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Ohio lottery winner owes more than taxes on his prize

Topic closed. 39 replies. Last post 10 years ago by Lucky$even.

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Coastal Georgia
United States
Member #2653
October 30, 2003
1866 Posts
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Posted: June 12, 2006, 6:22 pm - IP Logged

When he submitted the winning ticket to the lottery commission, he chose to receive 30 annual payments of $250,000, which translates to $172,500 a year after mandatory 31 percent federal and state withholding tax.

 

OK everyone please repeat after me: "please don't let CASH see this".... 

By the way, I'm glad for the children. They need their support.

DD

6/12/2006

lolololololololo........too late "DD"  CASH N'CARRY  was right behind you.....he never misses a beat

You got that right Libra926...  !! LOLOL 

DD

 

                               

              

 

 

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    Bethesda, Maryland
    United States
    Member #16901
    June 6, 2005
    446 Posts
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    Posted: June 12, 2006, 7:26 pm - IP Logged

    When he submitted the winning ticket to the lottery commission, he chose to receive 30 annual payments of $250,000, which translates to $172,500 a year after mandatory 31 percent federal and state withholding tax.

     

    OK everyone please repeat after me: "please don't let CASH see this".... 

    By the way, I'm glad for the children. They need their support.

    DD

    6/12/2006

    lolololololololo........too late "DD"  CASH N'CARRY  was right behind you.....he never misses a beat

    You got that right Libra926...  !! LOLOL 

    DD

    "DD"....6/12/2006

    ....just wondering, have you watched the new TV show called "WINDFALL" it's about a group of friends who played the LOTTERY and won 386 smackers???....Have you seen it?? 

      JAP69's avatar - alas
      South Carolina
      United States
      Member #6
      November 4, 2001
      8790 Posts
      Online
      Posted: June 12, 2006, 7:39 pm - IP Logged


      I am for suporting your children.

      Delinquent dads can live at home too.
      Are live at home dads mandated to pay a specified amount from week to week per child even if they do not have a job that week. I do not think so.
      Maybe they should have a federal law requiring that or go to jail.

      MAGA

        Littleoldlady's avatar - basket
        Clarksville
        United States
        Member #487
        July 15, 2002
        17638 Posts
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        Posted: June 12, 2006, 7:55 pm - IP Logged

        His child support is going to go up for however many years because his income went up..they will probably get the letter out to him in the next couple of weeks!!!!!!!Green laugh...Don't get me wrong..I don't feel sorry for him at all..We have to pay until they are 21 or 22 years old. (Missouri)

        If you know your number is going to hit, have patience and then KILL IT!

        You never know when you will get another hit.

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          Delaware
          United States
          Member #30273
          January 14, 2006
          494 Posts
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          Posted: June 13, 2006, 11:24 am - IP Logged

          A winning 'loser' such as this doesn't need to be dealing with 7.5 million dollars at one time, it would be all squandered before his 2007 child support payments were due.  The annuity was the right choice here, especially for the kids well being.

          You don't know what will happen during the next 29 years. Especially with global warming.

          Can I have some of what you're smoking?

            Littleoldlady's avatar - basket
            Clarksville
            United States
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            July 15, 2002
            17638 Posts
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            Posted: June 13, 2006, 3:04 pm - IP Logged

            I only smoke Dorals..and yes, that is the state law for Missouri if they go to college..you have to pay until they turn 21 or 22.

            If you know your number is going to hit, have patience and then KILL IT!

            You never know when you will get another hit.

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              BILOXI, MISSISSIPPI
              United States
              Member #19651
              August 3, 2005
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              Posted: June 13, 2006, 3:41 pm - IP Logged

              If he got the cash up front he would kill him self with a quickness        he;s a loser to walk away from kids


                United States
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                June 5, 2002
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                Posted: June 13, 2006, 3:42 pm - IP Logged

                If he got the cash up front he would kill him self with a quickness        he;s a loser to walk away from kids

                He's a winner turned loser by choosing annuity. What if he dies before he receives all his payments?

                  LOTTOMIKE's avatar - cash money.jpg
                  Tennessee
                  United States
                  Member #7853
                  October 15, 2004
                  11338 Posts
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                  Posted: June 13, 2006, 3:43 pm - IP Logged

                  any man who doesn't take care of his kids when he is able is not a man......

                    Littleoldlady's avatar - basket
                    Clarksville
                    United States
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                    July 15, 2002
                    17638 Posts
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                    Posted: June 13, 2006, 3:56 pm - IP Logged

                    If he dies, the balance becomes part of his estate and hopefully he will have a will that will distribute his winnings to his heirs.

                    If you know your number is going to hit, have patience and then KILL IT!

                    You never know when you will get another hit.


                      United States
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                      Posted: June 13, 2006, 4:25 pm - IP Logged

                      If he dies, the balance becomes part of his estate and hopefully he will have a will that will distribute his winnings to his heirs.

                      If he dies before receiving all his payments, most likely his heirs will have to pay estate taxes on the FULL annuity, including what would not have been paid out at the time.

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                        Coastal Georgia
                        United States
                        Member #2653
                        October 30, 2003
                        1866 Posts
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                        Posted: June 13, 2006, 4:29 pm - IP Logged

                        If he dies, the balance becomes part of his estate and hopefully he will have a will that will distribute his winnings to his heirs.

                        If he dies before receiving all his payments, most likely his heirs will have to pay estate taxes on the FULL annuity, including what would not have been paid out at the time.

                        Whatever....If he is dead, he won't give a rip , since he would be worm food at that point. His kids will get the money they deserve.

                        DD

                         

                                                       

                                      

                         

                         


                          United States
                          Member #379
                          June 5, 2002
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                          Posted: June 13, 2006, 4:30 pm - IP Logged

                          If he dies, the balance becomes part of his estate and hopefully he will have a will that will distribute his winnings to his heirs.

                          If he dies before receiving all his payments, most likely his heirs will have to pay estate taxes on the FULL annuity, including what would not have been paid out at the time.

                          Whatever....If he is dead, he won't give a rip , since he would be worm food at that point. His kids will get the money they deserve.

                          DD

                          The kids deserve better...they should each get a lump sum.

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                            Coastal Georgia
                            United States
                            Member #2653
                            October 30, 2003
                            1866 Posts
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                            Posted: June 13, 2006, 5:06 pm - IP Logged

                            If he dies, the balance becomes part of his estate and hopefully he will have a will that will distribute his winnings to his heirs.

                            If he dies before receiving all his payments, most likely his heirs will have to pay estate taxes on the FULL annuity, including what would not have been paid out at the time.

                            Whatever....If he is dead, he won't give a rip , since he would be worm food at that point. His kids will get the money they deserve.

                            DD

                            The kids deserve better...they should each get a lump sum.

                            Bostelman's children range in age from 13 to 19.

                            Cash : They will probably get your wish.

                            This guy seems like the kind of dude that will sell his annuity for cash.

                            DD

                             

                                                           

                                          

                             

                             

                              spy153's avatar - maren

                              United States
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                              December 15, 2005
                              1198 Posts
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                              Posted: June 13, 2006, 5:15 pm - IP Logged

                              I agree. You can't fix stupid.

                              voir-vous dans mes reves!Cool