Windfall will include numerous taxes before state cuts final check
Kenneth Parsons, 59, of Live Oak, Florida, last week turned in the winning Mega Money ticket at the Florida Lottery's Tallahassee headquarters.
Parsons opted to forego monthly payments from the $800,000 annuity jackpot and instead opted to take a lump sum payment of $549,646.
Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent from each prize greater than $5,000 in federal withholding tax, said Jennifer Greene, public affairs specialist for the Florida Lottery.
The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes.
Lottery officials suggest that winning ticket holders consult an accountant.
Parsons bought the $1 Quick Pick winning ticket at the S&S Food Store on U.S. Highway 441 and Interstate 10. The winning ticket was drawn Friday.
The winning Mega Money numbers were: 21-29-32-42 with the Megaball number of 21.
The first four numbers are drawn from a pool of numbers 1 to 44, and the megaball number is drawn from a pool of numbers 1 to 22.
Drawings take place Tuesday and Friday evenings at 11 p.m., lottery officials said.
Thanks to JackpotWanna for the tip
Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent
The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes
I have to get to Canada
You play the numbers and they win. The I.R.S. is just another MOB. It's disgusting ain't it.
Occassionally there's a mobster with a heart.
Ahem.
Anyone remember a 1980's crime seried with Ray Sharkey and Ken Wahl- Wahl was an undercover cop that became good friends with Sharkey who played the role of a mafia don -
When Sharkey found out Wahl was a cop he told him the whole thing was about taxes -
that even if someone was generating money illegally, once they did the government was right there with their hand out.
Viet Nam era parody:
My country tis of thee
sweet land of liberty
Oh Canada!
Land where my brother hides
sought by the F.B.I.
his deserter buddies by his side
Oh Canada!
Maybe we should write a lotto jackpot version of that!!!
I like that parody Coin Toss
I completely agree.
Tax shelters, tax shelters, tax shelters..
Umm yeah of course there are going to be taxes taken out, you know that going in, and if ya don't your a fool for playing a game you don't know the rules. Bitching about taxes is like bitching about death to me, ya know its gonna happen why let it bother ya. The guy will still clear over 300k on a dollar bet, not to shabby taxed or not.
WOW>>>>>>>>>>>>>o!o:
DO QUICK PICK'ssssssssssssssssGET>>>>any BETTER???????????
PSYKOMO........can remember when QP'$$$$$$$$$$$$$$$$$$$$$$
were<<<<<<<<<<<........K@@L bouiey'&
GULL's>>>>>TOO????????
THREW all the BOUYIE'SSSSSSSSSSSOFFBOATAT>>>>>>>>>SEA!!!!!
LOL
PSYKOMO
Just $1~ Very lucky indeed.
Yeah, its a nice payoff, but it's not a life-changer.
Paying taxes is one thing (Withholding before you get yours) but to have to pay again
upon filing at the end of that year is being bent over, Uncle Sam
THANK'ssssssssssssss$$$$$$$$$$
for >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>UR $$$
Our politicians can smell money in your pocket. Much like dogs can smell meat from a distance. I think its genetic.
You don't pay again when you file your return. You pay the rest. Maybe you'd be happier of they withheld 35% and when you file your return you get a few bucks back?