New millionaire got ticket for free; shares wealth with relatives
Barrie Edwards of Willow Street did not buy the Aug. 2 Powerball ticket that earned him over $42 million — he received the promotional ticket for free when he purchased two Pennsylvania Lottery Match 6 tickets. Now, Edwards and his wife are sharing their good fortune with a dozen relatives.
Secretary of Revenue Tom Wolf and Lottery Executive Director Ed Trees today presented a ceremonial check for $42,529,765.37, less 25 percent federal withholding, to 14 members of the Edwards and Funk families of Lancaster County, holders of the single jackpot-winning ticket from the Aug. 2 Powerball drawing.
The families' jackpot-winning ticket matched all five white balls, 02-05-28-33-54, and the red Powerball, 30, to win the jackpot, which grew over nine drawings to an annuity value of $86.3 million. The $42.5 million cash prize won by the Edwards and Funks is the 10th largest prize awarded in Pennsylvania Lottery history.
"The Edwards and Funk families weren't the only winners in the Aug. 2 Powerball drawing," said Wolf. "Pennsylvania's older residents benefit from programs funded by Lottery proceeds, and the Aug. 2 jackpot generated more than $6.2 million for those programs."
Barrie Edwards watched the televised Powerball drawing to learn he held the jackpot-winning ticket. He immediately ran to share the news with his wife, Jean, who had gone to bed.
Shortly after the drawing, the Edwards called Terry and Linda Edwards, Barrie's brother and sister-in-law, to inform them of the jackpot win. Barrie and Terry Edwards and family members have purchased Lottery tickets for years, and long ago they made a verbal agreement that if one of them won a large jackpot, the prize would be split among family members, all of whom are natives or long-time residents of Lancaster County.
The family members to share in the jackpot prize are as follows: Barrie and Jean Edwards of Willow Street, Lancaster County will receive $17,064,882.50; Terry and Linda Edwards of Willow Street, Lancaster County will receive $17,064,882.50; 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.
The jackpot-winning Powerball ticket was a $1 quick-pick generated free in conjunction with a Lottery promotion. Barrie Edwards purchased two Match 6 tickets to receive his free Powerball ticket at the Turkey Hill store on Willow Street Pike in Willow Street, Lancaster County. Turkey Hill received a $100,000 bonus for selling the winning jackpot ticket.
On behalf of the group, Jean Edwards presented the winning ticket for validation yesterday at Lottery headquarters in Middletown after consulting with legal and financial counsel. After examining the ticket and executing propriety security measures, Lottery officials confirmed that it was the jackpot-winning ticket from the Aug. 2 Powerball drawing.
The Edwards and Funk families are the 10th Pennsylvania Lottery Powerball winners since Pennsylvania joined the multi-jurisdictional game in June 2002. Powerball tickets are sold in 31 participating jurisdictions — 29 states, the District of Columbia and the Virgin Islands. Starting in January, 2009, Florida will also participate.
long ago they made a verbal agreement that if one of them won a large jackpot, the prize would be split among family members, all of whom are natives or long-time residents of Lancaster County.
are there tax advantages to doing this? that's the only way I would split it!!!
Unless they have something in writing or something set up beforehand they might get hit HARD at tax time. Verbal agreements don't mean anything to the IRS, do they? Still, congrats to them all, heh I wonder if the Edwards side is any relation to David.. >_> <_<<br />
No EZMoney there, not a surprise, so long for what little credibility he had left, he's now officially a troll and joke account. Too bad it probably won't be enough to get him banned.
Quote: Originally posted by GamerMom on Aug 8, 2008
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.
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:)
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?
Quote: Originally posted by justxploring on Aug 8, 2008
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.
That's some winning system that he has.
I take it,that's not "EZ"?
It's not EZmoney. I can't believe there are still people here who believe it was him who won.
My comment is not directed at JonnyBgood07 or RJOh, but on the other threads involving him.
This shows once again that it only takes 1 ticket to win...even if it is just a free/promo quick pick.
long ago they made a verbal agreement that if one of them won a large jackpot, the prize would be split among family members, all of whom are natives or long-time residents of Lancaster County.
are there tax advantages to doing this? that's the only way I would split it!!!
On Tuesday, I used that same exact coupon that the lottery has for this month that the guy used to win the powerball jackpot, NO LUCK
Unless they have something in writing or something set up beforehand they might get hit HARD at tax time. Verbal agreements don't mean anything to the IRS, do they? Still, congrats to them all, heh I wonder if the Edwards side is any relation to David.. >_> <_<<br />
No EZMoney there, not a surprise, so long for what little credibility he had left, he's now officially a troll and joke account. Too bad it probably won't be enough to get him banned.
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.
Congrats to the Edwards and Funk families!
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.
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:)
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.
Where is the LP shout out EZ?
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.