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20 co-workers to split $421M Powerball jackpot

Topic closed. 51 replies. Last post 4 years ago by DELotteryPlyr.

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Skibunnylk's avatar - Lottery-059.jpg

United States
Member #157696
July 28, 2014
152 Posts
Offline

Wouldn't the federal tax rate end up being 39.6% since they would be in the highest tax bracket?  Is Witholding what is taken up front?

Yes, a 25% withholding is what is initially deducted from their winnings, the balance is then factored and due in April, 2017.

Never attempt to maintain a lifestyle you can't afford.

    KY Floyd's avatar - lysol avatar.jpg
    NY
    United States
    Member #23834
    October 16, 2005
    4264 Posts
    Offline

    "Since they are collecting their winnings in 2016 it will this years tax bracket and not 2017."

    I guess I was kind of stuck in the recent thread about waiting until 2017 to claim. Since they already claimed it should depend on how fast Tennessee issues the payment.

      haymaker's avatar - Lottery-012.jpg
      Egg Harbor twp.south Jersey shore
      United States
      Member #112964
      June 29, 2011
      4135 Posts
      Offline

      Hey Local s jersian.  I just tried to inbox you with that funny name.  Your inbox is full.  I don't know if we met on here yet but nice to meet you.

      Hello Wander73,

      Nice to meet you as well.

      I'm guessing you are from NE Philly and wander around Cottman ave. AKA PA route 73.  LOL.

      I also am from Philly...5TH and Olney is my part of town...well it was, many moons ago.

       

      Thanks for the reminder, I made some room in my inbox...lots of cobwebs in there !

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


        Germany
        Member #164597
        March 8, 2015
        803 Posts
        Offline

        must be nice to be a part of so many people who are now so much more financially safe than just days before. Especially with the holidays coming up.

          Unluckyone's avatar - lib

          United States
          Member #176415
          August 4, 2016
          180 Posts
          Offline

          "Since they are collecting their winnings in 2016 it will this years tax bracket and not 2017."

          I guess I was kind of stuck in the recent thread about waiting until 2017 to claim. Since they already claimed it should depend on how fast Tennessee issues the payment.

          These winners will probably receive their payment just before the New Year's. I would have waited until January 2nd to claim as their is a good chance the top tax rate will go down and that would have been worth about a million $$$ to each one of them.

            Drenick1's avatar - villiarna
            USA
            United States
            Member #152794
            February 25, 2014
            1103 Posts
            Offline

            must be nice to be a part of so many people who are now so much more financially safe than just days before. Especially with the holidays coming up.

            Got a sneaking suspicion that these lucky folks will have a wonderful Christmas holiday as well as a big boost toward financial freedom.

              Avatar
              Maryland
              United States
              Member #162429
              January 2, 2015
              2297 Posts
              Online

              Wonder if there is any update on this story? Like When they will get the money ect...