Ohio couple hits lottery jackpot

Comment #13

Chewie — Sun, 29 Jan 2006 02:44:42 GMT

The interim problem is, not only don't we need a tax expert of the caliber a multimillionaire would need, but we can't afford one right now. So the real answer about taxes will be up for discussion until the world ends - unless one of us hits the big one. Then we probably wouldn't come back in a year and provide knowledge updates.

Comment #12

justxploring — Sat, 28 Jan 2006 23:17:03 GMT

I agree that the taxes are too high almost everywhere. In FL there is no state income tax, but I always question the posts that state 28% Federal Tax. Isn't the maximum 35%? It used to be much higher. I always thought that 25% was deducted by the lottery and then the winner is responsible for any additional tax owed. I've done a lot of googling and I believe someone who earns a million dollars is in the 35% bracket. Please advise if I'm wrong. So in a state like NC where taxes can reach 8%,... [ More ]

Comment #11

Chewie — Sat, 28 Jan 2006 22:14:29 GMT

Your numbers didn't come through, althought the 3.,5% did. I remember several threads about Ohio winners where they wound up in court because the city added taxes to their annuity winnings, and the county jumped on board. NJ has that one thing in its favor, no tax on NJ winnings. They get you big time if you win one of the PA or NY lotto's and stay in NJ, but you're safe winning inside the state.

Comment #10

justxploring — Sat, 28 Jan 2006 19:43:39 GMT

I don't think the taxes are high when you look at the above calculations. The prize was a lump sum of $500,000. That being said, I don't think lotto winnings should be taxed at all. In this case, either the lump sum was more than 50% of the $1M jackpot or they still might owe Federal tax next year when they file.

Comment #9

Chewie — Sat, 28 Jan 2006 19:13:54 GMT

Remember, Ohio is one of those states who has an obssession with screwing their citizens attempt to advance themselves. State taxes, county taxes, and city taxes on any winnings are common. Exactly what the Founding Fathers had in mind when they created America - NOT

Comment #8

psykomo — Sat, 28 Jan 2006 19:05:50 GMT

LOTTO PIE........ taste googoud ..........Hope you get to sample it with your neighbor, Edeeeeee Starcher..........LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!PSYKOMO

Comment #7

LckyLary — Fri, 27 Jan 2006 03:56:45 GMT

After tax cash value usually comes out to about 1/3 the advertised annuity jackpot, or about 2/3 of the cash option. 50K/year would have been pre-tax. Lump sum of 1/2 of 1 million is 500K so the 357K is slightly more than 1/3 of 1 Mill, 2/3 of 500K.

Comment #6

justxploring — Thu, 26 Jan 2006 23:24:21 GMT

Has to be after taxes. First thing I thought as I read this article was typo because who would play if the lump sum was less than 1/2 of the advertised jackpot? So I went to the Ohio site and they have a link to cash option calculation. If you put it 1.0 (for one million) this is what you get: Oops. somehow the figures aren't copying. Sorry. I'm trying to delete this. Anyway, it shows the way they get to $357,000.STATE TAX ANNUITY PAYMENTSCASH OPTIONANNUALPAYMENT: PRESENT DAYCASH VALUE: FED... [ More ]

Comment #5

CASH Only — Thu, 26 Jan 2006 22:05:34 GMT

Probably after withholding. Although OH won't pay the full cash value in Lot O'Play if someone doesn't want the annuity.

Comment #4

DoubleDown — Thu, 26 Jan 2006 20:03:15 GMT

So the lump sum was $ 357,500 BEFORE taxes

Comment #3

mylollipop — Thu, 26 Jan 2006 19:44:37 GMT

Say a Little Prayer of THANKS...Amen

Comment #2

fxdwg — Thu, 26 Jan 2006 14:25:37 GMT

MikeWhere did you get that?The way I read,,,,,, they took a lump sum payment of 357,500 rather than a 20 year annuity of 50,000 a year totaling 1 million

Comment #1

LOTTOMIKE — Thu, 26 Jan 2006 13:52:32 GMT

over 600,000 in taxes taken out????insane.....

Ohio couple hits lottery jackpot

Lottery Post — Thu, 26 Jan 2006 13:33:01 GMT

Even before they won a $1 million prize in the Ohio Lottery, Gregory and Shelley West, of Marietta, were winners to their next door neighbor, Edee Starcher. I'm so excited for them. They are perfect neighbors, Starcher said. If Shelley makes a wonderful dessert, she'll bring some over and say, Finish this.' The couple visited Starcher, of 622 Seventh St., Sunday to relay the good news that they had just won one of the 20 prizes of $1 million in the lottery's $200 Million Cash Spectacular insta... [ More ]