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Iowa man nearly lost $1 million Powerball prize

Topic closed. 21 replies. Last post 2 years ago by myturn.

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maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
Massachusetts
United States
Member #37433
April 14, 2006
2747 Posts
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Posted: May 19, 2015, 4:37 pm - IP Logged

Close call. He would have cried from 3 nights and be depressed for the years

That money's gone fo ever

    mypiemaster's avatar - 2015021003pileofcash
    JACKPOT HUNTER

    United States
    Member #141034
    April 2, 2013
    1419 Posts
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    Posted: May 19, 2015, 4:57 pm - IP Logged

    Why do people still go to store clerks{or give their tickets to store clerks} to check if their tickets are winners? Nowadays, there are so many ways you can check your tickets, without getting near a store clerk. A fool and his money soon go separate ways See Ya!

    Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

    Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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      Arizona
      United States
      Member #165073
      March 24, 2015
      220 Posts
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      Posted: May 19, 2015, 8:45 pm - IP Logged

      Pete Kemp of Des Moines , Iowa.  Do not forget the rest of the Federal Taxes owed. The IRS is not satisfied with just 25% . They want 39.6% total Federal taxes.  That works out to be a total of $396,000.00 . Not $250,000.00

       Paper works are... Winners Claim form, two sets of ID such as Drivers License and Social Security card with your number on it.  The form to declare whether you want CASH lump sum or the Annuity will be given to you at the Lottery Office. You can get this form from the Lottery Office before you turn the ticket in but it could require you to get it notarized. This Payment selection form is probably a short form to fill out. 

       I already have my Winners Claim form filled out except for the winning ticket information.

       Good Luck Pete Kemp !!!Wink

      Not quite right. Tax rates are marginal, so the 39.6% only applies to the portion of the income over a certain amount. For 2015, the official wording is "$119,996.25 + 39.6% of the amount over $413,200". For a million dollars, ignoring deductions, that comes to $352,369.05.

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
        United States
        Member #136477
        December 12, 2012
        4144 Posts
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        Posted: May 19, 2015, 10:12 pm - IP Logged

        Not quite right. Tax rates are marginal, so the 39.6% only applies to the portion of the income over a certain amount. For 2015, the official wording is "$119,996.25 + 39.6% of the amount over $413,200". For a million dollars, ignoring deductions, that comes to $352,369.05.

        So what originally looked like a $750,000 nest egg will be downsized to just over $600,000? Oh the Horror.

        People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
          Bay Area - California
          United States
          Member #136477
          December 12, 2012
          4144 Posts
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          Posted: May 19, 2015, 10:18 pm - IP Logged

          Why do people still go to store clerks{or give their tickets to store clerks} to check if their tickets are winners? Nowadays, there are so many ways you can check your tickets, without getting near a store clerk. A fool and his money soon go separate ways See Ya!

          They give their tickets to " Store Clerks" to check them because some people cannot read the message the machine are putting out. These clerks have become " family" and they trust them.

          People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

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            United States
            Member #122691
            February 6, 2012
            330 Posts
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            Posted: May 20, 2015, 1:00 am - IP Logged

            For the love of God stop giving clerks your d@mn tickets. If you can't check numbers yourself or know how to run a ticket under a scanner you don't deserve to win the lottery. Take a pen, get your ticket, get the winning numbers and circle or underscore each number on your ticket that corresponds to the winning ones, not that hard. 

              Bondi Junction
              Australia
              Member #57242
              December 24, 2007
              1102 Posts
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              Posted: May 21, 2015, 9:10 pm - IP Logged

              By Todd Northrop

              A Des Moines, Iowa, man claimed a $1 million Powerball prize Monday morning, a day after his winning ticket was nearly lost.

              Pete Kemp of Des Moines said he had his winning ticket checked at a Cash Saver supermarket on Fleur Drive Sunday, but during the process of getting paperwork from the lottery terminal, the clerk accidentally threw away his ticket.

              Kemp said he realized the mistake within seconds and went back into the store, where the clerk was able to retrieve his ticket — which had been torn in two — from the trash. They taped it back together at the store and he turned it into Iowa Lottery officials Monday to claim his prize.

              "I thought it was invalid. She was real quick to tape it together," Kemp said Monday at the Iowa Lottery headquarters in Clive. "I grabbed it and ran out the door."

              Kemp thought he might have trouble claiming the prize since the original ticket had been torn. But Iowa Lottery officials said they could pinpoint where the person checked the winning ticket.

              As long as he had his paperwork, the damage to the ticket wouldn't affect his ability to claim the prize, officials said.

              The Iowa Lottery presented Kemp with a large, $1 million check Monday morning around 11:00 a.m. He came close to winning at least a share of Saturday's $110 million jackpot by matching the first five numbers but missing the Powerball, according to a news release.

              Kemp, 47, who drives a bus for the Des Moines Area Regional Transit Authority (DART), won $700,000 after federal taxes of $250,000 and state taxes of $50,000 were withheld Monday.

              No one matched all six numbers to win the jackpot, so it climbs to an estimated $121 million annuity or $75.7 million cash option.

              Saturday's winning numbers were 24, 29, 38, 48, and 52, with Powerball number 32. The Power Play number was 2. Kemp's ticket was one of four across the country that each one a $1 million prize that night.

              Kemp, originally from the Twin Cities, said he's going to invest most of the money into a retirement fund for himself. And, he'll continue to drive for DART.

              This is one of the reasons why I only play by subscription. I also find it very convenient and it generates more revenue for the state, no commissions paid to agents.

               

              All states should offer a subscription service!

              We all get a lot out of lotteries!