Welcome Guest
Log In | Register )
You last visited December 6, 2016, 9:00 am
All times shown are
Eastern Time (GMT-5:00)

$540 MILLION: Mega Millions buying frenzy sparks another jackpot increase

Topic closed. 387 replies. Last post 5 years ago by gordianknot.

Page 10 of 26
55
PrintE-mailLink
Avatar
New Member

United States
Member #125546
March 29, 2012
35 Posts
Offline
Posted: March 29, 2012, 6:23 pm - IP Logged

Anyone know what the tax rate is on giving the gift of $$ over the allowable amount?

I believe it is right at 50% that the giver must pay if not donating to a non-profit/501C.


    United States
    Member #125543
    March 29, 2012
    2 Posts
    Offline
    Posted: March 29, 2012, 6:26 pm - IP Logged

    Sorry people this one is coming to Michigan. I will be the sole winner and when I win, I will get so stoned before I go up to the press conference that they will refuse to put me on. Thats what they get for making it a law in Michigan that you must give the press conference.

     

    And after they boot me out the press conference, like the guy said the other day....first order of business will be to go have sex with three chicks at the same time. I will be Smash the pootang

      Win$500Quick's avatar - Lottery-050.jpg
      Florida
      United States
      Member #77815
      August 1, 2009
      3459 Posts
      Offline
      Posted: March 29, 2012, 6:26 pm - IP Logged

      Update: Back from Georgia safe and sound with the winning ticket. Once I crossed the state line I spotted the Mega Millions billboard I got so excited.  I went to several stores and there were no lines anywhere. I bought a mix of my own picks and quick picks with advance play for Friday and Tuesday in case it rolls again. I can see the headline already Florida resident hijacks the jackpot or something more catchy like Florida Resident made off with money like Bernie. LOL. Good luck everyone.

      Guess Who's Back?

        ashabug725's avatar - Yavill
        Indiana
        United States
        Member #122868
        February 9, 2012
        322 Posts
        Offline
        Posted: March 29, 2012, 6:26 pm - IP Logged

        u guys are crazy talking that trust fund stuff and saving money listen yu guys including myself prob wont make close to that in your life time so skip me its a half billion dollars n not one person said take care of their family or give some to charity, if i win my whole family eating... we all go cutt the cake like newlyweds

         

         

        I used to teach in the inner city. Let me try and translate this. LOL

         

        All of you are crazy for talking about trust funds and saving your money. I don't know what a trust fund is and I have never had any money to save. All of you, including myself, will probably never earn that kind of money in our life time. Well, I might because I plan on becoming the next Frank White. With the jackpot at a half a billion dollars, I can't believe none of you said you would take care of your family or help support a charity. If I win my whole family will have enough money to do whatever they want. After we share the money, I am going to have sex with my mother like it was our honeymoon and then I will marry my sister like a good southern boy should.

        I almost peed a little while reading that... Such an amazing translation!!! the inner city did a great job learning you ;-) Lmao

        I wish I may, I wish I might...
                   Win the Powerball jackpot THIS big night!!!

          psykomo's avatar - animal shark.jpg

          United States
          Member #4877
          May 30, 2004
          5120 Posts
          Offline
          Posted: March 29, 2012, 6:26 pm - IP Logged

          Anyone know what the tax rate is on giving the gift of $$ over the allowable amount?

          MW:

          alway's ask UR accountant a ???? like this, but go 2 the

          site USA MEGA.com & I think they break down D

          info about what U get>>>>based on D state U live in!!

          LOL

          Jack-in-the-Box

            Jill34786's avatar - Lottery-006.jpg
            Windermere, FL/Franklin, TN
            United States
            Member #50210
            March 1, 2007
            843 Posts
            Offline
            Posted: March 29, 2012, 6:30 pm - IP Logged

            JL:

            if we end up @ that place<<<<<<<4<<<dindin again, that means we R

            still "BROKE" >>>>>still "HUNGRY">>& lost<<<this

            JAM JACKPOT AGAIN $$$ money love HURT'$$

            JesterJack-in-the-BoxJester

            Don't people go there on special occasions? Jester Laugh

              Arrowhead's avatar - underground
              Ohio
              United States
              Member #120754
              December 27, 2011
              294 Posts
              Offline
              Posted: March 29, 2012, 6:33 pm - IP Logged

              Hey. I was cooerced into joining the office pool last draw, and ditto this draw. I didn't want to be the only person showing up for work after winning. 

              Hit With Stick

               

              Hippy

              Off topic here, but like your 'Friday Night Lights' signature. Great, great show. Catching up on it through Netflix.

                haymaker's avatar - Lottery-012.jpg
                Egg Harbor twp.south Jersey shore
                United States
                Member #112968
                June 29, 2011
                3854 Posts
                Offline
                Posted: March 29, 2012, 6:37 pm - IP Logged

                This is one of the times I'm glad I live in the sticks, we don't even have lines here.

                From what someone posted about the frenzy on the Nevada - California border Nevada should really rethink their no lottery policy.

                I'm trying to make sure more than opne person wins, played a ticket today and played the same numbers for the clerk (which will probably go over like a lead balloon here but what the heck). That insuires you have someone rooting for the same numbers.

                Wink

                Lep

                Yo CT,since you're a casino dealer i'll just call that ticket a "toke"

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

                  Jill34786's avatar - Lottery-006.jpg
                  Windermere, FL/Franklin, TN
                  United States
                  Member #50210
                  March 1, 2007
                  843 Posts
                  Offline
                  Posted: March 29, 2012, 6:38 pm - IP Logged

                  Anyone know what the tax rate is on giving the gift of $$ over the allowable amount?

                  For 2010-2012 the max gift tax rate is $5mil and 35%. In 2009 it was $3.5mil and either 45-55%. Before 2001 prior to the Bush tax cut it was 675K .You are allowed to gift $13k per year or 26k as a married couple.

                  For 2013, it may revert back to 1Mil and at least 45% on anything over.

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

                    United States
                    Member #124616
                    March 16, 2012
                    2642 Posts
                    Offline
                    Posted: March 29, 2012, 6:39 pm - IP Logged

                    CollegeLad again....Not too surprised to see the JP increase but nevertheless it's shocking to see a prize amount of 540,000,000 on my QP's I just bought. Im glad I kept all my MM tickets frm web the JP was at 170 million. We've kinda got A part of history to see the first half a billion+ JP. I highly doubt this will roll do to the staggering number of tickets sold. And I also highly doubt it will b just one winner. But Doubts are wrong.

                    Sweetie - you don't have to identify yourself each time you post.  Your name is to the left of your post so we all know its you.

                      DC81's avatar - batman39
                      MI
                      United States
                      Member #54830
                      August 31, 2007
                      985 Posts
                      Offline
                      Posted: March 29, 2012, 6:43 pm - IP Logged

                      This is almost destined to be at least 600M before it's said and done.  Scared

                      Like always, I'd be going with the cash... Beating the annuity would not be hard nor all that risky... Plus I don't want to be the mercy of a state that I won't be living in and federal government to pay me over the next two and a half decades, I might not even live that long, hell our country might not either. LOL

                      You can't predict random.

                        Avatar

                        United States
                        Member #122691
                        February 6, 2012
                        330 Posts
                        Offline
                        Posted: March 29, 2012, 6:45 pm - IP Logged

                        Three quarters in cash and the other quarter left in the annuity, that way I will never be broke no matter what happens.

                          Uff Da!'s avatar - InCelebration 001.jpg
                          Washington State
                          United States
                          Member #33973
                          February 26, 2006
                          347 Posts
                          Offline
                          Posted: March 29, 2012, 6:49 pm - IP Logged

                          Three quarters in cash and the other quarter left in the annuity, that way I will never be broke no matter what happens.

                          Sorry, it is one or the other.  You can't have it both ways.  At least not in most states.  You could buy your own annuity with part of the cash, of course, if you really wanted to do that.

                            Avatar

                            United States
                            Member #122691
                            February 6, 2012
                            330 Posts
                            Offline
                            Posted: March 29, 2012, 6:53 pm - IP Logged

                            Sorry, it is one or the other.  You can't have it both ways.  At least not in most states.  You could buy your own annuity with part of the cash, of course, if you really wanted to do that.

                            There was a guy on one of those Lottery Made Me Rich shows that said he did that so I am pretty sure it is possible. If I recall he won maybe close to $200 million also so it was either a Mega Millions or Powerball jackpot. The Mega Millions is not a state run lottery so I don't think they would have to adhere to the regulations of a particular state anyway.

                              haymaker's avatar - Lottery-012.jpg
                              Egg Harbor twp.south Jersey shore
                              United States
                              Member #112968
                              June 29, 2011
                              3854 Posts
                              Offline
                              Posted: March 29, 2012, 6:55 pm - IP Logged

                              Sorry, it is one or the other.  You can't have it both ways.  At least not in most states.  You could buy your own annuity with part of the cash, of course, if you really wanted to do that.

                              take it all in cash, then buy you own annuities, if you're so inclined,

                              me ? i'd split in up, short and long term.

                              no j.g. wentworth here, even if i think the tv ads are funny.

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

                                 
                                Page 10 of 26