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Florida Powerball winner claims $50 million jackpot

Topic closed. 60 replies. Last post 2 years ago by golfer1960.

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haymaker's avatar - Lottery-012.jpg
egg harbor twp.south jersey shore
United States
Member #112972
June 29, 2011
3209 Posts
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Posted: January 14, 2013, 8:23 pm - IP Logged

50 million is the annuitized jackpot. The winner opted for the 32.4 million lump sum but they will never see that amount because 25% is taken out for tax withholding and even more taxes will be due April 2014. With a top federal tax rate of 39.6%, they will get to keep roughly 19.5 million. Good thing for the winner Florida has no state tax on lottery prizes unlike New Jersey which tacks on an additional 10.8%.

Yea, a 10.8 % tax law that was passed in the middle of the night and not reported on by the so called vigilant media.

If that's not bad enough it was made retroactive to the first day of the year it was passed, (2009 ?)

because someone here hit a big JP on 1 of the multi-state games, MM I think, and greedy jersey missed out on the action.

But the retro made up for it.

And Caused a major tax headache for the winner.

 

How did it happen ?

simple, one person, even one w/a big lottery win can't fight the lawmakers and no one else cares, especially non-players.

also media don't care about players cause not the general populace.

I saw no editorial about the retro part either, and that is inexcusable.

Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


    United States
    Member #116272
    September 7, 2011
    20244 Posts
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    Posted: January 14, 2013, 8:24 pm - IP Logged

    "This is something you'd think you wouldn't have to explain to people on a lottery website"

    No one has to explain anything around here but someone is always volunteering to do so.  This is the place to be if you don't know much.

    I Agree!


      United States
      Member #116272
      September 7, 2011
      20244 Posts
      Offline
      Posted: January 14, 2013, 8:25 pm - IP Logged

      Hey ridge, when you sending my next shipment of 'shine??? I put the check in the mail!

      OOPS!

      Never mind everybody. Nevermind.

       

      (Uh...ridge, I'll send you a pm).

      Keep that shine flowin like a river my friends..........Yes Nod


        United States
        Member #116272
        September 7, 2011
        20244 Posts
        Offline
        Posted: January 14, 2013, 8:28 pm - IP Logged

        Yea, a 10.8 % tax law that was passed in the middle of the night and not reported on by the so called vigilant media.

        If that's not bad enough it was made retroactive to the first day of the year it was passed, (2009 ?)

        because someone here hit a big JP on 1 of the multi-state games, MM I think, and greedy jersey missed out on the action.

        But the retro made up for it.

        And Caused a major tax headache for the winner.

         

        How did it happen ?

        simple, one person, even one w/a big lottery win can't fight the lawmakers and no one else cares, especially non-players.

        also media don't care about players cause not the general populace.

        I saw no editorial about the retro part either, and that is inexcusable.

        I Agree! I have a friend on payroll who is paying an extra $110. per month in payroll taxes as of this week. 

        That's on a $50k income.................  I don't do fundamental mathematics, but it sounds like a bunch.


          United States
          Member #116272
          September 7, 2011
          20244 Posts
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          Posted: January 14, 2013, 8:31 pm - IP Logged

          "This is something you'd think you wouldn't have to explain to people on a lottery website"

          No one has to explain anything around here but someone is always volunteering to do so.  This is the place to be if you don't know much.

          I Agree!LOL


            United States
            Member #116272
            September 7, 2011
            20244 Posts
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            Posted: January 14, 2013, 8:32 pm - IP Logged

            I Agree!LOL

                           See Ya!

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
              Member #73904
              April 28, 2009
              14903 Posts
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              Posted: January 14, 2013, 8:45 pm - IP Logged

              He's not taxed on $50 Million. $50 Million is an ANNUITIZED jackpot, the lottery doesn't hide that. He is taxed on his $34.2 Million. This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason.

              Cash payouts (before state income tax) are 75% of the advertised CASH VALUE. Mega Millions CASH VALUE is usually around 56-58% of the advertised annutized jackpots. There's a "Jackpot Analysis" link on the main page (if you come from USAMEGA) that gives a breakdown of payouts for different states. That information has only been on USAMEGA since forever.

              " This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason."

              "That information has only been on USAMEGA since forever."

              Sorry we made you so mad, Mr Johnson.  Frown

              Is there any way we can make it up to you?  Sad Wavey

                Piaceri's avatar - sarsony1
                Wannabe Won Percenter
                Republic of Texas
                United States
                Member #57557
                January 9, 2008
                1004 Posts
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                Posted: January 14, 2013, 9:06 pm - IP Logged

                Spend 1 M on a house and furnishings and put 15 M in a low risk tax free investment.  He'd get at least 200K per year right now, even at today's low rates, and that's tax free.  If he can't live really well on that amount, with no mortgage payment, there's something wrong.   When the return rates go back up to 6% like they were 10 years ago, he'll be getting 900K tax free.  And his initial 15 M stays untouched.

                There's a difference between living large and living comfortable. I never said he could not live well. I just said that at the age of 30, and retired, he can live comfortable for the rest of his life. Live large? Buying fancy cars every year or so? Buying multiple lux vacation homes or lux vacations? No. Comfortable and worry free? Yes. 

                At the age of 30, the temptation to live large is, well, large. Party

                face

                singlewinnersinglewinnersinglewinner   

                  Avatar

                  United States
                  Member #106137
                  February 13, 2011
                  17 Posts
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                  Posted: January 15, 2013, 12:48 am - IP Logged

                  " This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason."

                  "That information has only been on USAMEGA since forever."

                  Sorry we made you so mad, Mr Johnson.  Frown

                  Is there any way we can make it up to you?  Sad Wavey

                  You already make it up to me by reading my post and educating yourself.  Jackpot Analysis has the answers you are looking for.

                    whiteballz's avatar - Lottery-015.jpg
                    Nutley, New Jersey
                    United States
                    Member #131063
                    August 1, 2012
                    801 Posts
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                    Posted: January 15, 2013, 2:02 am - IP Logged

                    I love the idea of tax free lottery winnings. The reason behind my belief is that winner will spend that money in this economy and will end up paying sales taxes, property taxes, excise taxes, capital gains taxes and dividend taxes, interest taxes Thumbs Down

                    that is a good reason. Another reason is the lottery player is taking all the risk when they spend their money on lottery tickets and the government takes no risk. When the lottery player picks the wrong numbers he loses his money, the government loses nothing but if somehow the lottery player picks the right numbers and wins the jackpot, the government takes half.

                    It's funny, most people consider Canada and Europe to be more socialist than the United States, meaning to say Canada and Europe have more social welfare programs than the US but even then Canada and Europe allow their winners to keep all of their lottery money without imposing any tax.

                    .

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
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                      Posted: January 15, 2013, 3:02 am - IP Logged

                      You already make it up to me by reading my post and educating yourself.  Jackpot Analysis has the answers you are looking for.

                      That's super!!! Hyper

                      Thank you, Mr Johnson!!! See Ya!

                       

                      Now we're happy shiny people again, yay!!!Banana


                        United States
                        Member #131557
                        August 13, 2012
                        94 Posts
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                        Posted: January 15, 2013, 3:19 am - IP Logged

                        There's a difference between living large and living comfortable. I never said he could not live well. I just said that at the age of 30, and retired, he can live comfortable for the rest of his life. Live large? Buying fancy cars every year or so? Buying multiple lux vacation homes or lux vacations? No. Comfortable and worry free? Yes. 

                        At the age of 30, the temptation to live large is, well, large. Party

                        Just out of curiosity, what how much would someone need to have to "live large" by your standards? He will be able to live "well" or "comfortable and worry free"  I would also propose that he can live large as well. My god, he now has about $20 million in cash.  A good money manager can get well above some of the $200k/year interest some here have thrown around if he's willing to put some of it in more aggressive investments. 

                        Congrats to the winner!  Wish it was me. 

                        Enjoy the money and remember that you had an extreme stroke of luck that most will only dream about.

                        Don't blow it all in 5 years like other winners. 

                        Thumbs Up

                          IPlayWeekly's avatar - avatarmoney
                          Columbus, Ohio
                          United States
                          Member #128911
                          June 5, 2012
                          445 Posts
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                          Posted: January 15, 2013, 6:48 am - IP Logged

                          Congrats, alot of bank to play with

                            Carvella05's avatar - chick
                            The lost quadrant of Cape Coral, FL
                            United States
                            Member #137594
                            January 7, 2013
                            104 Posts
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                            Posted: January 15, 2013, 8:52 am - IP Logged

                            Congratulations to the McGurran family. Party

                            Godspeed.

                            BashThe person who says it cannot be done should not interrupt the person who is doing it. –Chinese Proverb 

                              HaveABall's avatar - rocket

                              United States
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                              March 18, 2009
                              1007 Posts
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                              Posted: January 15, 2013, 10:58 am - IP Logged

                              50 million is the annuitized jackpot. The winner opted for the 32.4 million lump sum but they will never see that amount because 25% is taken out for tax withholding and even more taxes will be due April 2014. With a top federal tax rate of 39.6%, they will get to keep roughly 19.5 million. Good thing for the winner Florida has no state tax on lottery prizes unlike New Jersey which tacks on an additional 10.8%.

                              Thanks, whiteballz, for providing the FULL picture (our only member cleaver enough to know AND post thus far).  It was necessary, as even the excellent "jackpot analysis" page on usamega.com doesn't mention the VITAL 39.6% eventual/full Federal Income Tax Rate that all jackpot winners of $1M+ amounts will have to face (admin could inform us at the top of the page; displaying in January each year the current top federal income tax bracket is changed, writing in italics, yet not necessarily adding into their figures below if they insist on only showing the U.S.A. Federal Government's 1st of 2 unequal income tax deductions)!  Certainly, if the jackpot winner doesn't donate or have deductions that etch away at this spread over that initial, smaller deceptive 25% withholding, they will be shocked when their tax account goes to pay any short-falls during the following year!

                              In reading the many other posts that discuss final amount, most members are displaying their continued misunderstanding of this extra up to 14.5% in Income Taxes probably due later.  Not much help to them self/household/group if they are running #s for their annual business and life plans come January each year.

                              Most importantly ... congratulations on your exciting Powerball jackpot win McGurrans!!!

                              Conehead US Flag Troll

                              Having millions of dollars in my financial accounts means more, consistent fun for me.Lovies