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

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

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United States
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May 25, 2011
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Posted: March 30, 2012, 9:02 am - IP Logged

WOW $10,000 i ntickets that is CRAZY!!!!! hwis he going to check all the tickets it will take him weeks...LOL...

With Chris's salary I'm sure he'll just delegate that to his personal assistant.  LOL

    rock_nc's avatar - Lottery-017.jpg
    small town USA
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    October 8, 2003
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    Posted: March 30, 2012, 9:07 am - IP Logged

    GOOD MORNING LP friends,

    well today is the day when it's all up in the air about the largest Jackpot in American History. Will there ever be another one to top this one,maybe tonight will tell. If's there is NO WINNERS,then You can guess we're in unknown territory. I will buy my 100.00 dollars worth of tickets today in a SMALL TOWN USA.. Maxton,nc if any of you know where that is at. Going out of my Water Tower Town to try my luck. If I don't win,5 numbers right or the Whole Jackpot,then I guess it was'nt my time to win. But if it's not won tonight,then I guess I will buy two hundred dollars worth of ticket's on Tuesday. What a life it will be..Of course I will get all my Ducks in a Row first.

      Jill34786's avatar - Lottery-006.jpg
      Windermere, FL/Franklin, TN
      United States
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      March 1, 2007
      843 Posts
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      Posted: March 30, 2012, 9:16 am - IP Logged

      Does this mean I can give $5mil to one person and $5mil to another and another or am I only able
      to give $5mil total in my lifetime. I wish I could give millions away and not be taxed for it.

      No. That is the total lifetime gift exemption allowed as of 2012.

        Jill34786's avatar - Lottery-006.jpg
        Windermere, FL/Franklin, TN
        United States
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        March 1, 2007
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        Posted: March 30, 2012, 9:18 am - IP Logged

        Thanks, Even if I don't win that much or at all. I am just excited to be apart of this historic jackpot.

        I Agree! That's how I feel. Smiley

          CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
          TX
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          January 4, 2012
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          Posted: March 30, 2012, 9:21 am - IP Logged

          GOOD MORNING LP friends,

          well today is the day when it's all up in the air about the largest Jackpot in American History. Will there ever be another one to top this one,maybe tonight will tell. If's there is NO WINNERS,then You can guess we're in unknown territory. I will buy my 100.00 dollars worth of tickets today in a SMALL TOWN USA.. Maxton,nc if any of you know where that is at. Going out of my Water Tower Town to try my luck. If I don't win,5 numbers right or the Whole Jackpot,then I guess it was'nt my time to win. But if it's not won tonight,then I guess I will buy two hundred dollars worth of ticket's on Tuesday. What a life it will be..Of course I will get all my Ducks in a Row first.

          Best of luck to you rock.....hope you win....if you are spending a $100, i trust you are playing all Megaball numbers(1-46) at least twice to make sure you have a gauranteed shot. If you don't win the entire jackpot, you will at least win some $$ back......Thumbs Up

          Stay Positive, Believe and good things will come your way

            Jill34786's avatar - Lottery-006.jpg
            Windermere, FL/Franklin, TN
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            Posted: March 30, 2012, 9:25 am - IP Logged

            Oh boy!! Now our CBS channel is going to show the numbers being drawn live,

            they never show the numbers live but for this BIG jackpot they changed their minds lol

             

            I'm not going to watch, I don't even know the numbers on my ticket I didn't even look.

            Waiting to see who won and where on the USAMega.com site and LotteryPost.

            I never watch the drawings and haven't looked at my numbers either. Like yourself, I just wait to see an update from USAMEGA. If the winning ticket was purchased in my state then I might be inclined to check my numbers. Wink

              Jill34786's avatar - Lottery-006.jpg
              Windermere, FL/Franklin, TN
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              Posted: March 30, 2012, 9:27 am - IP Logged

              Best of luck to you rock.....hope you win....if you are spending a $100, i trust you are playing all Megaball numbers(1-46) at least twice to make sure you have a gauranteed shot. If you don't win the entire jackpot, you will at least win some $$ back......Thumbs Up

              I met someone yesterday who had the play slips with every Megaball picked while choosing the QP for the other numbers.

                CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                TX
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                Posted: March 30, 2012, 9:38 am - IP Logged

                I met someone yesterday who had the play slips with every Megaball picked while choosing the QP for the other numbers.

                Might be a very smart move Jill. Having the QPs is as good a shot as any. Thats exactly how I would have played it.......On the gift issue for taxes..if you did give someone(relative) 5 million, is the gift tax 35% or higher ?

                Stay Positive, Believe and good things will come your way

                  Jill34786's avatar - Lottery-006.jpg
                  Windermere, FL/Franklin, TN
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                  Posted: March 30, 2012, 9:39 am - IP Logged

                  It was Washington Wizards star Chris Singleton who drop 10 grand on tickets. Everyone wants a piece of the action, the rich and the poor.

                  I was at the country club several nights ago and it seemed like there was a lot of buzz pertaining to the MM jackpot...that was prior to the revised 540mil. I agree with you that an awful lot of people from all walks of life want to participate in this historical event.

                    Jill34786's avatar - Lottery-006.jpg
                    Windermere, FL/Franklin, TN
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                    Posted: March 30, 2012, 9:45 am - IP Logged

                    Might be a very smart move Jill. Having the QPs is as good a shot as any. Thats exactly how I would have played it.......On the gift issue for taxes..if you did give someone(relative) 5 million, is the gift tax 35% or higher ?

                    For the calendar year 2012, the gift tax once you exceed your allowance of 5 million is 35% which you are responsible for paying. Talk about double taxationBash

                    You can always just gift 13k per year to ANYONE a year or 26K if you are married without any tax consequences.

                      CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                      TX
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                      Posted: March 30, 2012, 9:51 am - IP Logged

                      For the calendar year 2012, the gift tax once you exceed your allowance of 5 million is 35% which you are responsible for paying. Talk about double taxationBash

                      You can always just gift 13k per year to ANYONE a year or 26K if you are married without any tax consequences.

                      Yes ma'am...sure is..no double jeopardy in crimes but when it comes to double taxation,  ?? the government is like a sponge on steroids

                      Stay Positive, Believe and good things will come your way

                        Jill34786's avatar - Lottery-006.jpg
                        Windermere, FL/Franklin, TN
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                        Posted: March 30, 2012, 10:02 am - IP Logged

                        Yes ma'am...sure is..no double jeopardy in crimes but when it comes to double taxation,  ?? the government is like a sponge on steroids

                        10 years ago, the maximum lifetime gift was $1mil with a tax of 50% on anything above. Uncle Sam wants his "fair share" when you earn your money as well as when you give it away. Thud

                          CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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                          Posted: March 30, 2012, 10:14 am - IP Logged

                          For the calendar year 2012, the gift tax once you exceed your allowance of 5 million is 35% which you are responsible for paying. Talk about double taxationBash

                          You can always just gift 13k per year to ANYONE a year or 26K if you are married without any tax consequences.

                          Looks like if relatives get any of my share I am only giving them 3.7 million and tell em I am paying the gift tax....Giving them the full $5 mill would actually be like giving $6.75 million......talk about "ouch" in taxes...the gov gets another 1.75 ??Thud

                          Stay Positive, Believe and good things will come your way

                            Arrowhead's avatar - underground
                            Ohio
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                            December 27, 2011
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                            Posted: March 30, 2012, 10:50 am - IP Logged

                            I just found out that Pennsylvania does not allow you to claim the jackpot in a blind trust.

                            So I retain my plan to claim the prize and then put the money in a RLT that has not been revealed to everyone!

                            Dance 1 Ticket .......... 1 Winner ..................

                            You 'just found out' about the Pa. no blind trust stipulation? After all this time playing huge jackpots? Smile

                            Knock 'em dead, dpoly1...

                              Jill34786's avatar - Lottery-006.jpg
                              Windermere, FL/Franklin, TN
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                              Posted: March 30, 2012, 10:54 am - IP Logged

                              Looks like if relatives get any of my share I am only giving them 3.7 million and tell em I am paying the gift tax....Giving them the full $5 mill would actually be like giving $6.75 million......talk about "ouch" in taxes...the gov gets another 1.75 ??Thud

                              You could always include relatives in a corporation and give them a percentage of the company that otherwise would amount to what you give them. 

                              If you gave them the full $5 mil as a gift, you would not be obligated for any additional taxes. You just couldn't gift any more without incurring taxes.

                                 
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