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One lottery ticket sold in New Jersey wins $521 million Mega Millions jackpot

Topic closed. 97 replies. Last post 3 years ago by Coin Toss.

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Chasing $ Millions.
White Shores- California
United States
Member #136473
December 12, 2012
6488 Posts
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Choose cash option? What if the winner is an18 - 25-year-old with no experience handling money and will not follow advice from professionals? Maybe he or she abuses drugs and alcohol. The next thirty years could be a chance to learn finance and life in general. Outside of a school setting. 

 Of course, I would research how the lottery will invest the money in New Jersey. Each State is different.

No Pity!

Cash or Annuity- at this point; Just show me the M...y! You get a nickel for guessing what l meant Music Smile

 * Voice of Reason *   

 

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

    wander73's avatar - Lottery-008.jpg

    United States
    Member #153769
    March 24, 2014
    4786 Posts
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    Choose cash option? What if the winner is an18 - 25-year-old with no experience handling money and will not follow advice from professionals? Maybe he or she abuses drugs and alcohol. The next thirty years could be a chance to learn finance and life in general. Outside of a school setting. 

     Of course, I would research how the lottery will invest the money in New Jersey. Each State is different.

    No Pity!

    Yes cash option would be awesome.

     

    However,  some of you can't assume.  The owner knows who it is.  It was either someone who lives near there in a retirement home,  someone who does need annuity options, or this person a guy who will seek something decent as in from a consultant firm.

     

    Some of you are  judging this person.  I give this person 6-8 months to come forward.  Unless, they have a health condition.

    Anyone can beat my price,  no one can beat my value.

    I don't sell the steak,  I sell the sizzle!

    I set the market value on items

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      Chasing $ Millions.
      White Shores- California
      United States
      Member #136473
      December 12, 2012
      6488 Posts
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      Yes cash option would be awesome.

       

      However,  some of you can't assume.  The owner knows who it is.  It was either someone who lives near there in a retirement home,  someone who does need annuity options, or this person a guy who will seek something decent as in from a consultant firm.

       

      Some of you are  judging this person.  I give this person 6-8 months to come forward.  Unless, they have a health condition.

      ...but but your saying “ it’s either someone who lives there in a retirement home etc “ can also be view as judging a person as well Wander. I guess what l am saying is that there have been plenty of financial horror stories involving jackpot winners, that’s to say, anything is possible. Don’t forget, opinions are like noses, everyone has one.

      * What’s your diagnosis on that?

       * Voice of Reason *   

       

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

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        Blue Bell,Pa
        United States
        Member #156243
        June 12, 2014
        33 Posts
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        The jackpot was really worth 533 million. I read that on some news site.

          wander73's avatar - Lottery-008.jpg

          United States
          Member #153769
          March 24, 2014
          4786 Posts
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          ...but but your saying “ it’s either someone who lives there in a retirement home etc “ can also be view as judging a person as well Wander. I guess what l am saying is that there have been plenty of financial horror stories involving jackpot winners, that’s to say, anything is possible. Don’t forget, opinions are like noses, everyone has one.

          * What’s your diagnosis on that?

          It's someone the owner knows.  He checked the cameras and he didn't tell the lottery commission.  That is a smart move. 

           

          If it was me,   I would ask him nicely to promote my websites and give him a cut of my sales.

          Anyone can beat my price,  no one can beat my value.

          I don't sell the steak,  I sell the sizzle!

          I set the market value on items

            wander73's avatar - Lottery-008.jpg

            United States
            Member #153769
            March 24, 2014
            4786 Posts
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            The jackpot was really worth 533 million. I read that on some news site.

            $533 million.  Cash would be $225?   So I don't know what that comes to with taxes taken out.  The person was a guy from what  I heard and perhaps someone in their 40's - 60s

            Anyone can beat my price,  no one can beat my value.

            I don't sell the steak,  I sell the sizzle!

            I set the market value on items

              Coin Toss's avatar - shape barbed.jpg
              100
              Zeta Reticuli Star System
              United States
              Member #30469
              January 17, 2006
              11528 Posts
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              From Yahoo;

              The owner of the New Jersey gas station that sold the winning $521 million Mega Millions ticket says he will split his winnings with his 10 employees.

              //////////////////////

              Good for him. 

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners. 

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

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                United States
                Member #164719
                March 12, 2015
                1300 Posts
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                The owner better go see a tax account quick!  He's going to owe Fed tax and 8% state tax on his winnings. Then he has to worry about if the split is over the amount one can give without incurring a gift tax .  Then the employees may owe taxes because it is income. 

                So, theoretically, the feds and NJ may be able to triple tax these winnings.   Mad

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                  New Member
                  San Jose CA.
                  United States
                  Member #188503
                  March 12, 2018
                  9 Posts
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                  Ever since we had a 1.5 Billion jackpot on 1/13/2016, the jackpots for Powerball and Mega Millions have for the most part been won when it's $400 to $500 million.

                  There was one Powerball jackpot for $758 million during that time.

                  It almost seems like they want it to be won around the $400 to $500 million amount or around 22 rollovers.

                  It looks like the winner of the $533 million, if they take the cash amount of about $335 million will have to pay 37% Federal and 8% New Jersey for a total 
                  of 45%.

                  So $335 million minus 45% will leave you after all taxes are paid about $185 million give or take.

                  The person will pay about $150 million in taxes between state and federal based on those rates.

                  I'm sure there are some deductions they can take but, they will still  pay over $100 million in taxes.

                  I would like to see just a one time tax of 25% or less for Federal and that would be all of the tax due.(Tax Free would be best)

                  I also heard that the reason that New Jersey's taxes are so high is that former Governor Christie has a FOOD FOR LIFE clause in his contract and
                  it takes a lot to keep him fed.

                    psykomo's avatar - animal shark.jpg

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                    May 30, 2004
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                    The owner better go see a tax account quick!  He's going to owe Fed tax and 8% state tax on his winnings. Then he has to worry about if the split is over the amount one can give without incurring a gift tax .  Then the employees may owe taxes because it is income. 

                    So, theoretically, the feds and NJ may be able to triple tax these winnings.   Mad

                    Red:

                    UR "right"  owner needs good tax accountant.....before U can give anything away Fed & state must be paid then, you can give up to $10,000  away to each and every individual you like or want to hand out UR money too....without further obligation'$$$$$$$$$$ BUT, each and everyone who receives  or "giftees".....must pay taxes on the money they received in gifts according to their income....>>>>translation everyone needs good tax accountant including "all" of the owners employees.....result..... "everybody" HAPPY>>>>>owner, employees, accountants and tax people $$$$$$$$$$$$$$$$$$$$$$$$

                    under no way be stupid enough to take any advice fron a PSYKO posting.....about the subject of taxies...............Green laughor uberr or winning a lottery jackpot ROFL

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                      DMV
                      United States
                      Member #183847
                      August 18, 2017
                      290 Posts
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                      Red:

                      UR "right"  owner needs good tax accountant.....before U can give anything away Fed & state must be paid then, you can give up to $10,000  away to each and every individual you like or want to hand out UR money too....without further obligation'$$$$$$$$$$ BUT, each and everyone who receives  or "giftees".....must pay taxes on the money they received in gifts according to their income....>>>>translation everyone needs good tax accountant including "all" of the owners employees.....result..... "everybody" HAPPY>>>>>owner, employees, accountants and tax people $$$$$$$$$$$$$$$$$$$$$$$$

                      under no way be stupid enough to take any advice fron a PSYKO posting.....about the subject of taxies...............Green laughor uberr or winning a lottery jackpot ROFL

                       Hey buddy you were close but you can actually gift 15k (as of 2018 yearly) to anyone you want before the difference is subtracted from your lifetime exemption of what is it now (checks Google) 5.6Million. Also the owner only won 33k for selling the winning ticket so you wouldn't even need a expert to help you split a amount of this magnitude. I think the person above you was confused and was maybe thinking the owner was the person who won the jackpot which if that's the case the owner is the store owner. We haven't heard anything yet from the winner of the jackpot.

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                        DMV
                        United States
                        Member #183847
                        August 18, 2017
                        290 Posts
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                        I did a quick search for the rules of anonymity for the state of New Jersey and found this.

                        Once signed, a ticket can not be altered. (Just like New Hampshire)

                        The New Jersey Lottery is compelled to release the name of the person or organization that filed the claim as well as the town and retailer where the ticket was sold.

                        The key word there is "organization." The New Jersey Lottery does not directly address that definition on its website whether players who win prizes can form limited liability corporations or trusts before claiming their winnings. 

                         What if the winner did the exact same thing as Jane Doe. Like what if it became a huge trend.

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                          DMV
                          United States
                          Member #183847
                          August 18, 2017
                          290 Posts
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                          The owner better go see a tax account quick!  He's going to owe Fed tax and 8% state tax on his winnings. Then he has to worry about if the split is over the amount one can give without incurring a gift tax .  Then the employees may owe taxes because it is income. 

                          So, theoretically, the feds and NJ may be able to triple tax these winnings.   Mad

                          A few things to bring to your awareness. 

                          1. The owner only received a 33k check for printing the winning ticket so at a 15k gift before "penalties" max he should be ok
                          2. Again the owner didn't win the jackpot he says he "knows" the winner as a regular. 
                          3. Recipients of cash gifts don't pay taxes I guess unless its under the clause of the "inheritance tax" which New Jersey does impose. But this isn't considered an inheritance.
                          4. I love you
                            KY Floyd's avatar - lysol avatar.jpg
                            NY
                            United States
                            Member #23834
                            October 16, 2005
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                            The bonus for selling a winning ticket goes to the business that sells the ticket. It's part of the business' taxable income, but the business can pass it on to employees, donate to charity, reinvest in the business, etc. Pretty much anything the business does with the money other than keeping it in the bank is deductible. As such, the business could give bonuses of much more than the 15k limit for gifts if the bonus was big enough. Any money paid out to employees would be taxable income, just like their other wages.

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                              DMV
                              United States
                              Member #183847
                              August 18, 2017
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                              The bonus for selling a winning ticket goes to the business that sells the ticket. It's part of the business' taxable income, but the business can pass it on to employees, donate to charity, reinvest in the business, etc. Pretty much anything the business does with the money other than keeping it in the bank is deductible. As such, the business could give bonuses of much more than the 15k limit for gifts if the bonus was big enough. Any money paid out to employees would be taxable income, just like their other wages.

                               None of this matters for what I was replying to. The person a few above me thought that the post was saying that the "owner" as mentioned was the jackpot winner but the owner was the 33k winner for being the store that sold the winning ticket.