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Lancaster County man claims $86M Powerball lottery jackpot

Topic locked. Last post 4 months ago by Uff Da!. 27 comments.

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Posted: August 8, 2008, 3:50 pm - IP Logged Bottom

Unless they have something in writing or something set up beforehand they might get hit HARD at tax time.

 

I hope the ones that took home the 1.7 million share were smart enough not to quit their jobs. 

Nah, the people they'd be gifting it to would be fine I think, though they probably shouldn't quit anyway. It's the winner who is going to be nailed big time if they go through with this if this isn't something that was legitimately planned out before hand. I doubt the IRS would take their word for it that this verbal agreement existed before winning. I wonder if they paid a visit to an accountant/CPA or tax attorney, if not then they probably should.

With odds like 1 in 175,711,536 how can I lose?!

You can't predict random.

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Posted: August 8, 2008, 7:49 pm - IP Logged Bottom Top

So very pleased to see it was a local family! Excellent choice to *give* in the share instead of being stuck with more gift taxes. ANd yes- verbal contracts are upheld in courts, ask anyone who pledged to get married then backed out. The fiancee can sue for breach of promise (and often wins!).

There is a CAP on taxes so no harm or foul in being able to walk away with more millions then they had the week before:)

kindness is a small gesture accepted by another 

 

 

justxploring's avatar - villiarna
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Posted: August 8, 2008, 10:46 pm - IP Logged Bottom Top

I doubt if any of this money will be considered a gift by the IRS since the ticket itself had no value (not even $1 ...  it was a free play!)  The prize was paid out to the individual family members, so they'll each be responsible for their own taxes.  At least that's the way I see it.

Regarding the money, how much do you really need?  To the people who say they would never share that much, do you realize they're still getting over $17 million each (before tax) and will net around $11 million?  Just the interest alone is more than 1/2 million a year without ever touching the principal.  You can't take it with you when you finally kick the bucket, so why not share it?

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Posted: August 9, 2008, 5:05 am - IP Logged Bottom Top

I doubt if any of this money will be considered a gift by the IRS since the ticket itself had no value (not even $1 ...  it was a free play!)  The prize was paid out to the individual family members, so they'll each be responsible for their own taxes.  At least that's the way I see it.

Regarding the money, how much do you really need?  To the people who say they would never share that much, do you realize they're still getting over $17 million each (before tax) and will net around $11 million?  Just the interest alone is more than 1/2 million a year without ever touching the principal.  You can't take it with you when you finally kick the bucket, so why not share it?

Robert and Elaine Funk of Mountville, Lancaster County will receive $1.4 million; Jeffrey and Donna Funk of Mountville, Lancaster County will receive $1.4 million; Melanie Funk of Lancaster will receive $1.4 million; Gerald and Lynn Hess of Davidson, North Carolina will receive $1.4 million; K. Scott Edwards of Lusby, Maryland will receive 1.4 million; and Ronald and Yvonne Edwards of Washington Boro, Lancaster County will receive $1.4 million.

 

I'm talking about these people ^^^^

 

After a taxes you have to figure they get less than a million.  I'm 30 wouldn't even quit my job for 1.4 million.

sirbrad's avatar - Lottery 062
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Posted: August 9, 2008, 6:08 am - IP Logged Bottom Top

Where is the LP shout out EZ? LOL Told you. Lancaster is near me! I am still waiting for a big hit in my town, and I am planning on it being me soon.

sirbrad's avatar - Lottery 062
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Posted: August 9, 2008, 6:18 am - IP Logged Bottom Top

"He received the promotional ticket for free when he purchased two Pennsylvania Lottery Match 6 tickets."

 

I played the same promotion, but no win here. One QP for another game that he did not even expect would match one number probably, ends up the winner. I guess the logo on the coupns is right. "You could win millions just by clipping coupons." Something like that. Sickening.

Badger's avatar - adu50016 NorthAmericanBadger
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Posted: August 9, 2008, 12:34 pm - IP Logged Bottom Top

This shows once again that it only takes 1 ticket to win...even if it is just a free/promo quick pick.

Yup.   In the end, it all depends on which numbers are drawn.  Each line has the same chance, regardless of how hard or how much time the player spends using a system.  If one of those system lines are drawn, he/she wins.  But the chance of any one being drawn are really no better than any other, including a quickpick.

I think we just like to pretend we have a better chance if we use a system and a "rational" approach.

That don't make it true.

Life is short.  So PAY ATTENTION  !

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Posted: August 9, 2008, 12:39 pm - IP Logged Bottom Top

This sort of plays to an earlier post of forming a lottery club. It reads like they had a set percentage to split the winnings. They each will pay their taxes on this income. If the man had made the claim on his own and then turned around and split the winnings not only would the recipients pay he would be charged the gift tax. Does anyone know how this was set up?

beb!'s avatar - scenery water mountains
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Posted: August 9, 2008, 12:41 pm - IP Logged Bottom Top

Yup.   In the end, it all depends on which numbers are drawn.  Each line has the same chance, regardless of how hard or how much time the player spends using a system.  If one of those system lines are drawn, he/she wins.  But the chance of any one being drawn are really no better than any other, including a quickpick.

I think we just like to pretend we have a better chance if we use a system and a "rational" approach.

That don't make it true.

I Agree!

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Posted: August 9, 2008, 11:15 pm - IP Logged Bottom Top

I was hoping to read or hear that "The winning ticket was sold in Delaware Water Gap and the winner has still not come forward, and they picked their own numbers."