Kentucky lottery winner donates entire prize to college

Comment #18

cps10 — Mon, 16 Jan 2006 16:36:09 GMT

Tenaj - which building was it? Might have been after I graduated ('90).

Comment #17

Tenaj — Sun, 15 Jan 2006 01:25:43 GMT

A building on the campus on UNC-Chapel Hill was built with public lottery money many many years ago and I forgot which one Yale or Princeton was started on public lottery money.

Comment #16

libra926 — Sat, 14 Jan 2006 17:16:44 GMT

HAPPY SATURDAY TODD I can appreciate your point.....especially as some States don't have an income tax such as Nevada.....

Comment #15

Todd — Sat, 14 Jan 2006 12:09:13 GMT

You say that the reduction in taxes doesn't mean much in terms of how much your winnings are reduced but there is not just charity. That can be one of the biggest things, but there are MANY other factors that can reduce taxes for SMART winners.Note, I'm specifically talking about winners who consult with a tax attorney BEFORE claiming the prize.It's important to note that many winners get a big chunk of the withholding back as a refund IF they get the good tax advice. That is ignored so much... [ More ]

Comment #14

KY Floyd — Sat, 14 Jan 2006 07:17:47 GMT

This story isn't any different than most as far as what it says about taxes, leaving it up to the reader to find out the truth on their own. Although it's in the fine print at the bottom of the page, you clearly say that the withholdings and the actual taxes owed are different things. Very few articles mention anything about the actual tax obligations, and many will say something along the lines of after taxes, the money would come to $7.6 million a year for 30 years or a lump sum of $110 mill... [ More ]

Comment #13

CASH Only — Sat, 14 Jan 2006 00:32:48 GMT

I hope someday I win enough money to HAVE to pay 39%.

Comment #12

Todd — Fri, 13 Jan 2006 18:04:16 GMT

Understood, but the point being that the only reliable and always-correct number to give to people is the amount withheld by the lottery. You'd be surprised how many people incorrectly say that the amounts on the Jackpot Analysis pages at USA Mega are wrong. They say that the real amount is something like 39%, but they are not correct. The amounts listed on those pages -- 25% Federal, plus whatever the states withhold -- are the correct numbers, and then naturally people have to pay more or le... [ More ]

Comment #11

libra926 — Fri, 13 Jan 2006 17:51:13 GMT

HAPPY FRIDAY...TODD...1/13/2006HOWEVER.....and by the same token.....he is already a Wealthy Businessman, who can well afford to give his entire prize winnings to a tax-deductible cause . Naturally, he'll not have to pay taxes on a prize he's giving away......but those among us who aren't already wealthy will certainly not give all the $$$$$$$ away.......Therefore, it's good to see whatever percentage the winnner would eventually have to pay for tax purposes. It benefits in the short term,... [ More ]

Comment #10

mylollipop — Fri, 13 Jan 2006 04:12:20 GMT

Nicey, Nice! How about donating to your favorite charity. If you have the money to do it with, go for it. Now, my Alma Mater...

Comment #9

Prob988 — Fri, 13 Jan 2006 00:49:26 GMT

This is nice to see.I very much doubt I'd be so noble.

Comment #8

Rick G — Fri, 13 Jan 2006 00:41:32 GMT

That was a cool story. Kudos to that WINNER in life, not money.

Comment #7

DoubleDown — Thu, 12 Jan 2006 20:05:14 GMT

I'm impressed.Just goes to show you that the winning tickets sometimes go to the (ultimately ) fortunate ones- kinda like the guy that filed Bankruptcy last summer hitting the Powerball back in December.

Comment #6

emilyg — Thu, 12 Jan 2006 19:29:38 GMT

great story

Comment #5

MillionsWanted — Thu, 12 Jan 2006 19:24:52 GMT

If you already got the money you need, why not?It was a good thing to do.

Comment #4

cps10 — Thu, 12 Jan 2006 18:28:20 GMT

angelm - you are right, seeing as I am from Louisville originally, and my dad went to school in Richmond @ EKU.Todd - yeah, it is a great story. I wish I could afford one day to do something like that for my high school or for Univ. of North Carolina (not like they don't have enough money as it is

Comment #3

angelm — Thu, 12 Jan 2006 16:49:59 GMT

Proves that there are good folks in Ky.

Comment #2

Todd — Thu, 12 Jan 2006 16:38:40 GMT

Isn't it a great story though?The other important thing about this story, that is really unspoken in the article, is about taxes.Everyone always complains about why do you always show the taxes that are withheld by the lottery instead of the 39% that the winner will eventually have to pay? Well, this story is a great illustration of why we do that.This guy is paying zero taxes on his prize, because it's all going to a tax-deductable donation. That's why we only show the amount withheld -- beca... [ More ]

Comment #1

cps10 — Thu, 12 Jan 2006 16:04:15 GMT

I bet Kentucky is pretty stewed up that the money is going to the SOUTH CAROLINA college system....hahaha . What a slap in the face

Kentucky lottery winner donates entire prize to college

Lottery Post — Thu, 12 Jan 2006 15:33:01 GMT

Benedict College gets a big financial boost, courtesy of a Kentucky lottery winner who knows the South Carolina school quite well.Charlie Johnson is a highly successful business owner in Louisville, Kentucky. He is president and CEO of Active Transportation, a company that moves new cars and trucks from assembly plants to dealers.But at Benedict College, they know Johnson as the board of trustees chair, and the donor who paid for scholarships, provided buses for the football team, and threw in t... [ More ]