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California delivery driver claims half of $648 million jackpot

Topic closed. 62 replies. Last post 3 years ago by jamella724.

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dpoly1's avatar - driver
PA
United States
Member #66141
October 16, 2008
1672 Posts
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Posted: January 5, 2014, 10:25 am - IP Logged

NICE WIN $$$$$$$$$$$$$$$$$$$

dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

 

Eschew Poverty ........... Vote Conservative!

    Lucky4Life's avatar - batman14

    United States
    Member #85037
    January 7, 2010
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    Posted: January 5, 2014, 2:26 pm - IP Logged

    Just can't fathom lump sum payouts. Surmise that taking the annuity with its bigger long term payout results in more taxes, over the cumulative payoff period. Know the smart money advises to take the lump sum and pay the taxes all at once. It just  too much to manage such a huge prize amount at one time. But that's just me. Know Yours Truly, is in the minority on this issue of lump sum vs  the annuity option. Just think having the payments spread over a long period is a little easier to work.

     

    Coffee

    you and me both! also gives me a reason to turn people down who beg for $$$

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
      Member #49731
      February 12, 2007
      917 Posts
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      Posted: January 6, 2014, 9:15 am - IP Logged

      Error

        OldSchoolPa's avatar - Lottery-057.jpg
        Gurnee, Illinois
        United States
        Member #49731
        February 12, 2007
        917 Posts
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        Posted: January 6, 2014, 9:17 am - IP Logged

        Off the top, I can think of two very logical reason why currently taking the cash is better decision in California. They have no state tax on lottery winnings, but that could change. Currently it's 12.3% of income over $691,000 that a lottery winner must pay if the legislators created tax on lottery winnings. Any financial planner understands in the next 30 years the current interest rate can only go up and not advise locking into the tiny rate the annuity is now offering.

        Solid logical reasons can be made for taking the payments too, but I can't think of any.

        I Agree!Better to take the lump sum and minimize being caught up in future tax code changes. I emphasize "minimize" because all just have to look at that NJ jackpot winning lottery pool of insurance workers that got nailed when NJ instituted a 10 percent RETROACTIVE lottery winnings tax! It is just too bad we the people cannot RETROACTIVELY impeach, recall or overturn election results for winners who did so on fraudulent basis. I won't say any names so that is just a general statement.

        those who take annuity open themselves up to onerous tax changes, and even though the IRS does make mistakes, we all know IT is very unforgiving to regular, non government affiliated citizens. 

        No, I will take lump sum and then analyze all available options to legally minimize my future tax bill.

        Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

        The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

          mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
          Los Angeles, California
          United States
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          December 2, 2013
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          Posted: January 6, 2014, 12:08 pm - IP Logged

          Retroactive Tax?!?  That's crazy.

            sully16's avatar - sharan
            Ringleader
            Michigan
            United States
            Member #81740
            October 28, 2009
            40248 Posts
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            Posted: January 6, 2014, 7:50 pm - IP Logged

            Tran told lottery officials that after learning he had the winning ticket, he made a call to his boss: "I'm really sorry boss. I hit the jackpot. I don't think I'm going to come in today, tomorrow, or ever."

            At that point I would have known for sure if I planned to ever return to my job. Wink

            Classic line, love it.

            Did you exchange a walk on part in the war ?

            For a lead role in a cage?

             

                                                        From Pink Floyd's " Wish you were here"

              Gleno's avatar - Lottery-001.jpg
              New Jersey
              United States
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              September 25, 2009
              705 Posts
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              Posted: January 7, 2014, 10:16 am - IP Logged

              This is big news to me about the "retro-active tax" on NJ lottery winners! The things we lean on Lottery Post is amazing.

              Question the percent of rich people that  play the lottery. Willing to bet that it's a small percentage. Then again, Yours Truly, may be wrong. 

              Reading the comments about lump-sum vs annuity payments,seems most regular folks are very savy about managing their money. Each month tally up my lottery spending,winnings, and running at a loss. Too ashamed to state how much was lost on lottery gambling. Just chalk it up as an  entertainment expense. Don't forget to keep your lossing tickets.Believe you can deduct the expense on your Federal income tax, if you win a big jackpot that affects your income. 

              It is always sad to read about lottery winers who spend their winning in a short period of time and revert back to a life of mediocrity or worse yet to poverty.

              Maybe I'll cut back on the lottery for awhile and get a new computer to replace my eight year old Compaq Presario which is running very slow. Spent too much time and effort on up -dating web browsers and Microsoft not supporting my dated version operating system,after April 2014.

               

              US Flag

              2014 promises to bring more big lottery winners in the coming year. Good Luck to all who participate in this great voluntary tax program.

                RedStang's avatar - tallman zps6gf4inoc.jpg
                NY
                United States
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                January 21, 2012
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                Posted: January 7, 2014, 11:51 am - IP Logged

                you and me both! also gives me a reason to turn people down who beg for $$$

                Beggars are so annoying. I had a guy ask for some chamomile tea and i was like "Hell No".

                  HaveABall's avatar - rocket

                  United States
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                  March 18, 2009
                  1226 Posts
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                  Posted: January 8, 2014, 12:05 am - IP Logged

                  I Agree!Better to take the lump sum and minimize being caught up in future tax code changes. I emphasize "minimize" because all just have to look at that NJ jackpot winning lottery pool of insurance workers that got nailed when NJ instituted a 10 percent RETROACTIVE lottery winnings tax! It is just too bad we the people cannot RETROACTIVELY impeach, recall or overturn election results for winners who did so on fraudulent basis. I won't say any names so that is just a general statement.

                  those who take annuity open themselves up to onerous tax changes, and even though the IRS does make mistakes, we all know IT is very unforgiving to regular, non government affiliated citizens. 

                  No, I will take lump sum and then analyze all available options to legally minimize my future tax bill.

                  Ya, I remember that MEAN, MEAN NJ state tax law, snuck in a couple of years ago, when the state had been way over spending and the Reps got to thinking: 'Who can we get big money from quickly?' !

                  Mad

                  Cash is also best when some of our country's states are going bankrupt.  Certainly, if one peruses past federal income tax rate brackets, they'll see that for a while there was a 75% tax bracket!  I don't EVER want that to return!!!

                  Thud

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

                  Disney

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                    NY
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                    October 16, 2005
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                    Posted: January 8, 2014, 12:18 am - IP Logged

                    Ya, I remember that MEAN, MEAN NJ state tax law, snuck in a couple of years ago, when the state had been way over spending and the Reps got to thinking: 'Who can we get big money from quickly?' !

                    Mad

                    Cash is also best when some of our country's states are going bankrupt.  Certainly, if one peruses past federal income tax rate brackets, they'll see that for a while there was a 75% tax bracket!  I don't EVER want that to return!!!

                    Thud

                    I'm pretty sure that NJ wasn't overspending any more then than they did the year before or the year after.

                    The law was changed shortly after a group of insurance workers won something over $100 million (cash value), which back then was an unusually large jackpot. The timing makes me think  it was the chance to grab their own share of that particular jackpot that gave them the idea, or the push to follow through on an idea they'd already had for a while.

                      larry3100's avatar - larry icon2.jpg
                      Redwood City,California
                      United States
                      Member #70503
                      February 3, 2009
                      200 Posts
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                      Posted: January 8, 2014, 10:19 pm - IP Logged

                      I live only a few miles from Jenny's Gift and Kids Wear store. I decided to go there and congratulate Mr. Thuy Nguyen for selling that $324 million Mega Millions lottery ticket and purchase a few PowerBall tickets at the same time. When I arrived at Jenny's Gift store there was a long line of people waiting. When it was my turn to purchase my tickets, I congratulated Thuy and he shook my hand. Thuy was so excited about selling that $324 million lottery ticket and receiving a bonus of $1 million from the state lottery commission, he looked like he was hyperventilating,and this was just two days after that big lottery draw. I think Thuy should have closed his gift shop for a few weeks and got himself hypered down. Thuy said it was Buddha that got him that $1 million bonus. I don't believe it. It was just pure luck, that's all!

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                        Tallinn
                        Estonia
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                        February 17, 2005
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                        Posted: January 9, 2014, 8:17 pm - IP Logged

                        You americans are so naive :)

                        This is a typical vietnamis scam.

                        Tran are not a real winner.

                        Look. Fairytales:

                        a) he don`t control the numbers on Tuesday or day next - rubbish

                        b) "I go to vacation" and thats the reason why I he control numbers in next Monday - rubbish

                        c) he don`t remember taht he was in San Jose - rubbish

                         

                        of course Tran is not a real winner. Check cameras, videos, and you see:)

                        control "vacation" , credit carts ( driver you say...) etc etc.

                        Yes ,I think some vietnamis is a winner. Maybe he is a illegal immigrant?

                          rdgrnr's avatar - walt
                          Way back up in them dadgum hills, son!
                          United States
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                          April 28, 2009
                          14903 Posts
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                          Posted: January 9, 2014, 9:09 pm - IP Logged

                          You americans are so naive :)

                          This is a typical vietnamis scam.

                          Tran are not a real winner.

                          Look. Fairytales:

                          a) he don`t control the numbers on Tuesday or day next - rubbish

                          b) "I go to vacation" and thats the reason why I he control numbers in next Monday - rubbish

                          c) he don`t remember taht he was in San Jose - rubbish

                           

                          of course Tran is not a real winner. Check cameras, videos, and you see:)

                          control "vacation" , credit carts ( driver you say...) etc etc.

                          Yes ,I think some vietnamis is a winner. Maybe he is a illegal immigrant?

                          "You americans are so naive :)"

                          Be nice, leila, or we'll tell Putin that it's ok to send the tanks back in.

                            sully16's avatar - sharan
                            Ringleader
                            Michigan
                            United States
                            Member #81740
                            October 28, 2009
                            40248 Posts
                            Online
                            Posted: January 14, 2014, 7:44 am - IP Logged

                            You americans are so naive :)

                            This is a typical vietnamis scam.

                            Tran are not a real winner.

                            Look. Fairytales:

                            a) he don`t control the numbers on Tuesday or day next - rubbish

                            b) "I go to vacation" and thats the reason why I he control numbers in next Monday - rubbish

                            c) he don`t remember taht he was in San Jose - rubbish

                             

                            of course Tran is not a real winner. Check cameras, videos, and you see:)

                            control "vacation" , credit carts ( driver you say...) etc etc.

                            Yes ,I think some vietnamis is a winner. Maybe he is a illegal immigrant?

                            Pass the motrin someone.Bang Head

                            Did you exchange a walk on part in the war ?

                            For a lead role in a cage?

                             

                                                                        From Pink Floyd's " Wish you were here"

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                              NEW YORK
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                              April 29, 2010
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                              Posted: January 17, 2014, 1:51 pm - IP Logged

                              It was 1 ticket, 5 lines: (play C was the winner)

                              I always get thrown for a loop when people refer to lines/plays/picks as tickets. I know it is common, but it just seems weird to me. Like when the frenzy hits and reporters go out to stores, and they say, "give me five tickets!" and the clerk hands then 1 ticket with 5 linesNo Nod

                              $5 MEGA MILLIONS QUICK PICK TICKET.

                              US Flag

                              PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!