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Record Powerball jackpot won by 1 ticket

Topic closed. 233 replies. Last post 3 years ago by jamella724.

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helpmewin's avatar - dandy
u$a
United States
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February 22, 2011
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Posted: May 20, 2013, 7:02 pm - IP Logged

Didn't think it would be a single ticket winner.  I'm just glad it wasn't won in the northeast.

I Agree!

Let it Snow Snowman

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    NY
    United States
    Member #23835
    October 16, 2005
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    Posted: May 20, 2013, 10:03 pm - IP Logged

    That was my understanding as well. I was just responding to someone who mentioned that most states do not allow a trust to be formed adter having won a large prize.

    I thought perhaps it was something new that was just implemented.

    I didn't say that a trust can't be formed after the drawing. I said a trust that's formed after the drawing can't be the winner. The  drawing creates a winner, so an  entity that doesn't exist yet can't possibly win.

    If you win and then form a trust to claim the prize you're still the winner, and the trust is claiming the prize on your behalf. In most states the rules say they release the name of the winner, not the name of the entity claiming the prize. There's a reason that when we read stories about winners who have consulted lawyers and financial advisors most of the stories still have the name of the winner.

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      Toronto
      Canada
      Member #138397
      January 26, 2013
      179 Posts
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      Posted: May 21, 2013, 12:50 am - IP Logged

      I didn't say that a trust can't be formed after the drawing. I said a trust that's formed after the drawing can't be the winner. The  drawing creates a winner, so an  entity that doesn't exist yet can't possibly win.

      If you win and then form a trust to claim the prize you're still the winner, and the trust is claiming the prize on your behalf. In most states the rules say they release the name of the winner, not the name of the entity claiming the prize. There's a reason that when we read stories about winners who have consulted lawyers and financial advisors most of the stories still have the name of the winner.

      But surely there are ways around that...

       

      For example, you're allowed to give lottery tickets as gifts, right? Then you just simply "gift" the ticket to a trust you just created...

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        Kentucky
        United States
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        February 14, 2006
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        Posted: May 21, 2013, 12:59 am - IP Logged

        My understanding was (of that comment) that one couldn't claim the jackpot as a blind trust unless it was established before the drawing... Maybe I was off? :-/

        A blind trust would prevent the winner from knowing how their money was being invested by the trustee. People talk about ways to remain anonymous, but I really believe most of us would take the chance of our names being known rather than not knowing how our $222 million after tax winnings are being invested.

        The winner can form a regular trust but their name will be published. With this amount of money if the winner wants to spread it among his family members, a trust would be a very good choice.

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          Kentucky
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          Posted: May 21, 2013, 1:02 am - IP Logged

          But surely there are ways around that...

           

          For example, you're allowed to give lottery tickets as gifts, right? Then you just simply "gift" the ticket to a trust you just created...

          You're missing the point, the lottery wants the name of the person who bought the ticket and trusts under 18 years-old can't legally buy a lottery ticket.

            rock_nc's avatar - Lottery-017.jpg
            small town USA
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            Posted: May 21, 2013, 10:52 am - IP Logged

            For those wondering, I have confirmed the final cash value of the jackpot — $370.9 million.  (Exactly $370,896,780.54.)

            what will that person get after taxes?

              rock_nc's avatar - Lottery-017.jpg
              small town USA
              United States
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              October 8, 2003
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              Posted: May 21, 2013, 10:56 am - IP Logged

              Lucky. Mosty likely it's a old head ???? welp lucky them. Mail For You

              I'd say an old retiree form nearby! congrats to whom ever it is!

                Jill34786's avatar - Lottery-006.jpg
                Windermere, FL/Franklin, TN
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                March 1, 2007
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                Posted: May 21, 2013, 12:12 pm - IP Logged

                what will that person get after taxes?

                The winner(s) will get a tad over $278 million. They will be responsible for another $54 million in Federal taxes as well as a healthcare tax which may tack on $14 million more towards their tax obligations.

                The total net should be a little over $200 million....good thing there isn't a state income tax in Florida!

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: May 21, 2013, 12:15 pm - IP Logged

                  The winner(s) will get a tad over $278 million. They will be responsible for another $54 million in Federal taxes as well as a healthcare tax which may tack on $14 million more towards their tax obligations.

                  The total net should be a little over $200 million....good thing there isn't a state income tax in Florida!

                  $14 million for healthcare tax?

                  Man, what happened to "not one dime more?"

                  Oh yeah, I forgot, being rich puts you on the Enemies List.

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                    Pinellas Park FL
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                    May 10, 2013
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                    Posted: May 21, 2013, 12:40 pm - IP Logged

                    The powerball winner would receive a little over 300 million....

                     

                     

                    Also, rumor has it the winner worked at Publix...she is 26 years old and worked at the deli counter...went to Publix today and all the employees are talking about it...

                     

                    One person to get all that money....<snip>! Puke 

                    This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

                      Jill34786's avatar - Lottery-006.jpg
                      Windermere, FL/Franklin, TN
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                      March 1, 2007
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                      Posted: May 21, 2013, 1:19 pm - IP Logged

                      $14 million for healthcare tax?

                      Man, what happened to "not one dime more?"

                      Oh yeah, I forgot, being rich puts you on the Enemies List.

                      Ridge-  "not one dime more" was a talking point mistake that was inherited from the previous administration.

                      In terms of the healthcare tax, 200k/250k will be the basis depending on whether you're single or married.

                      Either a 3.8% Obamacare tax or 2.35% medicare part A tax will be applied to any unearned/investment income as well as earned income

                      for those individuals who exceed the 200k/250k income allowance that is given. 

                      These additional taxes will depend on if Obamacare get repealed or not.

                      ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                        Jill34786's avatar - Lottery-006.jpg
                        Windermere, FL/Franklin, TN
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                        Posted: May 21, 2013, 1:28 pm - IP Logged

                        The powerball winner would receive a little over 300 million....

                         

                         

                        Also, rumor has it the winner worked at Publix...she is 26 years old and worked at the deli counter...went to Publix today and all the employees are talking about it...

                         

                        One person to get all that money....<snip>! Puke 

                        This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

                        The news media has been touting that the winner will get over $300 million after taxes which is completely false. The cash value is $370.9 million and after 25% Federal taxes are deducted, their initial take home amount is a little over $278 million.

                        The winner will be responsible for additional taxes when they file their returns and the true net amount will be just a bit over $200 million

                        ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

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                          Pinellas Park FL
                          United States
                          Member #142386
                          May 10, 2013
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                          Posted: May 21, 2013, 2:05 pm - IP Logged

                          Well that's a lot of money either way......

                            golfer1960's avatar - Lottery-003.jpg
                            Eatontown, NJ
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                            November 29, 2011
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                            Posted: May 21, 2013, 2:28 pm - IP Logged

                            The news media has been touting that the winner will get over $300 million after taxes which is completely false. The cash value is $370.9 million and after 25% Federal taxes are deducted, their initial take home amount is a little over $278 million.

                            The winner will be responsible for additional taxes when they file their returns and the true net amount will be just a bit over $200 million

                            You're fabulous!! Lovies


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                              September 7, 2011
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                              Posted: May 21, 2013, 6:52 pm - IP Logged

                              The news media has been touting that the winner will get over $300 million after taxes which is completely false. The cash value is $370.9 million and after 25% Federal taxes are deducted, their initial take home amount is a little over $278 million.

                              The winner will be responsible for additional taxes when they file their returns and the true net amount will be just a bit over $200 million

                              It is a very bold assumption that the winner will pay a full 39% tax.

                                 
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