had the pik 4

[philywheel]

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

thanks
philywheel

[shanahan]

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

[jerry]

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

[RICH]

I thought there was a change in taxing winnings?

[skitimber]

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!

[Edgorman]

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??

[philywheel]

22.50$    I singled saratocgo giro.

[Edgorman]

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.