Tampa Sunday Pick 4

[golfer]

Originally Posted by Bigsmc

Thanks Paul. Good luck on your P3.

Still tough to fathom. Went to TBD earlier today to cash. Government got their chunk, 25% right off the top...jeez.

Bigs, I'm sure you know this, but if you collect enough losing tickets the rest of the year, you may be able to get that back(at least some of it).

[Scav]

Originally Posted by golfer

Bigs, I'm sure you know this, but if you collect enough losing tickets the rest of the year, you may be able to get that back(at least some of it).

I am not sure how it works with him already getting 'hit' with it.....

[golfer]

Originally Posted by Scav

I am not sure how it works with him already getting 'hit' with it.....

I am anything but an accountant, but from my own experience, if you collect enough losses (ie losing tickets), and itemize your deductions (that's the key), you can offset the winnings with losses, and get it back in a refund. I'm sure others on this board know more about this than I do.

[Bigsmc]

Originally Posted by golfer

I am anything but an accountant, but from my own experience, if you collect enough losses (ie losing tickets), and itemize your deductions (that's the key), you can offset the winnings with losses, and get it back in a refund. I'm sure others on this board know more about this than I do.

I think I am okay because they took taxes at a very high percentage. It's when you have signers that didn't have taxes taken out that require losers to offset the winnings so you don't have to pay taxes. This just becomes part of my income and the taxes get added to the taxes I pay for my day job. My bonuses at work are taxed at 27%, when I get a nice bonus, it is automatic refund time the next year. I should get a hefty refund next year. I'm not really happy that they are holding my money. I'd rather use it and pay them next April.

If I can produce that much in losing tickets, that will mean I have gone on tilt for the next 8 months....yikes.

[GPK]

Originally Posted by Bigsmc

I think I am okay because they took taxes at a very high percentage. It's when you have signers that didn't have taxes taken out that require losers to offset the winnings so you don't have to pay taxes. This just becomes part of my income and the taxes get added to the taxes I pay for my day job. My bonuses at work are taxed at 27%, when I get a nice bonus, it is automatic refund time the next year. I should get a hefty refund next year. I'm not really happy that they are holding my money. I'd rather use it and pay them next April.

If I can produce that much in losing tickets, that will mean I have gone on tilt for the next 8 months....yikes.

and be renamed Scavs Jr.

[Scav]

Originally Posted by GPK

and be renamed Scavs Jr.

Bigs, we will get you plenty of losers at Toga, my stack alone for the weekend will get you 10k in losing tickets....

[Scav]

Originally Posted by DaHoss9698

You do not need to save your losing tickets. A simple log of your losses during the year should suffice. But you are right Bigs, I assume they hit you pretty good right off the top, which you should get back at the end of the year so you'll be fine.

You DO need to save your losing tickets, it is the proof. I learned this in Income Tax class. If you have just a record, it could be questioned. With the losing tickets, it shows more of a timeline

[Gaines2b]

And you can lower your tax take out to nothing now.