Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




Glurp
8685 posts

Uber Geek
+1 received by user: 3987

Subscriber

Topic # 190897 15-Jan-2016 14:09
Send private message

If you win the lottery here, it is tax-free. If you win the lottery in America, it is also tax-free there. So if a Kiwi wins a billion dollars in the USA, is it tax-free when she comes home?





I reject your reality and substitute my own. - Adam Savage
 


Create new topic
886 posts

Ultimate Geek
+1 received by user: 779

Trusted
Chorus

  Reply # 1471954 15-Jan-2016 14:13
3 people support this post
Send private message

Assuming your facts are right, would you not be better to keep the funds in a US bank account and use a Visa Debit from that country to pay for everything?

Having said that, I was under the impression that US lottery winnings are indeed subject to tax, especially if taken in a lump sum.




The views expressed by me are not necessarily those of my employer Chorus NZ Ltd


12141 posts

Uber Geek
+1 received by user: 3954

Trusted
Lifetime subscriber

  Reply # 1471961 15-Jan-2016 14:25
Send private message

It isn't tax free in the USA, at least according to my brother who lives there.

You can take the big pile and pay tax or you can opt for a smaller amount paid annually as an annuity which is tax free.





 
 
 
 


152 posts

Master Geek
+1 received by user: 49


  Reply # 1471962 15-Jan-2016 14:26
Send private message

Some states may not have lottery windfall taxes, however you will still have to pay 30% - 40% federal income tax.

96 posts

Master Geek


  Reply # 1473571 18-Jan-2016 10:29
Send private message

Was reading about this the other day, the US gets taxed a lot. There are also only 4 - 5 states that do not get taxed for Personal Income Tax.

 

 

 

So the if there was one winner of the $1.5B and they took it all out in one go, they would of taken home about $650m. 

 

Federal Tax

 

Personal Income Tax

 

I think some other tax as well.

 

 

 

In NZ our winnings do get taxed but it is already taken out before we get it.

3508 posts

Uber Geek
+1 received by user: 985


  Reply # 1473582 18-Jan-2016 10:42
Send private message

TG09:   In NZ our winnings do get taxed but it is already taken out before we get it.

 

Bzzt. wrong answer

 

There is no tax on winnings in lotto in nz

 

source: https://mylotto.co.nz/assets/dynamic_templates/Winning-Experience/images/Lotto-NZ-Winners-Book-2015.pdf

 

Tax
You don’t have to pay tax on your prize money, but you will have to pay tax on any interest you earn from the money.

96 posts

Master Geek


  Reply # 1473592 18-Jan-2016 10:50
Send private message

wellygary:
TG09:   In NZ our winnings do get taxed but it is already taken out before we get it.
Bzzt. wrong answer There is no tax on winnings in lotto in nz source: https://mylotto.co.nz/assets/dynamic_templates/Winning-Experience/images/Lotto-NZ-Winners-Book-2015.pdf Tax
You don’t have to pay tax on your prize money, but you will have to pay tax on any interest you earn from the money.

 

 

 

Bzzt.

 

Fair enough I was just repeating from what someone told me.

 

 

Mad Scientist
19322 posts

Uber Geek
+1 received by user: 2528

Trusted
Lifetime subscriber

  Reply # 1473645 18-Jan-2016 11:33
Send private message

You want to buy US lottery?




Swype on iOS is detrimental to accurate typing. Apologies in advance.


4974 posts

Uber Geek
+1 received by user: 105

Trusted

  Reply # 1473894 18-Jan-2016 15:33
Send private message

I bought a few while I was there. Made $7 on a $20 purchase and then $4 on a $20 purchase :-( 




System One: Popcorn Hour A200,  PS3 SuperSlim, NPVR and Plex Server running on Gigabyte Brix (Windows 10 Pro), Sony BDP-S390 BD player, Pioneer AVR, Raspberry Pi running Kodi and Plex, Panasonic 60" 3D plasma, Google Chromecast

System Two: Popcorn Hour A200 ,  Oppo BDP-80 BluRay Player with hardware mode to be region free, Vivitek HD1080P 1080P DLP projector with 100" screen. Harman Kardon HK AVR 254 7.1 receiver, Samsung 4K player, Google Chromecast

 


My Google+ page 

 

 

 

https://plus.google.com/+laurencechiu

 

 


1243 posts

Uber Geek
+1 received by user: 530


  Reply # 1473923 18-Jan-2016 15:52
Send private message

joker97: You want to buy US lottery?

 

I'm not buying a ticket in the US lottery until I get the £7,000,000 I won in the EuroMillions lottery. I've paid the £250 to have my prize released, so I should get my winnings any day now...

 

Rikkitic: If you win the lottery here, it is tax-free. If you win the lottery in America, it is also tax-free there. So if a Kiwi wins a billion dollars in the USA, is it tax-free when she comes home?

 

You don't pay tax on lotto winnings here in New Zealand. When you win the lottery in the United States you do pay federal income tax on the winnings and there are additional taxes in some states as well (not all). When you transfer money from the US to NZ you don't pay tax to bring the money in. However, as I understand it, if you are a New Zealand resident for tax purposes Inland Revenue may require tax be paid on income earned overseas, but if tax has already been paid on the income overseas you can get a tax credit for this.

Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.