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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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Happy California
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August 2, 2014
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Posted: May 14, 2016, 11:30 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.

HAPPY BIRTHDAY, ErikB14 !!!Party

 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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    NY
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    Posted: May 15, 2016, 2:19 am - IP Logged

    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.

    "Good in "maths?" Obviously not an English major."

    You obviously don't know much about proper English, as it's used in the country that invented it.

    As for the overall post, I'm trying to decide if it's a joke or not.

      sully16's avatar - sharan
      Ringleader
      Michigan
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      Posted: May 15, 2016, 9:35 am - IP Logged

      Congrats to the Lucky Family nice start to the Summer.

      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"

        Artist77's avatar - batman14

        United States
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        Posted: May 15, 2016, 9:36 am - IP Logged

        "Good in "maths?" Obviously not an English major."

        You obviously don't know much about proper English, as it's used in the country that invented it.

        As for the overall post, I'm trying to decide if it's a joke or not.

        Lol No wonder Ridge disliked you so much. And that crazy post is filled with spelling errors and a lack of basic sentence construction.

        J'aime La France.

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          Simpsonville
          United States
          Member #163189
          January 22, 2015
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          Posted: May 15, 2016, 9:47 am - IP Logged

          "Good in "maths?" Obviously not an English major."

          You obviously don't know much about proper English, as it's used in the country that invented it.

          As for the overall post, I'm trying to decide if it's a joke or not.

          lol...also it is their not there.

           

          KY Floyd, English was not invented in the USA as you stated.  As my English relatives would tell you "you speak American, we speak English".  Example look at their spelling of flavour vs our flavor and many more examples.

            sully16's avatar - sharan
            Ringleader
            Michigan
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            Posted: May 15, 2016, 9:52 am - 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.

            Fahrenheit 451,  The temperature at which paper burns. It's also  book by Ray Bradbury, maybe you should try reading it before you decide things you don't agree with should be destroyed.

            Welcome to Lottery Post new guy with a closed mind.

            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"

              sully16's avatar - sharan
              Ringleader
              Michigan
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              Posted: May 15, 2016, 9:56 am - IP Logged

              "Good in "maths?" Obviously not an English major."

              You obviously don't know much about proper English, as it's used in the country that invented it.

              As for the overall post, I'm trying to decide if it's a joke or not.

              Obviously you don't understand why Artist had " Maths" in quotation marks.

              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"

                Litebets27's avatar - power
                Maryland
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                January 14, 2005
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                Posted: May 15, 2016, 10:38 am - 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

                I hope you receive the blessing you seek in the coming week.

                Feeling,  PRICELESS!!!Banana

                Come on Jackpot!!!

                  Litebets27's avatar - power
                  Maryland
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                  January 14, 2005
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                  Posted: May 15, 2016, 10:41 am - IP Logged

                  Congratulations to the Smith Family.

                  Nice Smash.

                  It's a beautiful thing when family members think about other family members needs and not of greed.

                  Feeling,  PRICELESS!!!Banana

                  Come on Jackpot!!!

                    Drenick1's avatar - villiarna
                    USA
                    United States
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                    February 25, 2014
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                    Posted: May 15, 2016, 11:47 am - 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.

                    You forgot to factor in local and state income taxes for NJ. Which according to several sources runs north of 11.2%.

                    This would amount to another $31.8 million which once deducted from your previous calculation of $75 million ends up leaving the winner a little over $43 million to split 8-ways thus making it about $5million each. This is remarkable because to the typical audience they are known to have won over $429 million.

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                      jersey city
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                      Posted: May 15, 2016, 2:04 pm - IP Logged

                      freaking <snip>s - shud never be allowed to claim any lottery prize

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

                        mikeintexas's avatar - tx avatar-1.gif
                        Texas Panhandle
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                        Posted: May 15, 2016, 2:15 pm - IP Logged

                        freaking <snip>s - shud never be allowed to claim any lottery prize

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

                        Well, I'm personally all for banning bigots and functional illiterates from claiming any lottery prize, either.


                        A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                         - George Orwell

                          sully16's avatar - sharan
                          Ringleader
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                          Posted: May 15, 2016, 3:35 pm - IP Logged

                          freaking <snip>s - shud never be allowed to claim any lottery prize

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

                          Spam

                          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"

                            mikeintexas's avatar - tx avatar-1.gif
                            Texas Panhandle
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                            Posted: May 15, 2016, 3:44 pm - IP Logged

                            Lol No wonder Ridge disliked you so much. And that crazy post is filled with spelling errors and a lack of basic sentence construction.

                            I had a good snicker at the "invented" comment.

                              LiveInGreenBay's avatar - driver
                              Green Bay
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                              October 15, 2015
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                              Posted: May 15, 2016, 3:52 pm - IP Logged

                              freaking <snip>s - shud never be allowed to claim any lottery prize

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

                              Press 1 for English.

                              Never give up.  Banana