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Scientific Games Corporation Message Board

  • sccmguy sccmguy Dec 1, 2012 3:04 PM Flag

    Federal Lotteries and Federal lottery directed IRA's.

    The Fed's have approved a new program that allows you to contribute between 1-50 % of your salary into a special IRA that allows you to play state lotteries and deduct that contrbution from your gross salary. You have to have a Job, so it's a job stimulus initiative as well. In reality it is a Federal lottery not a state lottery.
    If your income is between 0-10,000.00 (Family of 2) you can contribute/invest 50% of your salary into the F.D.L.I.R.A if your income is 20-40,000(Family of 2) you can contribute 20%, anything more and up to 100,000.00 10 %, and above 100k 1 percent. The major brokerage houses will act as a broker to the states. Each acount will have access to every state lottery. Once the numbers are drawn the brokerages will handle all the backroom processing for each state and adjust your account as well. Details as to how the computers will be hosted are still in progress.

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