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NJ family of 8 claims $429.6 million Powerball lottery jackpot

Topic closed. 117 replies. Last post 7 months ago by OldSchoolPa.

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Chief Bottle Washer
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Posted: May 14, 2016, 2:09 pm - IP Logged

Inherited wealth breeds crazy and stupid <snip>s like Trump. The Estate tax needs to be much much higher on the extremely wealthy. 

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

So if you work hard and pass along some money to your children, the government should take it away?  That is tyranny my friend.  People should not be so quick to say what other people should be forced to do.  Because one day someone will force YOU to do something using the same logic.

 

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    New York's avatar - 103h4yr
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    Posted: May 14, 2016, 2:10 pm - IP Logged

    If I won, I would hire Warren Buffet's financial advisor. I would make friends with the guys from shark tank and tell them to mentor me. I would especially invest in assets over liabilities. Lastly, I would invest in self-development/education and learn many skills to be a wealthier person.

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      New Member

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      Posted: May 14, 2016, 2:25 pm - IP Logged

      Inherited wealth breeds crazy and stupid <snip>s like Trump. The Estate tax needs to be much much higher on the extremely wealthy. 

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

      Yes, because the government is neither crazy nor stupid. Good God...

       

      Estate Tax is DOUBLE TAXATION. I'm going to take a wild guess and say you feel the Bern!!

       

      One thing I'm sure of, if you end up winning a huge jackpot (which I truly hope you do) you would change your mind quickly on the ills of the Estate Tax. If I found anything true its that those who are in favor of higher taxes and government programs are those eating from the public trough rather than contributing...

        Mrs. Lotto-nc's avatar - us2016

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        Posted: May 14, 2016, 2:28 pm - IP Logged

        Congrats to this family!!! They took their time claiming and got the right things in order to help them with their new found fame and money that will be coming along. I have always believed dreams do come true and this is a great example of them. This family won off of numbers they picked....not a qp which does not happen often. Very happy they are giving their tithe. I believe in giving and when you bless others, you get your blessings back abundantly!!!! Congrats again Smith family!!!!!!

        I Agree!I'm good at what I do, my good luck can be yours too!!!

         

        All time favorites:

        916/514/123

        5050/9901/2121/3232 

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          Simpsonville
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          Posted: May 14, 2016, 2:31 pm - IP Logged

          I am delighted with all the positive congratulations to this wonderful family.  I just stumbled on remarks on youtube, downright racists remarks.  Haters everywhere but LP members it seems.

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            Posted: May 14, 2016, 2:37 pm - IP Logged

            I am delighted with all the positive congratulations to this wonderful family.  I just stumbled on remarks on youtube, downright racists remarks.  Haters everywhere but LP members it seems.

            Yahoo news is just as bad, infested with them trolls. With maybe with one mild exception, no problems on here so far.

              zephbe's avatar - animal butterfly.jpg
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              Posted: May 14, 2016, 3:00 pm - IP Logged

              "This isn't the first time winnings were shared with family or friends."

              This also wouldn't be the first time that a winner shared with family and then paid gift taxes to the IRS. You can read about one particular case here: http://www.journalofaccountancy.com/issues/2012/jul/lottery-win.html and some general info here: http://www.sofloridaestateplanning.com/2012/03/articles/income-tax/planning-on-sharing-your-lottery-winnings-with-your-family-write-it-down-now/

              "I guess the key phrase in the IRS documents is "When lottery prize splits are allowed by the state...". "

              Taxes are based on IRS regulations, not what the lottery "allows". If you win a lottery prize the money is yours and the lottery has absolutely no say in who you share it with. The lottery just gets to make the rules on how they pay the prize.  Since there's only one ticket the lottery is entitled to make a single payment to the entity that owns the ticket, or they can write 100 separate checks to each individual member of a pool, depending on what their rules are.

              The IRS treatment of the winnings will be about who actually won the prize and what pre-existing agreements were in place. If a bunch of coworkers share a lottery prize the IRS probably isn't going to be very aggressive about looking for proof that there was a mutual agreement to share the prize before it was won, because very few people would give the majority of the prize to their coworkers simply because they were feeling generous. Families are a completely different matter, because people are often inclined to share purely out of generosity that is a result of the familial relationship. In other words,  people often give gifts to family members. That means that the IRS is likely to demand proof that their was a legitimate pre-existing agreement to share any winnings. If there isn't proof the IRS may treat the winnings as income to a single person, and view the shares as gifts.

              In that case, one person won a cash prize of about $284 million, and the IRS is going to expect them to pay income taxes of about $112 million. They'd also treat the $248 million that was given to the children as gifts, so after the $5.3  million lifetime exemption that's almost $243 million that could be taxed at 40%, so there's another $97 million the IRS may be asking for. That would be a total tax bill of $209 million, leaving them with about $75 million, or about $9 million each.

              Thanks for the info, KY Floyd.

              Every champion was once a contender who refused to give up.-Rocky Balboa

              “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

                noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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                Posted: May 14, 2016, 4:56 pm - IP Logged

                It's common in Africa and Asia to this day to have animal sacrifices in churches. The ancient fairy tale books like the bible or the Quran are just that, fairy tale books that should have been destroyed centuries ago.

                To each his own, however you cannot ignore or sweep history under the rug simply because you find it convenient. We have been to the Moon you know & have a little scrapper running around on the surface of Mars- fairy tale? I think not.

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

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                  Posted: May 14, 2016, 5:32 pm - IP Logged

                  Good grief. I could do with just one million. Just need a home.

                    Artist77's avatar - batman14

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                    Posted: May 14, 2016, 5:51 pm - IP Logged

                    If you all want to know what I think well I think the guy in the family picked all the right numbers currently because we men are good in maths and all thoes women where already shopping at the mall and going back to pickup all there layaways that's what women do best spend our money. :)

                    What decade are you living in? How many degrees do you have? Probably none. Good in "maths?" Obviously not an English major. Most of the women I know work full time.

                    J'aime La France.

                      larry3100's avatar - larry icon2.jpg
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                      Posted: May 14, 2016, 7:51 pm - IP Logged

                      Spokesperson for the Smith family, Valerie Arthur, said that they played numbers from a divine dream. Remember Cynthia Stafford who won a jackpot of some $112 million, in the Mega Millions game, back in May,2007. She said that she won by meditation. Everyone has a way of winning, and when they do win, they think that it was their method of winning, by dreams, meditation or whatever. It's nothing but pure luck, that's all. And by the way, I don't believe God would give someone the winning numbers to win big in the lottery. Would you want God to cheat, so you could win the Powerball game? God doesn't do things like that. Outrageous!

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                        Posted: May 14, 2016, 8:15 pm - IP Logged

                        Spokesperson for the Smith family, Valerie Arthur, said that they played numbers from a divine dream. Remember Cynthia Stafford who won a jackpot of some $112 million, in the Mega Millions game, back in May,2007. She said that she won by meditation. Everyone has a way of winning, and when they do win, they think that it was their method of winning, by dreams, meditation or whatever. It's nothing but pure luck, that's all. And by the way, I don't believe God would give someone the winning numbers to win big in the lottery. Would you want God to cheat, so you could win the Powerball game? God doesn't do things like that. Outrageous!

                        So what's the harm in that ? ... Just let the people believe in their own faith.  Mega millions website have quite a few interesting stories of how some people come to win. Nobody can prove or disapprove that some type of force could be working behind the scenes.

                          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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                          Posted: May 14, 2016, 9:34 pm - IP Logged

                          So what's the harm in that ? ... Just let the people believe in their own faith.  Mega millions website have quite a few interesting stories of how some people come to win. Nobody can prove or disapprove that some type of force could be working behind the scenes.

                          Yeah like the lady who used the numbers off a Chinese fortune cookie- won close to a Mil. Or the Caucasian couple out here years ago who while passing by a Hindu ritual decide to remove their sandals & walk over the hot burning coals.No burns, some say they were too stoned to know better.Live & let live.

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

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                            Posted: May 14, 2016, 9:45 pm - IP Logged

                            Congrats to the smith Family. I'm amazed with the unity and family love you guys showed to each other. 

                            I will be writing on my own story once I win the Power ball tonight. On my birthday MAY 14.

                              kandi49's avatar - masked
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                              Posted: May 14, 2016, 10:51 pm - IP Logged

                              i would just like to said congrats to this family you'll know god has favor for this family  i keep that one day this will be a blessingfor me and my family  my life is short and i keep praying i can bless my family before i go just with at least 20,000 dollars but i know god sit high and look low people laugh at me they said that is all u r asking god for i tell them yes cause when there is so much money needed it may look little but it could help more than u think again congrats to this familyLoviesthe one thing i would like to say to everyone be happy for this family everyone had a chance at this money who wanted it color should not matter just be happy cause in god eyesight we r all one just different by our decision love allUS Flag