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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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Jill34786's avatar - Lottery-006.jpg
Windermere, FL/Franklin, TN
United States
Member #50210
March 1, 2007
843 Posts
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Posted: March 25, 2012, 4:55 pm - IP Logged

I will not willingly render unto Caesar my hard earned money so drooling liberal men in this country can go to Zimbabwe to watch men there wash their genitalia for "science." Let them pay for their own sick-minded sexcapades. 

And I will never willingly render unto Caesar money to slaughter innocent babies or euthanize old people.

Ain't happenin'.

Period.

Amen Thumbs Up

    Arrowhead's avatar - underground
    Ohio
    United States
    Member #120754
    December 27, 2011
    294 Posts
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    Posted: March 25, 2012, 4:55 pm - IP Logged

    Because, Null Space, if you study the IRS code online, you will notice that lottery winnings are taxed as "earned income."  If you read the U.S.A. Federal Income Tax Table's "earned income" brackets, you will find out that big lottery jackpot winners are instantly ALL in the top income tax bracket, which is 35% (even those very rare MM and PB jackpot winners who take the annuity amount -- which would still be in the top income tax bracket each year). 

    Consequently, if you read that your Lottery Headquarters in only withdrawing 25% U.S.A. Federal Income [plus your State Income Tax (and some winners also get County and/or Municipal lottery taxes withdrawn)], then you must deduce that you still will owe your Federal Government the remaining, approximately 10% due on your own, annual, tax form submittal.  You will need to pay that remaining approximately 10% before the prior year's income taxes are due the following year, by April 15th 'ish.  If you forget to pay that approximate 10% Income Tax (subtract appropriate amount if a corporation or charity or foundation or gave to a charity), remaining, the IRS will soon write to you announcing that they've penalized you an additional % Fine.  I bet that the U.S.A. Federal IRS isn't unaccustomed to tracking and collecting this.

    Poke

    Not a tax attorney---or any kind of attorney---but if one gives to charity at least 10% after initial fed/state taxes are taken out one is not responsible for this additional fed 10%? Am I close?What?

      Colt45ML's avatar - 4eyes
      Jawja
      United States
      Member #87469
      February 25, 2010
      109 Posts
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      Posted: March 25, 2012, 4:55 pm - IP Logged

      Because, Null Space, if you study the IRS code online, you will notice that lottery winnings are taxed as "earned income."  If you read the U.S.A. Federal Income Tax Table's "earned income" brackets, you will find out that big lottery jackpot winners are instantly ALL in the top income tax bracket, which is 35% (even those very rare MM and PB jackpot winners who take the annuity amount -- which would still be in the top income tax bracket each year). 

      Consequently, if you read that your Lottery Headquarters in only withdrawing 25% U.S.A. Federal Income [plus your State Income Tax (and some winners also get County and/or Municipal lottery taxes withdrawn)], then you must deduce that you still will owe your Federal Government the remaining, approximately 10% due on your own, annual, tax form submittal.  You will need to pay that remaining approximately 10% before the prior year's income taxes are due the following year, by April 15th 'ish.  If you forget to pay that approximate 10% Income Tax (subtract appropriate amount if a corporation or charity or foundation or gave to a charity), remaining, the IRS will soon write to you announcing that they've penalized you an additional % Fine.  I bet that the U.S.A. Federal IRS isn't unaccustomed to tracking and collecting this.

      Poke

      Todd posted on this subject some months ago, and he said that the extra 10% could be easily taken care of by any compitent tax attorney.  Thus, one shouldn't worry about it.  There is always enough deductions to cancel out this 10%. 

      Dont' know if this is the case in all situations, but I would think that most will not have to pay the extra 10%.

      Be sassy and be happy.

        ashabug725's avatar - Yavill
        Indiana
        United States
        Member #122868
        February 9, 2012
        322 Posts
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        Posted: March 25, 2012, 5:00 pm - IP Logged

        Todd posted on this subject some months ago, and he said that the extra 10% could be easily taken care of by any compitent tax attorney.  Thus, one shouldn't worry about it.  There is always enough deductions to cancel out this 10%. 

        Dont' know if this is the case in all situations, but I would think that most will not have to pay the extra 10%.

        That'd leave me at $182,580,000!!!!!

          Arrowhead's avatar - underground
          Ohio
          United States
          Member #120754
          December 27, 2011
          294 Posts
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          Posted: March 25, 2012, 5:04 pm - IP Logged

          Todd posted on this subject some months ago, and he said that the extra 10% could be easily taken care of by any compitent tax attorney.  Thus, one shouldn't worry about it.  There is always enough deductions to cancel out this 10%. 

          Dont' know if this is the case in all situations, but I would think that most will not have to pay the extra 10%.

          Figured as such. Cool

            Jill34786's avatar - Lottery-006.jpg
            Windermere, FL/Franklin, TN
            United States
            Member #50210
            March 1, 2007
            843 Posts
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            Posted: March 25, 2012, 5:06 pm - IP Logged

            Not a tax attorney---or any kind of attorney---but if one gives to charity at least 10% after initial fed/state taxes are taken out one is not responsible for this additional fed 10%? Am I close?What?

            If you gave away 10% of your pre-tax winnings, then there is a good chance that you would owe very little additional federal tax come April15th, 2013.

              haymaker's avatar - Lottery-012.jpg
              Egg Harbor twp.south Jersey shore
              United States
              Member #112968
              June 29, 2011
              3856 Posts
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              Posted: March 25, 2012, 5:10 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?

              It also sucks that our law makers passed that 10.8% state tax in the middle of the night,

              and the storey never made it to the newspapers,

              i guess they were afraid they lose the ad $ from the lottery.

              Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                Arrowhead's avatar - underground
                Ohio
                United States
                Member #120754
                December 27, 2011
                294 Posts
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                Posted: March 25, 2012, 5:17 pm - IP Logged

                If you gave away 10% of your pre-tax winnings, then there is a good chance that you would owe very little additional federal tax come April15th, 2013.

                Thanks. So, in Ohio I'd 'clear' about 176 million after fed/state taxes with this Lotto win. And if I designate at least 10% of that as going to charity---which it certainly would---the issue of the 'additional' fed 10% is moot.  No problem whatsoever.

                  Avatar
                  Indiana
                  United States
                  Member #120718
                  December 26, 2011
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                  Posted: March 25, 2012, 5:35 pm - IP Logged

                  If you gave away 10% of your pre-tax winnings, then there is a good chance that you would owe very little additional federal tax come April15th, 2013.

                  This is where forming the Private Charitable Foundation comes into play. If you are planning on giving away your money form a foundation to do it.

                   

                  I still wonder about the three hedge fund guys that supposedly bought 1 powerball ticket at a gas station and split the winnings.  Then a friend of one of them comes forward and said they were really claiming it for someone else..and the three saying that wasn't true. Three hedge fund guys should have known to claim to let a trust claim that ticket.

                    Arrowhead's avatar - underground
                    Ohio
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                    December 27, 2011
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                    Posted: March 25, 2012, 5:44 pm - IP Logged

                    That'd leave me at $182,580,000!!!!!

                    Thumbs Up

                      Avatar
                      NEW YORK
                      United States
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                      April 29, 2010
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                      Posted: March 25, 2012, 6:00 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).

                      Would you blast another $100 with your shotgun if the jackpot is not won?

                        HaveABall's avatar - rocket

                        United States
                        Member #72448
                        March 18, 2009
                        1228 Posts
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                        Posted: March 25, 2012, 6:12 pm - IP Logged

                        Todd posted on this subject some months ago, and he said that the extra 10% could be easily taken care of by any compitent tax attorney.  Thus, one shouldn't worry about it.  There is always enough deductions to cancel out this 10%. 

                        Dont' know if this is the case in all situations, but I would think that most will not have to pay the extra 10%.

                        So, it is STILL a good idea to lean on the conservative side that a, rare, huge jackpot winner won't be "most," and will therefore have 10% tucked aside, as "easily available/liquid funds," to pay additional Income Tax monies to the U.S.A. Federal Government. 

                        Why not plan to take care of your sanity intentionally, no harm can be done from this plan?

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

                        Disney

                          Jill34786's avatar - Lottery-006.jpg
                          Windermere, FL/Franklin, TN
                          United States
                          Member #50210
                          March 1, 2007
                          843 Posts
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                          Posted: March 25, 2012, 6:14 pm - IP Logged

                          This is where forming the Private Charitable Foundation comes into play. If you are planning on giving away your money form a foundation to do it.

                           

                          I still wonder about the three hedge fund guys that supposedly bought 1 powerball ticket at a gas station and split the winnings.  Then a friend of one of them comes forward and said they were really claiming it for someone else..and the three saying that wasn't true. Three hedge fund guys should have known to claim to let a trust claim that ticket.

                          I Agree! Forming a charitable trust would be my choice as a foundation for charitable contributions. You can hire people (thus creating more jobs) to help make sure your charities are taken care of.

                            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                            Oklahoma
                            United States
                            Member #82391
                            November 12, 2009
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                            Posted: March 25, 2012, 6:17 pm - IP Logged

                            Can you believe that ?????.....between those 2 government agencies(Feds & NJ state) they take ALMOST 1 out of every 2 dollars won....My hat is off to all the winners who live in that tax bracket....definitely never buying a MM ticket that state, EVER !!......I can see it now..."I won the 356 million dollar Lottery Jackpot !! Well wait, it was 255 million dollars in cash..Wait,,, I end up 138 million"......puts a whole new meaning to, "I'm from the government and I am here to help"..imho

                            true..true...

                              ashabug725's avatar - Yavill
                              Indiana
                              United States
                              Member #122868
                              February 9, 2012
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                              Posted: March 25, 2012, 6:28 pm - IP Logged

                              Maybe a stupid question... the other 10%... is that taken off of the 356million or 255cv

                                 
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