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General Category => Ask the Experts => Topic started by: philywheel on January 15, 2018, 04:51:51 PM

Title: had the pik 4
Post by: philywheel on January 15, 2018, 04:51:51 PM

queston: hit the pick 4 at The Big A (ty)  it paid 7400$ but I only received about 5400$ ?   withholding?

thanks
philywheel

Title: Re: had the pik 4
Post by: shanahan on January 15, 2018, 06:20:23 PM

hell, who cares?  Nice hit!  What tool did you handicap with?

Title: Re: had the pik 4
Post by: jerry on January 15, 2018, 11:15:38 PM

Yes. Save your losers. You should get it back next year.

Title: Re: had the pik 4
Post by: RICH on January 16, 2018, 06:08:46 AM

I thought there was a change in taxing winnings?

Title: Losing tickets and the new tax law
Post by: skitimber on January 16, 2018, 07:27:58 AM

The new standard deduction for a single taxpayer is $12,000.  What this means is that without any other deductions, you\'d have to have $19,400 in losers to wipe away a win of $7400.  Only $11,000 in losers, for example, and it\'s as though you won the $7400 and didn\'t lost a dime all year.  If you\'re married with no other deductions, far worse: the first $24,000 in losers will do you no good!  Grounds for divorce!

Title: Re: had the pik 4
Post by: Edgorman on January 16, 2018, 08:32:55 AM

With the new law, the cost of your winning ticket, relative to the payout, is the determining factor as to whether it is a reportable event.
How much was your p4 ticket??

Title: Re: had the pik 4
Post by: philywheel on January 16, 2018, 10:44:53 AM

22.50$    I singled saratocgo giro.

Title: Re: had the pik 4
Post by: Edgorman on January 16, 2018, 02:30:41 PM

If you divide your collection by your total wager, it still exceeds 300-1, making it a taxable event. Since you collected more than 5000,they withheld 25%.
Had your ticket been a little larger, you would not have triggered the 300-1 threshold.