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$356 MILLION: Mega Millions lottery jackpot nears record

Topic closed. 449 replies. Last post 5 years ago by Jill34786.

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CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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January 4, 2012
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Posted: March 25, 2012, 2:34 pm - IP Logged

Good for you. That's some serious charity-giving there. Have you hit the road yet to buy tickets? (I see you're in Florida)...

Yes sir.....was on vacation a few weeks ago up north and bought advanced draws on a few tickets

Stay Positive, Believe and good things will come your way

    Arrowhead's avatar - underground
    Ohio
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    Posted: March 25, 2012, 2:37 pm - IP Logged

    Yes sir.....was on vacation a few weeks ago up north and bought advanced draws on a few tickets

    Thumbs Up

      mightwin's avatar - questns

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      January 5, 2011
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      Posted: March 25, 2012, 2:42 pm - IP Logged

      According to the Mega site by-state tax breakdown, as an Ohio resident I'd clear almost 176 million after taxes. The absolute last thing I'd be worrying about when a check of that size is deposited into my bank account is what the state is taking out on their end.

      Don't forget about the other 10% the feds get lol

        HaveABall's avatar - rocket

        United States
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        March 18, 2009
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        Posted: March 25, 2012, 2:43 pm - IP Logged

        Yes it only takes 1 to win, but I am going to blast away with my shotgun to improve my chances from 1 in 175,711,536 to 100 in 175,711,536.  Not a imperceptible difference, but of course it won't matter to me that I spent $100 if I actually win the jackpot (I don't play for anything but the jackpot).

        Ah, betting the Jack Whittaker way...

        Having several millions of dollars in my financial accounts means receiving several valuable services each day!

        Disney

          maximumfun's avatar - Lottery-030.jpg
          Lavender Rocket

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          March 16, 2012
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          Posted: March 25, 2012, 2:48 pm - IP Logged

          The interest would be pretty sweet on 138 + million(after fed & ??? state taxes).......I plan on giving(subject to change) more than 60%-70  away (after taxes) to designated charities, non profit orgs and a several needy folks I personally know....The interest on whats left to live off, would be a very comfortable life style as well  Wink

          Wow that is an amazing amount to give away!  you definitely would have the max charitable amount pegged for ... well almost forever!  (isnt it max 30% deductable AGI per year with balance serving as carry forward?) 

          And yes, I realize that you would not be donating so much for the tax write off, but it sure doesnt hurt!  Well played.  Good luck to you!

            CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
            TX
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            Posted: March 25, 2012, 2:53 pm - IP Logged

            Good for you. That's some serious charity-giving there. Have you hit the road yet to buy tickets? (I see you're in Florida)...

            Arrow......I think it's reasonable amount to give away.....if I get 140 million and give away 94...still leaves me with 46 million...............take 6 million to buy houses,land,toys, etc etc.... invest the remaining 40 million and live off the interest(3-4%)..comes out to 1.2- 1.6 million a year..minus 35% in interest income for fed taxes would still give me 780K - million a year to live on and help out some charities again........Just rough estimates on the figures, but it's what I would like to do if I won

            Stay Positive, Believe and good things will come your way

              CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
              TX
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              Posted: March 25, 2012, 2:59 pm - IP Logged

              Wow that is an amazing amount to give away!  you definitely would have the max charitable amount pegged for ... well almost forever!  (isnt it max 30% deductable AGI per year with balance serving as carry forward?) 

              And yes, I realize that you would not be donating so much for the tax write off, but it sure doesnt hurt!  Well played.  Good luck to you!

              Not sure what the max  charitable contribution is but, for me its about getting the money to the people as soon as reasonably possible who need or know what to do with it, including my investors..lol

              Stay Positive, Believe and good things will come your way

                Kumo's avatar - ebDWVf6 jpg?1

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                Posted: March 25, 2012, 3:08 pm - IP Logged

                I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc.  You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug.

                I think one thing that any lottery winner should be mindful of is to not gift any relatives or longtime friends over the $13,000 ($26,000 per couple) tax free exclusion amount per year.

                Monitor how they spend their money over the year...

                and heavily consider withdrawing the priviledge if they are wasting the money (not investing it for retirement, not setting it aside for emergencies, not investing it in their kid's education, etc.)

                I have a sister-in-law that I am quite sure would likely go blow the money on expensive clothes or useless items and then come knocking on the door a day later for another hand out because the electric bill is due...

                I'd still be willing to give her a chance to prove me wrong, but anything given would come with a "one strike, you're out!" warning. I give her less than a month before I would likely write her off the gift list, can't say I did not give her a fair warning and equal opportunity like the others.

                Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

                "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

                "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                  Arrowhead's avatar - underground
                  Ohio
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                  Posted: March 25, 2012, 3:09 pm - IP Logged

                  Arrow......I think it's reasonable amount to give away.....if I get 140 million and give away 94...still leaves me with 46 million...............take 6 million to buy houses,land,toys, etc etc.... invest the remaining 40 million and live off the interest(3-4%)..comes out to 1.2- 1.6 million a year..minus 35% in interest income for fed taxes would still give me 780K - million a year to live on and help out some charities again........Just rough estimates on the figures, but it's what I would like to do if I won

                  Outstanding. I was thinking about giving away about half. You make me look greedy...Big Smile

                    Arrowhead's avatar - underground
                    Ohio
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                    Posted: March 25, 2012, 3:11 pm - IP Logged

                    Don't forget about the other 10% the feds get lol

                    OK, well...still not ruining the moment. Wink

                      HaveABall's avatar - rocket

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                      Posted: March 25, 2012, 3:12 pm - IP Logged

                      The interest would be pretty sweet on 138 + million(after fed & ??? state taxes).......I plan on giving(subject to change) more than 60%-70  away (after taxes) to designated charities, non profit orgs and a several needy folks I personally know....The interest on whats left to live off, would be a very comfortable life style as well  Wink

                      Or, CDanaT, you could modify this plan by including 3+ of your closest friends and/or family members (anybody that doesn't already have $3.5M gross, accrued in their investment and/or retirement accounts) on your Lottery Claim Form.  You could give each of your, above, chosen people an equal gross share, or a lesser percentage share, to your own jackpot percentage share. 

                      After that, there would still be tens of millions of dollars net electronically deposited from your lottery headquarters for you, individually, to donate to official or unofficial charities if still inclined.

                      Group Hug

                      Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                      Disney

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
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                        Posted: March 25, 2012, 3:15 pm - IP Logged

                        Totally agree with ya rdgrnr

                        Well thank ya kindly, mightwin.

                        And I hope you do well Tuesday night!

                        Good Luck!


                                                                     
                                             
                                                                 

                         

                         

                         

                         

                                                                                                                           

                        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                    --Edmund Burke

                         

                         


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                          Posted: March 25, 2012, 3:17 pm - IP Logged

                          Sucks that I'm stuck in Jersey. 

                          Also...why is 10% added to the Fed tax in addition to the state tax?

                            HaveABall's avatar - rocket

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                            Posted: March 25, 2012, 3:23 pm - IP Logged

                            I think one thing that any lottery winner should be mindful of is to not gift any relatives or longtime friends over the $13,000 ($26,000 per couple) tax free exclusion amount per year.

                            Monitor how they spend their money over the year...

                            and heavily consider withdrawing the priviledge if they are wasting the money (not investing it for retirement, not setting it aside for emergencies, not investing it in their kid's education, etc.)

                            I have a sister-in-law that I am quite sure would likely go blow the money on expensive clothes or useless items and then come knocking on the door a day later for another hand out because the electric bill is due...

                            I'd still be willing to give her a chance to prove me wrong, but anything given would come with a "one strike, you're out!" warning. I give her less than a month before I would likely write her off the gift list, can't say I did not give her a fair warning and equal opportunity like the others.

                            You'd be so wealthy, Kumo, able to give to a few others $13K annually, for decades, without caring how they spent that money.  Remember, it's only $13K, if you give it lovingly, then you won't be inclined to care or spy on how it's spent.  Be happy by taking the peaceful gifting route, without expectations, contingencies, or ultimatums.

                            Cheers

                            Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                            Disney

                              maximumfun's avatar - Lottery-030.jpg
                              Lavender Rocket

                              United States
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                              March 16, 2012
                              2642 Posts
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                              Posted: March 25, 2012, 3:24 pm - IP Logged

                              I think one thing that any lottery winner should be mindful of is to not gift any relatives or longtime friends over the $13,000 ($26,000 per couple) tax free exclusion amount per year.

                              Monitor how they spend their money over the year...

                              and heavily consider withdrawing the priviledge if they are wasting the money (not investing it for retirement, not setting it aside for emergencies, not investing it in their kid's education, etc.)

                              I have a sister-in-law that I am quite sure would likely go blow the money on expensive clothes or useless items and then come knocking on the door a day later for another hand out because the electric bill is due...

                              I'd still be willing to give her a chance to prove me wrong, but anything given would come with a "one strike, you're out!" warning. I give her less than a month before I would likely write her off the gift list, can't say I did not give her a fair warning and equal opportunity like the others.

                              So Kumo - you would not really be giving them a gift... you would be giving them a directed deposit.  If it were really a 'gift' it would be up to the recipient how/when/where to spend it.  Strings are a harsh thing to put on a gift... especially when you would have so much more, it seems controlling.  It's one thing to say:  'this much, no more' (for whatever reason), and quite another to say 'and if you dont use it the way I think is best, you are cut off from future largess.'

                                 
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