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Florida woman gives away $43 million Lotto jackpot

Topic closed. 69 replies. Last post 9 months ago by Tucker Black.

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mypiemaster's avatar - 2015021003pileofcash
JACKPOT HUNTER

United States
Member #141034
April 2, 2013
1408 Posts
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Posted: March 1, 2016, 10:24 am - IP Logged

it gets so confusing as to taxes. what you owe and can avoid. Best bet is talk to several tax experts and then make a decision.I would talk to them write down what each said the go home and look it up on computer, just to make sure, what was said is true before making that decision. You are talking millions of dollars you might or might not owe or the person you are going to give it to. I would rather spend the time than just give it to Government, to which already took huge chunk in first place, now back looking to take alot more.

The Government has no business taxing lottery winnings in the first place. Most countries around the world do not tax lottery winnings. Washington is bent on bending us  over and grabbing as much cash as they can and they don't even use that money, to maintain the crumbling infrastructure here at home.

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****

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
    Member #157856
    August 2, 2014
    1513 Posts
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    Posted: March 1, 2016, 10:28 am - IP Logged

    Still waiting for the scam lottery winning phone call.  Got 'lucky' that several IRS scammers have called and once a computer virus scam phone call came in. 

     

    Next time a fake IRS call comes in I'll ask @ the end of the conversation what my taxpayer ID # is!!lol

     The IRS may be hiring debt collectors. They should receive the same treatment. "SCAM", "SCAM"

     The IRS has always told taxpayers that they do not call you on the phone. They use mail and have you call them.

    Snowman

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

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      Framingham,Ma
      United States
      Member #87369
      February 23, 2010
      50 Posts
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      Posted: March 1, 2016, 1:48 pm - IP Logged

      I'm not crazy about Government taking taxes on lottery, as long as it gets used for GOOD Cause...But some States, Mass. being one of them has ruling will only pay out to 1 winner. So if you are in a lottery pool or play with family members. 1 person collects the winnings and gets taxed 25% fed/ 5% state on that win, then when tax time comes around might get another 14.5% more taxes added on. Plus when he/she divides up the winnings to those that played with him. New taxes..

      don't really know how this works out, does the collector of ticket have to pay taxes on money he owes these people and is this going to affect his gift tax amount (5.4) over lifetime. then people recieving the money do the have to claim this money also for tax purpose. Government plays games with the people knowing some or alot will pay way more than should have.

        mikeintexas's avatar - tx avatar-1.gif
        Texas Panhandle
        United States
        Member #136843
        December 20, 2012
        1272 Posts
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        Posted: March 1, 2016, 4:33 pm - IP Logged

        Well, so much for that idea.  Guess I'll just have to keep all the money.

        Well, as has been mentioned before, there's the annual gift exemption max at 14 grand/28 for a married couple.  I'm single and have no children, so there's no one besides my nieces and nephews and their families to inherit my estate.  I know $14k isn't a HUGE amount, but I'm sure it would make life a little easier for whoever I gifted.  It's $1166/month tax free to them, or if they're working, it's $6.73/hr. extra f/ a 40 hr. week.   That could be a house payment and utilities (depending upon where they lived, of course), maybe even a car payment as well.  Whatever, it def. could pay some bills.    I believe I'd probably hang onto the $5.45 million lifetime estate exemption, at least for a while. 

        You can also pay someone's tuition or medical bills w/out being taxed for the gift as long as you directly pay the school or health care provider.

          xstreamgaming15's avatar - 41M8sCXM8YL _SY300_.jpg
          SoCal
          United States
          Member #170973
          December 25, 2015
          30 Posts
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          Posted: March 1, 2016, 5:26 pm - IP Logged

          Congrats to 90 yr old Mrs. Sorah $43 million is a life changing lottery win it is nice to heard very generous winners give all their lotto winnings to charity. Although getting around $18 Mil after Uncle Sam gets his cut why not keep one million to herself. My mom tells me if she doesn't hit the jackpot she'd be happy winning only a million dollars.


            United States
            Member #173067
            February 16, 2016
            3 Posts
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            Posted: March 3, 2016, 1:42 am - IP Logged

            I notice Florida wins more often than other state . twice in a row a big jackpot is won . I'm not wasting my time playing here in new York. I'm done playing this scam game. The lottery knows where the jackpot winning ticket going to sell. How I know that? I know that because of insider information. People shouldn't waste there time playing because they are never gonna win becahse the lktterlottery already made a deal with whomever they want to win the big jackpot in advance. If you notice, Florida and Tennessee and California are the state the lottery want to win. If you live in new York and other state the. You can forget about winning the jackpot because it is  scam me you never going to win the big jackpot. They let you win small prices.

              LottoPools's avatar - bee
              Houston, TX
              United States
              Member #4496
              April 29, 2004
              71 Posts
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              Posted: March 3, 2016, 3:38 pm - IP Logged

              I notice Florida wins more often than other state . twice in a row a big jackpot is won . I'm not wasting my time playing here in new York. I'm done playing this scam game. The lottery knows where the jackpot winning ticket going to sell. How I know that? I know that because of insider information. People shouldn't waste there time playing because they are never gonna win becahse the lktterlottery already made a deal with whomever they want to win the big jackpot in advance. If you notice, Florida and Tennessee and California are the state the lottery want to win. If you live in new York and other state the. You can forget about winning the jackpot because it is  scam me you never going to win the big jackpot. They let you win small prices.

              Umm, no.  You need to check the histories and see just how often the big games are won in New York, or at least the north east.

              ________________________

              Playing together to make a splash in the pool of lottery winners.  It's just a matter of time.

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                Franklin-n.c
                United States
                Member #37194
                April 12, 2006
                35 Posts
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                Posted: March 4, 2016, 11:25 am - IP Logged

                I hope I don't have to  B 90 to hit the big one Approve I'll B broke by then if I even make to 90

                  RedStang's avatar - tallman zps6gf4inoc.jpg
                  NY
                  United States
                  Member #121961
                  January 21, 2012
                  3157 Posts
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                  Posted: March 5, 2016, 7:00 pm - IP Logged

                  Time for Grandma to update those Dentures.

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                    New Member
                    Burlington, VT
                    United States
                    Member #173303
                    February 25, 2016
                    17 Posts
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                    Posted: March 8, 2016, 11:05 am - IP Logged

                    This is why I don't bother playing PB or anything with gigantic prizes. The chance of winning is remote, and if you do win, the government takes another 50% on top of the 50% they already got in the original game, for a total of 75% (i.e., you get 50% of 50% = 25%). There is no way I am going to play a game with a 75% house edge. That's why I stick with low-prize high-probability games like pick 3/4 or scratch-offs.