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Oregon businessman has record Powerball lottery ticket

Topic closed. 50 replies. Last post 11 years ago by CASH Only.

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United States
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June 5, 2002
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Posted: October 25, 2005, 11:16 am - IP Logged

todd:

Many who are receiving annuity payments had no choice. Many such winners would choose cash if they won again.

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    Chief Bottle Washer
    New Jersey
    United States
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    May 31, 2000
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    Posted: October 25, 2005, 11:24 am - IP Logged

    I don't think that has been the case for many years.  Either way, it's really getting off-topic.

     

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      Sparta, NJ
      United States
      Member #18331
      July 9, 2005
      1977 Posts
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      Posted: October 25, 2005, 1:12 pm - IP Logged

      What will they get lump sum after taxes?  $200,000,000 perhaps?     divided by 4?         $50,000,000 each       chump change :)

      "after taxes" is an open ended term. Assuming you have a social security card, that initial hit of 25% is only for marking. The real rounds come in once the target is established.

      The 25% figure is not a marketing term, it is a rule set by the Federal Government.  Most people will owe additional money in taxes, although it depends on how you disperse your prize.  For example, if you give large amounts to some kind of tax-deductable organization, then you may not owe anything more, or you may get something back.

      Also, those who choose the cash option pay more in taxes, because there is much more money that falls within the highest tax bracket.  Those who choose annuity get taxed at the lower tax brackets for a percentage of their payout every year, so they end up paying less in taxes over the long haul.

      Todd, I did not mis-spell the word marketing, the word, "marking" is an artillery term used to "mark your target" prior to sending volley after volley into the enemy’s position. The 25% is a starting position. The IRS will then go after all they can. Thus the reference.

      Cheers

      |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

      I only trust myself - and that's a questionable choice

        mylollipop's avatar - Trek STLOGO6.png

        United States
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        October 21, 2005
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        Posted: October 30, 2005, 1:35 am - IP Logged

        Have they come forward to claim it yet?

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          Sparta, NJ
          United States
          Member #18331
          July 9, 2005
          1977 Posts
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          Posted: October 30, 2005, 6:34 am - IP Logged

          Unlike Chucky Shumer, maybe they have learned that not every person with a TV Camera or a "pencil" is in love with them!

          Cheers

          |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

          I only trust myself - and that's a questionable choice


            United States
            Member #379
            June 5, 2002
            11296 Posts
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            Posted: October 30, 2005, 1:15 pm - IP Logged

            What will they get lump sum after taxes?  $200,000,000 perhaps?     divided by 4?         $50,000,000 each       chump change :)

            "after taxes" is an open ended term. Assuming you have a social security card, that initial hit of 25% is only for marking. The real rounds come in once the target is established.

            The 25% figure is not a marketing term, it is a rule set by the Federal Government.  Most people will owe additional money in taxes, although it depends on how you disperse your prize.  For example, if you give large amounts to some kind of tax-deductable organization, then you may not owe anything more, or you may get something back.

            Also, those who choose the cash option pay more in taxes, because there is much more money that falls within the highest tax bracket.  Those who choose annuity get taxed at the lower tax brackets for a percentage of their payout every year, so they end up paying less in taxes over the long haul.

            Todd, I did not mis-spell the word marketing, the word, "marking" is an artillery term used to "mark your target" prior to sending volley after volley into the enemy’s position. The 25% is a starting position. The IRS will then go after all they can. Thus the reference.

            Chewie:

            Somebody who chooses annuity might end up paying more in taxes than if they took the lump sum, especially if they live in a state like NJ that doesn't CURRENTLY tax lottery winnings.