Posts tagged as:

lottery

Ask the taxgirl: Reporting Dicey Income

9 October 2009

Taxpayer asks: I have a difficult situation. I won a lot of money in my church’s 50/50. I know I have to report it as income but when I asked for written information from my church, they asked me not to report it. They say they aren’t legally allowed to run a 50/50 and if [...]

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NJ Applies Retroactive Tax To Lottery Winners

16 July 2009

When New Jersey Governor Corzine and the legislature were scrambling to find ways to fill the holes in their budget, it was clear that they wanted to utilize “sin” or “vice” taxes as much as possible. Unlike income taxes which affect everyone, sin taxes only affect people who engage in certain behaviors. The behaviors considered [...]

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Ka-Ching! or Ka-Blooey?

27 August 2007

Uncle Sam A lucky winner in Indiana just made some serious dough. Powerball lottery officials say just one winning ticket was sold for Saturday night’s $314 million jackpot. The six Powerball numbers are: 2, 8, 23, 29 and 35, with a Powerball of 19. [Editor's note, as per usual, I would not have chosen any [...]

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