Lottery Winners Save On Taxes By Waiting To Claim
NEW YORK (AP) _ It’s been a taxing few weeks for 13 lottery winners who waited more than a month to cash in their tickets to take advantage of tax benefits available to them in 1988. But they agree it was worth it.
A 55-year-old public accountant waited 45 days to claim a $3 million jackpot, while two brother-in-laws waited an extra week to make sure they had to pay less to Uncle Sam under the new tax reform laws. A group of 10 workers who had entered lottery drawings once a week and won also waited.
The wait ″was rather easy when you consider the tax advantages of waiting until 1988,″ said Bernard Charlebois, a Glen Falls certified public accountant who predicted he will save about $15,000 in taxes.
He said he realized Nov. 15 he had won the jackpot in a state lottery game a day earlier.
He stored the winning ticket in a safe deposit box until he cashed it in Thursday.
Meanwhile, Carmine ″Sonny″ Longo of Fairfield, Conn., and his brother-in- law, Albert Girdauskas of Stony Point, waited more than a month to cash in on their Lotto 48 numbers, which brought each of them $636,363.50.
They said they did so in part to take advantage of the new laws, which have been changed so that slightly less is taken from sudden large incomes like lottery winnings.
Ten workers from the Metropolis Metal Spinning and Stamping Inc. in the Bronx said they also waited until this week to cash in their ticket after learning that they had won after the Nov. 11 drawing.
But their leader, plant manager Hector Donato, 54, said the workers also delayed cashing in the prize, which will bring each of them more than $28,000 a year for the next 20 years, so they wouldn’t spend it all during the holidays.