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Ohio lottery winner to share winnings
Ohio Lottery: Ohio lottery winner to share winnings
When asked how often he played the Ohio Lottery, Middletonian Bass Brandenburg let his wife, Virginia, answer that question. "How often does the sun shine?" she replied. The sun came out in a big way for the Brandenburgs this week. The couple bet their bottom $10 on the $200 Million Cash Spectacular instant game and came up winners of $1 million — or so the scratch-off ticket read. Eighty-year-old Bass Brandenburg thought he may not have a lot of time to enjoy that money, so he opted to take the cash up front. The Ohio Lottery Commission invests $500,000 to fund the $1 million prize, so the lottery distributes only $500,000 under the cash option, said Sandra Neal, a lottery spokeswoman. After federal and state taxes, $345,000 is left. Had Brandenburg opted for installment payments, he would have received $50,000 a year for 20 years, before taxes. But even with only about 35 percent to keep, "spending $10 and getting $345,000 is still pretty good to me," he said. The object of the $200 Million Cash Spectacular is to match sets of numbers. When Brandenburg scratched off two 24s, he asked the clerk at D's Market on 416 S. Sutphin St. what he won. The clerk told Brandenburg, "Bass, you've got to be the coolest person I ever saw in my life who just won $1 million." Brandenburg plans to divvy the money among his seven children. "When you've worked all your life and you've got what you wanted, you give the kids a certain amount of money," said Brandenburg, who spent 25 years as a custodian at Vail Middle School before retiring in 1994. Not that other people aren't interested in the money, too. When Brandenburg told his family doctor of his fortune, the doctor replied, "You don't have seven children, you have eight!" The Brandenburgs' daughter, Kathy Lykins, one of the eventual recipients of the money, said "I'm just glad he's been playing the lottery." D's Market will receive a $10,000 bonus for selling the winning ticket, Neal said. Brandenburg is Middletown's second lottery winner in as many months. Cheryl Million claimed a $25,000 prize in the instant Lucky Fortune game in March.
Middletown Journal
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11 comments. Last comment 3 years ago by .
United States Member #12856 March 18, 2005 2060 Posts Offline |
| Posted: May 11, 2006, 3:41 pm - IP Logged |
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If I was eighty, I would probably take the cash option too. 
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United States
Member #380
June 5, 2002
11297 Posts
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| Posted: May 11, 2006, 6:56 pm - IP Logged |
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If I was eighty, I would probably take the cash option too. NY scratch winners of annuity prizes (including the four versions of Debt for Life) DO NOT have a cash option. Its Lot O' Play is faulty, but Ohio has a better lottery than NY.
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New Member  United States Member #28154 December 6, 2005 4 Posts Offline |
| Posted: May 12, 2006, 1:02 am - IP Logged |
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ENOUGH ABOUT OHIO WINNERS ALREADY!!!
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United States Member #24723 October 21, 2005 598 Posts Offline |
| Posted: May 12, 2006, 1:33 am - IP Logged |
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 CoNgRats!!!!
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United States Member #2924 November 25, 2003 75 Posts Offline |
| Posted: May 12, 2006, 8:41 am - IP Logged |
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NY scratch winners of annuity prizes (including the four versions of Debt for Life) DO NOT have a cash option. Its Lot O' Play is faulty, but Ohio has a better lottery than NY Cash Only a simple solution if you don't like it..... don't play it
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Sunny SW Florida United States Member #25708 November 5, 2005 4339 Posts Offline |
| Posted: May 12, 2006, 4:57 pm - IP Logged |
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If I was eighty, I would probably take the cash option too. I'd take the cash anyway. Congrats to the winner!
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Australia Member #37542 April 11, 2006 331 Posts Offline |
| Posted: May 14, 2006, 8:23 am - IP Logged |
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you know for a super big pot i wouldnt care if i took annuity or not. i mean say its $10 mill a year for 25 years? if you blow your 1st years 10 mill u know you had better learn to manage money on year 2. you still 24 years to go to learn., if oyu take lump sum and blow it, thats it its gone! i think if i got 10 mill anuity id still have a few mill left in bank at end of year.
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United States Member #35330 March 9, 2006 26 Posts Offline |
| Posted: May 14, 2006, 11:46 am - IP Logged |
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"After federal and state taxes, $345,000 is left." Wonder how they calculated that amount? Federal . . "$97,653.00 plus 35% of the amount over 336,550" Ohio . . "$11,022.90 plus 7.185% of excess or more than $200,000" A $312,560 balance seems more in the ballpark.
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NY United States Member #24178 October 16, 2005 1603 Posts Offline |
| Posted: May 14, 2006, 1:35 pm - IP Logged |
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"After federal and state taxes, $345,000 is left." Wonder how they calculated that amount? Federal . . "$97,653.00 plus 35% of the amount over 336,550" Ohio . . "$11,022.90 plus 7.185% of excess or more than $200,000" A $312,560 balance seems more in the ballpark.
In the entire history of the lottery there has never been a news article that reported the amount left after taxes. News articles report the amount after the withholdings required by state and federal law. State laws vary, but the federal withholding requirement is 25%. If a winner doesn't want all of the money they can always make charitable donations and they'll only owe taxes on the remainder. Charitable donations are certainly a good thing, but they reduce what a winner actually ends up with, so a good rule of thumb to figure how much a winner could net is to assume they'll keep the money and that their deductions will be about what they were the previous year. That means all of the winnings will be taxed and they'll owe more money when April 15th rolls around the following year. I also assume that most people will have other taxable income and that all of their prize will be taxed at the highest rate. I'm in New York, so I figure I'd net 58% of a big cash prize. The actual taxes would be a bit lower, so that's just a little bonus when it's time to file the return.
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United States
Member #380
June 5, 2002
11297 Posts
Offline
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| Posted: May 14, 2006, 1:42 pm - IP Logged |
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"After federal and state taxes, $345,000 is left." Wonder how they calculated that amount? Federal . . "$97,653.00 plus 35% of the amount over 336,550" Ohio . . "$11,022.90 plus 7.185% of excess or more than $200,000" A $312,560 balance seems more in the ballpark.
In the entire history of the lottery there has never been a news article that reported the amount left after taxes. News articles report the amount after the withholdings required by state and federal law. State laws vary, but the federal withholding requirement is 25%. If a winner doesn't want all of the money they can always make charitable donations and they'll only owe taxes on the remainder. Charitable donations are certainly a good thing, but they reduce what a winner actually ends up with, so a good rule of thumb to figure how much a winner could net is to assume they'll keep the money and that their deductions will be about what they were the previous year. That means all of the winnings will be taxed and they'll owe more money when April 15th rolls around the following year. I also assume that most people will have other taxable income and that all of their prize will be taxed at the highest rate. I'm in New York, so I figure I'd net 58% of a big cash prize. The actual taxes would be a bit lower, so that's just a little bonus when it's time to file the return.
All of NY's "million-dollar" scratches (and four versions of Debt for Life) are annuity-only. The only "big game" worth playing in NY state is Mega Millions.
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NY United States Member #24178 October 16, 2005 1603 Posts Offline |
| Posted: May 16, 2006, 2:54 am - IP Logged |
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"After federal and state taxes, $345,000 is left." Wonder how they calculated that amount? Federal . . "$97,653.00 plus 35% of the amount over 336,550" Ohio . . "$11,022.90 plus 7.185% of excess or more than $200,000" A $312,560 balance seems more in the ballpark.
In the entire history of the lottery there has never been a news article that reported the amount left after taxes. News articles report the amount after the withholdings required by state and federal law. State laws vary, but the federal withholding requirement is 25%. If a winner doesn't want all of the money they can always make charitable donations and they'll only owe taxes on the remainder. Charitable donations are certainly a good thing, but they reduce what a winner actually ends up with, so a good rule of thumb to figure how much a winner could net is to assume they'll keep the money and that their deductions will be about what they were the previous year. That means all of the winnings will be taxed and they'll owe more money when April 15th rolls around the following year. I also assume that most people will have other taxable income and that all of their prize will be taxed at the highest rate. I'm in New York, so I figure I'd net 58% of a big cash prize. The actual taxes would be a bit lower, so that's just a little bonus when it's time to file the return.
All of NY's "million-dollar" scratches (and four versions of Debt for Life) are annuity-only. The only "big game" worth playing in NY state is Mega Millions. There was nothing in my post that you needed to quote. Your psychosis is obviously thriving all on its own, so don't let it make you think anyone else is involved.
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