used for education and scholarship's. I know that will trigger some stupid comment's.
https://www.kylottery.com/apps/about...oney_goes.html

[OconeeMike]

That's just the same taxes everyone who makes over $150K per year pay now.

[Dixie-Raven]

We're lucky in Canada we don't pay tax on lottery wins.....now if I could just win a lottery.

Isn't the BBC your lottery?

[donpilot]

I am about $18,000 ahead on the lottery. Never bought a ticket!

[RockOn]

Just about right. I never calculate my taxes to be honest; taxslayer pro customer service always does a good job for me, especially when it comes to business expenses. Their expertise in handling tax matters, particularly with business deductions, has been invaluable to me. With their assistance, I can confidently navigate the complexities of tax filings and ensure that I'm maximizing my deductions while staying compliant with regulations

[Rick McFaul]

Why else would they even have the lottery if it wasn't a financial windfall for the govt

It's a win win for the government. Only half the money goes into the pot to start with and then they tax the winnings! That being said, I just picked up a Mega Millions and Power Ball ticket

[JoshKeller]

Taxes aren't too high - we just don't get a decent ROI on those taxes. I'd gladly pay more to fix our problems once and for all!

They'd have more than enough to fix them if they'd just learn to manage it.

[ProVle]

Some "facts" on lottery money use in different states. https://www.npr.org/2023/01/12/11481...ions-powerball

[mactlman]

I am surprised it wasn’t 50 or 55%

[Dixie-Raven]

I am surprised it wasn’t 50 or 55%

Around a third just like your normal taxes.

[thebassoutlaw]

I am about $18,000 ahead on the lottery. Never bought a ticket!

Better hope they don't find out you're 18k ahead or the taxman will be knocking on your door too!

[spinningreel]

The Ky lottery proceeds helped put my son through Community College Vocational, certified KY Welder now. I've personally never bought a ticket.

[Al from Canada]

Isn't the BBC your lottery?

If I made the money that people think I do then yeah.....in actual fact NO!

[MadYakker]

Almost not even doing the paper work for, huh?

[av]

Tax money needed for free programs

[Batfish]

The house Always wins.

[rid 05 198]

Ky tax bracket is 4%
Fed tax bracket is 24% over $100K, 22% over 47K
The maximum tax is 28% of $150K or $42K, if his income level was already over $100K, before the winnings.

In the 80s the Fed tax bracket was twice what it is today at 50%. His tax then when have been double. We're at the lowest income tax bracket in modern history.

Yes would be double that in the 80's. And the 80's is when they lowered it and then the national debt tripled in the 80's.

[Crestliner16]

In Ohio, we had two guys that hit for 100k,and both had planned on retiring 30 prior.
They each ended up 72 k after taxes.
My brother knew the first million dollar winner in Ohio and he quit his job. About a year later he was begging for his job back.
I don't think he never received a response.