Florida Powerball winner claims $50 million jackpot

Comment #60

golfer1960 — Fri, 18 Jan 2013 04:30:04 GMT

Yes mcginnin, thank you. How you been brother? I haven't seen you around lately. Are you depressed about Obama winning too (like me

Comment #59

helpmewin — Thu, 17 Jan 2013 23:41:36 GMT

i'm gonna get me a BMW X5

NOW i'm getting excited

Comment #58

neilski50 — Thu, 17 Jan 2013 20:45:39 GMT

Good win. Live day by day your way.

Comment #57

mcginnin56 — Thu, 17 Jan 2013 14:56:47 GMT

But of course golfer. If your going to win big, the QP will always be your best odds and preferred choice of the savvy lottery player.

In a recent seance with Einstein, all these facts were confirmed and approved by him wholeheartedly.

Comment #56

golfer1960 — Thu, 17 Jan 2013 14:40:48 GMT

Wow, another quick pick wins again

Comment #55

HaveABall — Wed, 16 Jan 2013 17:21:57 GMT

Good examples, Piaceri, of how a solo large net lottery jackpot winner could pace the spending of their net millions -- or interest/dividens from that net -- every 1, 3, 5, 7, 10 years or so.

Additional, for a large, net, jackpot winner who lives in a large metro area, they might choose (even if own a car) to mainly turn to purchasing a bunch of yearly or monthly items: train pass, bus pass, boat pass, taxis, limousines, seasonal tickets to opera, theators, sports, spectator, movie passes, mu... [ More ]

Comment #54

Piaceri — Wed, 16 Jan 2013 01:27:33 GMT

This is what I mean about living comfortable vs living large. A single purchase of a BMW 6 Series convertible will eat more than half your $200k budget. Taxes and insurance on a $1m home about $30k-$40k, utilities (electric, gas, water, tv/internet service, phones) will set you back minimum $1.2k per month. And now your $200k budget is down to less than $40k. Add in health insurance, car insurance on that expensive car (plus others if you have more than one). Your finance guy takes a chunk. He/s... [ More ]

Comment #53

HoLeeKau — Tue, 15 Jan 2013 22:42:05 GMT

Absolutely! If he's willing to take on more risk -- and at his age he probably is -- then he can get a lot more.

But even with 20 mil in the bank invested in moderate to high risk ventures that all work out, if he starts thinking he's rich and spending like Brittney Spears, he'll have it blown in 5 years.

Comment #52

Jill34786 — Tue, 15 Jan 2013 20:36:55 GMT

I was answering a comment on a $200k per year budget and not $20 million. A $20 million nest egg clear of all tax obligations is more than adequate to live large for quite some time. This kind of money invested wisely should generate well over $1,000,000 per year without too much difficulty which in itself should be sufficient for most folks on this board.

Comment #51

hotslot3 — Tue, 15 Jan 2013 20:14:15 GMT

How much would it take to live large? If you can't live large on $20 million in this case as some are suggesting. What would be the number, ball park for most here

Comment #50

Jill34786 — Tue, 15 Jan 2013 18:49:48 GMT

Living quite large on 200k per year with no mortgage may still be stretching it. If the winner bought a $3-4 million home the property tax at least in certain parts of Florida would run $70-80k per year. Throw in a few new cars every year and that budget is decimated.

Don't get me wrong but 200k per year can go a long way as long as you don't go overboard. A modest home $800k-1m, a new vehicle every 2-3 years and you will still be able to splurge on several vacations and moderate luxury item... [ More ]

Comment #49

Jill34786 — Tue, 15 Jan 2013 18:34:40 GMT

The Bush tax rates had been in effect for the past 10 years since 2003 so the only issue with someone hitting the jackpot near the end of year was whether they wanted to hold off their tax obligations until the following filing year. The rate was the same either way. If I were in a situation where I won in October and faced the 60-day grace for taking a lump, my choice would be to claim the lump sum even though the additional taxes would be due in roughly 4 months.

The new rates that went in... [ More ]

Comment #48

HaveABall — Tue, 15 Jan 2013 17:55:54 GMT

Thanks, tax account Jill34786, for sharing your expertise.

The only problem with WAITING to claim, IN MY STATE, is that if a MM or Powerball jackpot winner claims more than 2 months after the drawing date, they give up the right to claim the lump sum and are forced to accept payment as a yearly annuity amount. Plus, for those November and December winners, some years, like this year the tax rate brackets aren't published early, by October, for the following year and Congress instead hurts the... [ More ]

Comment #47

Jill34786 — Tue, 15 Jan 2013 17:29:13 GMT

If the winner filed/turned in their jackpot claim in 2012 and then received their payout in 2013, the Federal tax rate will be based on 2012 figures. The most recent PB winners that split the $587 million jackpot adhered to that guideline because they knew the top Federal tax rates were going up.

In years past, many winners have waited to claim their winnings until the new year thereby prolonging their tax obligations to the folowing year.

Comment #46

HoLeeKau — Tue, 15 Jan 2013 16:27:50 GMT

Yeah I'd be living quite large on $200K per year with no mortgage. Comfortable would take maybe $75K.

But I do understand what Piaceri is saying. I remember seeing years ago that Brittney Spears was spending almost a million dollars a month. I'm sure some people would need to feel like they don't even have to think about whether they have enough $$$ to buy something. If they want it, they get it.

Comment #45

HaveABall — Tue, 15 Jan 2013 16:25:45 GMT

Attention all tax accountant, lotterypost members. This is a unique situation for we members to analyze, since this Powerball Jackpot was drawn last year, at a much lower Federal Income Tax top tax bracket % rate. Tax Accountant(s) Professional, would you please explain if the U.S.A. Federal IRS expects to see these Powerball jackpot winners to document the win as when claimed by claim-form (which would be year 2012), or when Florida Lottery Headquarters takes off their lower 25% Federal Income

Comment #44

HaveABall — Tue, 15 Jan 2013 15:58:38 GMT

Thanks, whiteballz, for providing the FULL picture (our only member cleaver enough to know AND post thus far). It was necessary, as even the excellent jackpot analysis page on usamega.com doesn't mention the VITAL 39.6% eventual/full Federal Income Tax Rate that all jackpot winners of $1M+ amounts will have to face (admin could inform us at the top of the page; displaying in January each year the current top federal income tax bracket is changed, writing in italics, yet not necessarily adding in... [ More ]

Comment #43

DG1USA — Tue, 15 Jan 2013 13:52:50 GMT

Congratulations to the McGurran family.

Godspeed.

Comment #42

IPlayWeekly — Tue, 15 Jan 2013 11:48:30 GMT

Congrats, alot of bank to play with

Comment #41

hotslot3 — Tue, 15 Jan 2013 08:19:09 GMT

Just out of curiosity, what how much would someone need to have to live large by your standards? He will be able to live well or comfortable and worry free I would also propose that he can live large as well. My god, he now has about $20 million in cash. A good money manager can get well above some of the $200k/year interest some here have thrown around if he's willing to put some of it in more aggressive investments.

Congrats to the winner! Wish it was me.

Enjoy the money and remember t... [ More ]

Comment #40

rdgrnr — Tue, 15 Jan 2013 08:02:54 GMT

That's super!!!

Thank you, Mr Johnson!!!

Now we're happy shiny people again, yay

Comment #39

whiteballz — Tue, 15 Jan 2013 07:02:56 GMT

that is a good reason. Another reason is the lottery player is taking all the risk when they spend their money on lottery tickets and the government takes no risk. When the lottery player picks the wrong numbers he loses his money, the government loses nothing but if somehow the lottery player picks the right numbers and wins the jackpot, the government takes half.

It's funny, most people consider Canada and Europe to be more socialist than the United States, meaning to say Canada and Europe... [ More ]

Comment #38

JPJohnson — Tue, 15 Jan 2013 05:48:54 GMT

You already make it up to me by reading my post and educating yourself. Jackpot Analysis has the answers you are looking for.

Comment #37

Piaceri — Tue, 15 Jan 2013 02:06:23 GMT

There's a difference between living large and living comfortable. I never said he could not live well. I just said that at the age of 30, and retired, he can live comfortable for the rest of his life. Live large? Buying fancy cars every year or so? Buying multiple lux vacation homes or lux vacations? No. Comfortable and worry free? Yes.

At the age of 30, the temptation to live large is, well, large.

Comment #36

rdgrnr — Tue, 15 Jan 2013 01:45:08 GMT

This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason.

That information has only been on USAMEGA since forever.

Sorry we made you so mad, Mr Johnson.

Is there any way we can make it up to you

Comment #35

Ronnie316 — Tue, 15 Jan 2013 01:32:34 GMT

Comment #34

Ronnie316 — Tue, 15 Jan 2013 01:31:10 GMT

Comment #33

Ronnie316 — Tue, 15 Jan 2013 01:28:53 GMT

I have a friend on payroll who is paying an extra $110. per month in payroll taxes as of this week.

That's on a $50k income................. I don't do fundamental mathematics, but it sounds like a bunch.

Comment #32

Ronnie316 — Tue, 15 Jan 2013 01:25:48 GMT

Keep that shine flowin like a river my friends..........

Comment #31

Ronnie316 — Tue, 15 Jan 2013 01:24:51 GMT

Comment #30

haymaker — Tue, 15 Jan 2013 01:23:47 GMT

Yea, a 10.8 % tax law that was passed in the middle of the night and not reported on by the so called vigilant media.

If that's not bad enough it was made retroactive to the first day of the year it was passed, (2009 ?)

because someone here hit a big JP on 1 of the multi-state games, MM I think, and greedy jersey missed out on the action.

But the retro made up for it.

And Caused a major tax headache for the winner.

How did it happen ?

simple, one person, even one w/a big l... [ More ]

Comment #29

rcbbuckeye — Tue, 15 Jan 2013 01:22:38 GMT

Hey ridge, when you sending my next shipment of 'shine??? I put the check in the mail!

OOPS!

Never mind everybody. Nevermind.

(Uh...ridge, I'll send you a pm).

Comment #28

Ronnie316 — Tue, 15 Jan 2013 01:08:33 GMT

Lots of voluntary explaining going on round here.......

Comment #27

RJOh — Tue, 15 Jan 2013 01:05:55 GMT

This is something you'd think you wouldn't have to explain to people on a lottery website

No one has to explain anything around here but someone is always volunteering to do so. This is the place to be if you don't know much.

Comment #26

Ronnie316 — Tue, 15 Jan 2013 01:04:26 GMT

Finally, someone with a brain speaks up.... Thank you rooster8786

Comment #25

rooster8786 — Tue, 15 Jan 2013 01:00:08 GMT

Actually, the cash payout is not a certain percentage. It is the amount of cash, invested in secured gov't bonds today, it would take to make the annuity payments. Because the interest on gov't bonds is so low, the present cash value has increased dramatically. I think you should ALWAYS take the cash option because gov't bonds may become useless in the future, ESPECIALLY at the rate America is currently spending money...

Comment #24

Ronnie316 — Tue, 15 Jan 2013 00:42:31 GMT

You can be certain, that's just a stunt double.......

Comment #23

Ronnie316 — Tue, 15 Jan 2013 00:40:41 GMT

Thx fer splainin..........

Comment #22

Ronnie316 — Tue, 15 Jan 2013 00:37:32 GMT

Comment #21

Ronnie316 — Tue, 15 Jan 2013 00:37:00 GMT

Comment #20

JPJohnson — Tue, 15 Jan 2013 00:13:57 GMT

He's not taxed on $50 Million. $50 Million is an ANNUITIZED jackpot, the lottery doesn't hide that. He is taxed on his $34.2 Million. This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason.

Cash payouts (before state income tax) are 75% of the advertised CASH VALUE. Mega Millions CASH VALUE is usually around 56-58% of the advertised annutized jackpots. There's a Jackpot Analysis link on the main page... [ More ]

Comment #19

msharkey2001 — Tue, 15 Jan 2013 00:13:48 GMT

I don't know, I think you bear a striking resemblance to one of the dudes on the Discovery Channel reality series Moonshiners .

Comment #18

helpmewin — Mon, 14 Jan 2013 23:24:31 GMT

Comment #17

helpmewin — Mon, 14 Jan 2013 23:23:17 GMT

Comment #16

rdgrnr — Mon, 14 Jan 2013 22:42:41 GMT

Well thank God they ain't no tax on moonshine!

That's what I heard anyway.

I really wouldn't know.

Never seen the stuff around here, that's for sure.

Probably ain't none around here for a hundred miles.

Never will be neither.

Comment #15

Jill34786 — Mon, 14 Jan 2013 22:27:41 GMT

But unfortunately our Government loves getting these tax dollars so they can waste it among themselves.

Comment #14

maringoman — Mon, 14 Jan 2013 21:47:12 GMT

I love the idea of tax free lottery winnings. The reason behind my belief is that winner will spend that money in this economy and will end up paying sales taxes, property taxes, excise taxes, capital gains taxes and dividend taxes, interest taxes

Comment #13

dallascowboyfan — Mon, 14 Jan 2013 20:22:38 GMT

Congratulations to Mr. Mrs. McGurran......

Comment #12

HoLeeKau — Mon, 14 Jan 2013 20:02:50 GMT

Spend 1 M on a house and furnishings and put 15 M in a low risk tax free investment. He'd get at least 200K per year right now, even at today's low rates, and that's tax free. If he can't live really well on that amount, with no mortgage payment, there's something wrong. When the return rates go back up to 6% like they were 10 years ago, he'll be getting 900K tax free. And his initial 15 M stays untouched.

Comment #11

whiteballz — Mon, 14 Jan 2013 19:29:31 GMT

16 mil is nothing to sneeze at but my issue is the 50 million annuitized jackpot is usually what is advertised on billboards and the number that grabs all the headlines. Little do most people know what they'd actually win after taxes isn't even close to the advertised amount. In other parts of the world like Canada and Europe, the advertised amount is exactly what you get since money won from the lottery is 100% tax free.

Comment #10

Piaceri — Mon, 14 Jan 2013 19:10:19 GMT

Sheesh, with that much being taxed, and at only 30 yrs old, you'd be hard pressed to live large on $16m for the rest of your life. Comfortable yes.

Congrats to the winners, and congrats for living in a state with no income tax.

Comment #9

Cletu$2 — Mon, 14 Jan 2013 18:21:00 GMT

Congratulations to the McGurrans.Hopefully they can enjoy their jackpot without the leeches coming out of the woodwork to ruin it for them.

Comment #8

ressuccess — Mon, 14 Jan 2013 17:54:28 GMT

Congratulations to this last jackpot winner in the year 2012.

Comment #7

whiteballz — Mon, 14 Jan 2013 16:43:39 GMT

50 million is the annuitized jackpot. The winner opted for the 32.4 million lump sum but they will never see that amount because 25% is taken out for tax withholding and even more taxes will be due April 2014. With a top federal tax rate of 39.6%, they will get to keep roughly 19.5 million. Good thing for the winner Florida has no state tax on lottery prizes unlike New Jersey which tacks on an additional 10.8%.

Comment #6

rdgrnr — Mon, 14 Jan 2013 16:32:07 GMT

That $32.4 Million is before the government gets their share.

There's no way they'd let him keep that much money.

Comment #5

Ronnie316 — Mon, 14 Jan 2013 15:49:35 GMT

Comment #4

Ronnie316 — Mon, 14 Jan 2013 15:48:02 GMT

That's what I call a quicker picker-up'er

Comment #3

HoLeeKau — Mon, 14 Jan 2013 15:46:13 GMT

Yay for quick picks.

Comment #2

Ronnie316 — Mon, 14 Jan 2013 15:31:01 GMT

Nice win. 32.4 million after bloated government got their share. And the store gets a $25k tip.

Comment #1

LottoGuyBC — Mon, 14 Jan 2013 15:30:30 GMT

Congrats Quick Pick eh

$32.4 Million can buy alot of cheeseburgers

Florida Powerball winner claims $50 million jackpot

Lottery Post — Mon, 14 Jan 2013 15:24:30 GMT

Christopher McGurran overnight went from living a modest life to living large.

The 30-year-old and his wife claimed the $50 million Powerball jackpot drawn last month in St. Petersburg.

It's always somebody, someplace else, and you wonder if somebody won it. It's nice, said neighbor Bud Patten.

McGurran, a heating and cooling technician, bought the winning ticket at a Sweetbay grocery store just minutes from his home. Little did he know at the time that it would be his golden one.

T... [ More ]