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Ct. Lottery still looking for $254.2M Powerball winner

Topic closed. 38 replies. Last post 5 years ago by greeneye.

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Jill34786's avatar - Lottery-006.jpg
Windermere, FL/Franklin, TN
United States
Member #50210
March 1, 2007
843 Posts
Offline
Posted: November 12, 2011, 11:42 am - IP Logged

for tax purposes it only matters when the ticket was won not when you cashed it.  so that theory can be shot down. the divorce theory is ridiculous too. i hope he really did lose it, so he can be chump of the year. no one deserves or needs that much money except rdgrunner the oracle of the appalachians.

I have to disagree on this one. Many winners in the past have redeemed their winning ticket after the New Year in order to forgo the additional tax liabilities for the ending year. If you win a jackpot in late 2011 and cash it in 2012 thereby taking possession of your winnings at that time, you would not be liable or responsible to file those winnings until the following year(2013).

    Slick Nick's avatar - Lottery-035.jpg
    Rochester
    United States
    Member #103282
    January 1, 2011
    603 Posts
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    Posted: November 12, 2011, 12:27 pm - IP Logged

    Regarding the tax theory, thats questionable. Some people actually do forget they have purchased tickets as we all know. I'd like to see other opinions on when you get taxed. It definitely would be in the year you cashed it I would think.  And regarding the divorce, yup, if your legally married to he or she, you will split..Dance

    Money is a terrible master, but a great servant...Smile

      AuntiePat's avatar - animaniacs10
      Just outside of Cleveland, OH
      United States
      Member #54079
      August 3, 2007
      106 Posts
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      Posted: November 12, 2011, 1:25 pm - IP Logged

      Only the state in which you won, the municipality in which you won and the date on which you won are significant--you can move, purchase a NY winning jackpot and cash in OH (happened to a truck driving friend of my DH), and wait til the last hour even if it occurs in a different yr--and the only thing still significant is WHERE did you win (that state writes the check and takes out taxes appropriate for their state, and WHEN did you win-You're a winner at the moment your tkt wins that prize--since tax laws have become rather fluid of late--the taxes IN EFFECT AT THE TIME OF WINNING govern how your winnings are taxed). 

      If I had won THAT much money--it wouldn't matter much when or where I won--like I would actually care about maximizing my winnings and reducing my taxes--I'm not Brad Duke with a goal of becoming a billionaire--my family signed papers years ago--that would be sisters in law, daughter, step daughters, brother, nieces, step-niece, grandson, step-nephew, a very close cousin, and three of our closest friends--they laughed but the papers are held by my brother (my executor) to keep me honest and keep me from being greedy--why share with so many--

      1) It's lonely if the rest of the people in your life either turn your back on you cause they can't keep up or have to come to you with hat in hand for a handout--like Joseph Kennedy said when he set up his family trust that each offspring would share in when they became 21--"I wanted my kids to be able to tell me to go to hell if they wanted to without worrying they would end up cut out of my will"  The result was one of the closest knit families in American politics, society and philanthropy we have ever seen.

      2) I never said these were EQUAL shares--they're shares--some have 10%, some 8%, some only 3%--but everyone gets something and there's still enough left to live off the interest which should be the goal of any lottery winner--Don't touch the principal.

      3) As far as winning and waiting--if your friendly local banker can verify that you have the winning jackpot tkt before the offices open on Monday, you can store it in a safety deposit box AND he will open a line of credit for you that will enable you to get whatever your heart desires so you are not compelled to live like a pauper while waiting the opportunity to finish your planning.

      Anyway--just my 2 cents.

      Hi to all--been a LONNNNGG time--see a lot of new and a few of fav old timers.

        gocart1's avatar - lighthouse
        ONEONTA,NEW YORK
        United States
        Member #30516
        January 17, 2006
        419 Posts
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        Posted: November 13, 2011, 11:22 am - IP Logged

        Things are a bit quiet this week regarding the Ct. Lottery winner. Anyone hear anything?Hiding Behind Computer

        I'm wondering too...Just find it interesting because thats the area i used to buy my tickets before New York had Powerball..


          United States
          Member #108380
          March 25, 2011
          505 Posts
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          Posted: November 13, 2011, 5:54 pm - IP Logged

          so, jill, it's ok to wait till the next year to cash it to avoid the taxes, but you can't wait till a divorce is finalized to cash it to avoid paying the wench. i don't think so.  since you only have to pay the tax once, why wait anyway. to hang on to the money for another year. it doesn't work that way. they take it out of your check up front so what's the advantage to waiting.

            Jill34786's avatar - Lottery-006.jpg
            Windermere, FL/Franklin, TN
            United States
            Member #50210
            March 1, 2007
            843 Posts
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            Posted: November 14, 2011, 12:40 pm - IP Logged

            so, jill, it's ok to wait till the next year to cash it to avoid the taxes, but you can't wait till a divorce is finalized to cash it to avoid paying the wench. i don't think so.  since you only have to pay the tax once, why wait anyway. to hang on to the money for another year. it doesn't work that way. they take it out of your check up front so what's the advantage to waiting.

            They only take out 25% of the Fedral tax up front. With winnings or 400k, the Federal tax rate is 35% so the winner would still be responsible for an extra 10%. By taking their time to claim the Jackpot, they would have an opportunity to plan things out with their advisors in an effort to minimize the additional taxes that would be owed.

              gocart1's avatar - lighthouse
              ONEONTA,NEW YORK
              United States
              Member #30516
              January 17, 2006
              419 Posts
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              Posted: November 14, 2011, 8:15 pm - IP Logged

              OK...it was just on the 6 o"clock news here in New York City...The winer still has not come forward in Ct. and has till April 30 ,2012 ...to calm the ticket....PartyUS FlagPartyNoel

                joshuacloak's avatar - Money Swim-uncle-scrooge-mcduck-35997717-677-518.jpg

                United States
                Member #32537
                February 12, 2006
                698 Posts
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                Posted: November 15, 2011, 7:46 am - IP Logged

                it takes round 2 weeks give or take a few days, for state lottery that has a player that won

                , to get all Money form all collective states in game, in 1 bank account

                 

                so i would not not be a in rush to claim, and make people wait always 2 weeks my self.

                however. if the person holding the ticket does not step up and claim this thing by end of Week

                he be losing Money!     he could of Got via bank Interest, no lawyer, or CA, would dare tell their cilent if they have any brain, pass 2 week mark, Not to wait any longer.  Now time for action, no more delay.

                so if person does not show up by end of week.  we have a moron winner,       said  person never checked the ticket, or gasp, we have a moron who lost it

                or we have a team of morons telling other moron"winner"  what best to do and no one thinking of lost money via Interest rate

                for god sakes, if your a lottery winner,  and you are in shock, and dont know how to spend it

                at 2 week point  , when lottery has all money just sitting their, , and can pay you any time,  its now time to put all of it in your bank account

                cease, once all money just sitting their in state lottery's account, its freaking free money for them via Interest rate.  and not YOURS free money rofl. they just keep the interest, thanks for taking so long, you given them lots of free cash, LOL

                 

                their no need to rush to claim, thanks to lottery taking 2 weeks of winning to even get you money if your a jackpot winner in pb/mm, but atfer that, you went form being smart and taking your time to shooting your own foot money wise and losing future money.

                  greeneye's avatar - Lottery-060.jpg
                  North Carolina
                  United States
                  Member #81009
                  October 8, 2009
                  21 Posts
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                  Posted: November 20, 2011, 4:37 pm - IP Logged

                  One more thing,if you win ,sing the ticket..One American dummy trusted a towel head who's daddy had a store and he stole the ticket after the dummy asked him to check the ticket to see if it was a winner..Towley said no it was not and the ticket was a million dollar winner..Towely singed his name on it,...