Florida woman gives away $43 million Lotto jackpot

Comment #69

Tucker Black — Tue, 08 Mar 2016 16:05:50 GMT

This is why I don't bother playing PB or anything with gigantic prizes. The chance of winning is remote, and if you do win, the government takes another 50% on top of the 50% they already got in the original game, for a total of 75% (i.e., you get 50% of 50% = 25%). There is no way I am going to play a game with a 75% house edge. That's why I stick with low-prize high-probability games like pick 3/4 or scratch-offs.

Comment #68

RedStang — Sun, 06 Mar 2016 00:00:50 GMT

Time for Grandma to update those Dentures.

Comment #67

ronki — Fri, 04 Mar 2016 16:25:38 GMT

I hope I don't have to B 90 to hit the big one I'll B broke by then if I even make to 90

Comment #66

LottoPools — Thu, 03 Mar 2016 20:38:10 GMT

Umm, no. You need to check the histories and see just how often the big games are won in New York, or at least the north east.

Comment #65

Joepaul — Thu, 03 Mar 2016 06:42:54 GMT

I notice Florida wins more often than other state . twice in a row a big jackpot is won . I'm not wasting my time playing here in new York. I'm done playing this scam game. The lottery knows where the jackpot winning ticket going to sell. How I know that? I know that because of insider information. People shouldn't waste there time playing because they are never gonna win becahse the lktterlottery already made a deal with whomever they want to win the big jackpot in advance. If you notice, Flori... [ More ]

Comment #64

xstreamgaming15 — Tue, 01 Mar 2016 22:26:26 GMT

Congrats to 90 yr old Mrs. Sorah $43 million is a life changing lottery win it is nice to heard very generous winners give all their lotto winnings to charity. Although getting around $18 Mil after Uncle Sam gets his cut why not keep one million to herself. My mom tells me if she doesn't hit the jackpot she'd be happy winning only a million dollars.

Comment #63

mikeintexas — Tue, 01 Mar 2016 21:33:44 GMT

Well, as has been mentioned before, there's the annual gift exemption max at 14 grand/28 for a married couple. I'm single and have no children, so there's no one besides my nieces and nephews and their families to inherit my estate. I know $14k isn't a HUGE amount, but I'm sure it would make life a little easier for whoever I gifted. It's $1166/month tax free to them, or if they're working, it's $6.73/hr. extra f/ a 40 hr. week. That could be a house payment and utilities (depending upon where t... [ More ]

Comment #62

lucky6025 — Tue, 01 Mar 2016 18:48:57 GMT

I'm not crazy about Government taking taxes on lottery, as long as it gets used for GOOD Cause...But some States, Mass. being one of them has ruling will only pay out to 1 winner. So if you are in a lottery pool or play with family members. 1 person collects the winnings and gets taxed 25% fed/ 5% state on that win, then when tax time comes around might get another 14.5% more taxes added on. Plus when he/she divides up the winnings to those that played with him. New taxes..

don't really know... [ More ]

Comment #61

music* — Tue, 01 Mar 2016 15:28:45 GMT

The IRS may be hiring debt collectors. They should receive the same treatment. SCAM , SCAM

The IRS has always told taxpayers that they do not call you on the phone. They use mail and have you call them.

Comment #60

mypiemaster — Tue, 01 Mar 2016 15:24:59 GMT

The Government has no business taxing lottery winnings in the first place. Most countries around the world do not tax lottery winnings. Washington is bent on bending us over and grabbing as much cash as they can and they don't even use that money, to maintain the crumbling infrastructure here at home.

Comment #59

lucky6025 — Tue, 01 Mar 2016 14:43:24 GMT

it gets so confusing as to taxes. what you owe and can avoid. Best bet is talk to several tax experts and then make a decision.I would talk to them write down what each said the go home and look it up on computer, just to make sure, what was said is true before making that decision. You are talking millions of dollars you might or might not owe or the person you are going to give it to. I would rather spend the time than just give it to Government, to which already took huge chunk in first place... [ More ]

Comment #58

Bleudog101 — Tue, 01 Mar 2016 13:50:07 GMT

Bet he has a strong accent. He got pissed (same guy, different area codes) when I said it is an IRS regulation that you have to be proficient in English. I made that up. Another time told him this is not a DC area code. I always call back to eff with them...he says 'see you in the courthouse'! lol

Comment #57

rcbbuckeye — Tue, 01 Mar 2016 13:25:58 GMT

LOL.

Some a-hole from upstate New York calls me for a week straight every couple months threatening me with prosecution if I don't call back.

Comment #56

Bleudog101 — Tue, 01 Mar 2016 13:19:15 GMT

Still waiting for the scam lottery winning phone call. Got 'lucky' that several IRS scammers have called and once a computer virus scam phone call came in.

Next time a fake IRS call comes in I'll ask @ the end of the conversation what my taxpayer ID # is!!lol

Comment #55

rcbbuckeye — Tue, 01 Mar 2016 12:53:14 GMT

LOL.

Years ago when I lived in Ohio he was a congressman. He's a liberal Democrat who was always pushing for gun control and I happened to meet him at some kind of function. I cornered him and told him what I thought of his gun control. I don't think he liked it much.

Comment #54

OneTrickpony — Tue, 01 Mar 2016 11:58:24 GMT

Well, so much for that idea. Guess I'll just have to keep all the money.

Comment #53

mypiemaster — Tue, 01 Mar 2016 11:55:22 GMT

Hopefully, they have very good loving kids, instead of those nutty kids that have visions of patricide/matricide dancing in their heads. Pray that they get to enjoy some of that money. They deserve it.

Comment #52

myturn — Tue, 01 Mar 2016 05:43:22 GMT

It makes perfect sense for the lady to play, not least because she gets enjoyment from playing. It will give the couple more financial security, I believe they will keep some of the prize money. I also believe they will donate some to charity. Relatives and friends may benefit, now or in a future will. It would be better for the couple, if they could retain their privacy and distribute the money at their own pace.

Comment #51

mikeintexas — Tue, 01 Mar 2016 04:19:49 GMT

I'd like to take a Pease on Congress.

Comment #50

LottoMetro — Tue, 01 Mar 2016 03:50:30 GMT

Hey I got an email from Prince Nerubian who claims that he inherited some of Miss Sorah's winnings and wishes to share the wealth with me.........

I think I can scrape up the $50,000 deposit he needs to process the transfer, what do you think, should I go for it?

I am concerned TurboTax will be unable to complete my taxes for 2016 due to the digit limitations

Perhaps I could get Mr. Nerubian to invest the funds into an annuity for me

Comment #49

whiteballz — Tue, 01 Mar 2016 03:05:20 GMT

I saw someone talk about the Donald Pease limitation too. It is strange Pease limits deductions for charitable contributions but it has no limit for gambling loses.

http://www.forbes.com/sites/greatspeculations/2013/01/09/pease-limitation-puts-a-lid-on-itemized-deductions-for-wealthy-folks/#9f9a996528a1

Comment #48

Silvergirl7 — Tue, 01 Mar 2016 02:20:04 GMT

Makes no sense to even play and then give it away. No sense at all.

Comment #47

mikeintexas — Tue, 01 Mar 2016 02:14:02 GMT

From the IRS site: Charitable Contribution Deductions

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases. Exempt Organizations Select Check uses deductibility status codes to identify these limitations.

Comment #46

OneTrickpony — Tue, 01 Mar 2016 01:56:58 GMT

No, I'm saying that if you win $100 million, they only deduct 25% for Federal taxes (assuming you live in Florida with no State income or lottery tax). You will still owe 14.6% when tax time rolls around for a total of 39.6%. BUT if you give away all the money you had after they withhold the required 25% Fed tax, the charitable contribution of $75 million is TAX DEDUCTIBLE from your winnings. So as far as the IRS is concerned, your obligation for Fed taxes is on the $25 million they were 'holdin... [ More ]

Comment #45

LottoLucy — Tue, 01 Mar 2016 01:34:14 GMT

You're welcome. I think getting professional advice when you win will probably pay for itself many times over.

Comment #44

LottoLucy — Tue, 01 Mar 2016 01:22:23 GMT

I think that $32 million figure mentioned was just someone rounding up the gross cash value of the $43 million dollar annuity jackpot. They actually got $31,042,330.67 cash before taxes.

The jackpot winner has given me a gift: a new research project learning about Dynasty Trusts. I'd love to be able to give whatever I haven't spent to future generations while giving the IRS as little as legally possible.

Comment #43

Stack47 — Tue, 01 Mar 2016 01:05:54 GMT

It doesn't look like they consulted with a lawyer.

Comment #42

zephbe — Tue, 01 Mar 2016 00:58:27 GMT

I love the fact that she was still playing at 90. Gives me hope. Congrats to her.

Comment #41

whiteballz — Tue, 01 Mar 2016 00:57:20 GMT

Say I won $100 million. They would chop $25 million in Federal taxes off the top, so I would divide the rest to several charities. But, what people tend to forget is that I would only be paying taxes on the $25 million held by the IRS after all is said and done. So $25 million taxed at 39.6% will be $9,900,000 in taxes and I will get back $15,100,000 (or there about).

Wait, are you saying if someone won a $100 million lump sum from the lottery, only $25 million is considered taxable income b... [ More ]

Comment #40

Teddi — Tue, 01 Mar 2016 00:00:04 GMT

Taxes why should they worry what they have to pay They didn't have the money before so anything is better than nothing.

Because it's money. I have to say, I've never understood when people say it's more than they had before . Yes. But it's money. I know that psychologically people are more willing to spend money they are given and not earned, but again, it's still money.

They're already going to give the government millions in taxes, why should they give millions more unnecessarily? Maybe... [ More ]

Comment #39

Teddi — Mon, 29 Feb 2016 23:47:26 GMT

I saw that someone did the calc and showed after taxes they would net $32M. which is what I based my own calculations on. But that is incorrect. After the entire 39.6%, they'd end up somewhere around the $26 million mark. That's a big difference. So take away their lifetime exclusion and we're looking at roughly $15 million they'd have to pay gift taxes on. Aren't gift taxes at 40%? If so, then they're throwing away $6 million. Still a big chunk of cash.

But you're right about those elderly... [ More ]

Comment #38

KY Floyd — Mon, 29 Feb 2016 22:24:36 GMT

So all this * time ( years perhaps) you have been reaching into your pocket, shelling out your own money hoping to win, and then come to the conclusion that it's best just giving the millions away?

Maybe all this time they've been buying tickets hoping they'll win so that they could give a lot of money to their kids, or charity, or whatever.

Yes, I hope they consult with a tax attorney and CPA before making a final decision.

That ship has already sailed. They're already 90, so it doe... [ More ]

Comment #37

DELotteryPlyr — Mon, 29 Feb 2016 22:21:06 GMT

Yea, this is where a trust would have worked better for them. Put all the family members in the trust.

Comment #36

BuyLow — Mon, 29 Feb 2016 21:49:36 GMT

She didn't say when she was giving it away. Maybe she's going to put it in a trust to generate income for her family members and then the trust will pass to them once they pass away.

Comment #35

faber98 — Mon, 29 Feb 2016 21:08:56 GMT

it's really just a smokescreen to keep strangers from bothering them. smart move. probably are giving most of it away but not all of it. sure they are keeping a few bands of hundreds sealed in the wall of their house for a rainy day. this saying you are giving it all away ploy has been used before by people not wanting attention drawn to them and the constant barrage of requests for handouts which people lick their chops over the fact that they are old and easy prey. only drawback is if they nee... [ More ]

Comment #34

Gleno — Mon, 29 Feb 2016 16:17:55 GMT

02/29/16 11:17 AM

Smart Senior to give her Jackpot to her family while she and her husband are both alive. Hopefully the family will handle it wisely.

Comment #33

TheMeatman2005 — Mon, 29 Feb 2016 14:50:24 GMT

Congratulations to the lucky couple and their family.

Comment #32

CARBOB — Mon, 29 Feb 2016 14:16:00 GMT

I remember! LOL

I only hope those real relatives appreciate, what she and her husband are doing

Comment #31

music* — Mon, 29 Feb 2016 14:06:43 GMT

LottoLucy, Thank You for your clarification and help. I will depend on my CPA when I win.

Comment #30

schmuckatelly — Mon, 29 Feb 2016 13:20:56 GMT

Cousin Bob? I remember when we used to jump of the trampoline and into the pool at Aunt Ruby's house!

Aunt Ruby, did you get my Christmas card this past Christmas

Comment #29

OneTrickpony — Mon, 29 Feb 2016 12:59:26 GMT

Yes, I hope they consult with a tax attorney and CPA before making a final decision. I think giving people who are not used to having millions of dollars in one fell swoop could be detrimental. But doling it out over many years is not only prudent, but a healthy legacy.

I myself have thought that if I ever won a huge jackpot and I couldn't keep my identity a secret, I would announce that I was giving all the money to charity. That would hopefully deter some of the bombardment from flim flam a... [ More ]

Comment #28

myturn — Mon, 29 Feb 2016 12:24:27 GMT

If the delightful couple were British, they could remain anonymous and the prize money would be tax-free.

Comment #27

Bleudog101 — Mon, 29 Feb 2016 11:19:07 GMT

Agreed, however you and I both know as other LP members that folks have been robbed, killed over lottery winnings.

Comment #26

CARBOB — Mon, 29 Feb 2016 09:40:10 GMT

Hello Aunt Ruby, forgot you lived in Largo. Call me

Comment #25

Suzy-Dittlenose — Mon, 29 Feb 2016 09:38:35 GMT

Very good point. Give the media disinformation and send them on a wild goose chase. I'll have to keep that in mind when I win.....

Comment #24

noise-gate — Mon, 29 Feb 2016 05:54:42 GMT

My thought exactly. So all this * time ( years perhaps) you have been reaching into your pocket, shelling out your own money hoping to win, and then come to the conclusion that it's best just giving the millions away

Comment #23

myturn — Mon, 29 Feb 2016 04:14:33 GMT

Congratulations to the couple. They will be inundated with relatives visiting. The will also have to review security at their house, or move to try and restore some privacy.

State governments, that require winners to be publicly identified, really need to rethink that policy, before something dreadful happens.

Comment #22

picktowin — Mon, 29 Feb 2016 03:37:32 GMT

Taxes why should they worry what they have to pay.

They didn't have the money before so anything is better than nothing.

Besides it wasn't theirs to begin with

Grandma and Grandpa think twice.

Comment #21

picktowin — Mon, 29 Feb 2016 03:34:51 GMT

I hope the family appreciate it.

So many kids just let the old people sit alone and care about themselves.

I know as my mother was 95 and there is 6 kids and only my sister and I cared about her.

The resthadno time but believe me when she was dying the others sure came around as they knew there was something there to get.

To make a long story short I am spending my money.

If there is some left they will get it.

As long as I can enjoy life I am going to.

Sure not going to sit... [ More ]

Comment #20

LottoLucy — Mon, 29 Feb 2016 03:22:42 GMT

I think their tax bill would only be about $3.2 million. They get about $18.8 after taxes, can exclude $10.9 million and the top gift tax rate is 40% on what is left. It is still crazy, crazy, crazy.

Then I was thinking....maybe she is crazy like a fox! You probably don't get to be 90 without learning a thing or two. So she tells the media that she is giving it all away to family so no one bothers her or asks her for anything. Has any one ever seen this so called family? Those could be models... [ More ]

Comment #19

LottoLucy — Mon, 29 Feb 2016 03:00:33 GMT

That $14,000 is only the ANNUAL exclusion and both spouses can give that much away so really it is $28,000 per married couple. Then they have their Lifetime Exclusion which is $5,450,000 per person in 2016 or $10.9 million per couple they can give away. So while they can't give it all away they can give a good chunk of it away without incurring tax. That $5.45 million figure is for estate and gift tax so the estate might have to pay estate tax on anything they had left but in the mean time they... [ More ]

Comment #18

Teddi — Mon, 29 Feb 2016 02:49:58 GMT

This is a great story and it's nice to hear how many people think kindly of them. I get it. At 90 the house is probably paid, debts are gone and they've settled into this comfortable routine. Why change what you're happy with?

However, even though it is a lot of money that the family never had before, why-o-why would they give away so much in taxes for no good reason? My estimate puts them throwing away about $8.5M assuming each spouse is allotted ~$5.4M before the gift tax kicks in.

Mayb... [ More ]

Comment #17

Tony Numbers — Mon, 29 Feb 2016 02:38:05 GMT

People can say anything they want to the cameras, it doesn't mean they will follow through. I'm writing my jackpot story right now, knowing it's going to make those lottery posters twist.

Comment #16

brees2012 — Mon, 29 Feb 2016 01:37:54 GMT

When ever , I win the lottery , I will share my winnings

with 10 people and donate to charities .

I will make sure all 11 of us live with in our means .

No Mansions , No Luxury vehicles like into the $100,000's ,

etcccc ..... I've many charities to give too.

Make the money last for Generations .

This isn't my entire plan there's much more

Comment #15

Groppo — Mon, 29 Feb 2016 00:43:55 GMT

Even with 18.6 million (according to Music*'s calc.) left in liquid, it's hard for me to believe they're not going to give some of it away.

Even though Florida is a 0% lotto tax state, according to usamega.com, whoever claims it is going to pay 25% Federal tax, right off the bat. Then, I don't know how the individual states calculate the lotto tax, if they are a state that will tax your lotto winnings. Do they look at last year's returns? Who knows what would have been better?

But, they're... [ More ]

Comment #14

Groppo — Mon, 29 Feb 2016 00:12:34 GMT

Music* figures they'll end up with 18 million.

I just hope I get 1/18 as lucky as them, some day, after taxes.

Comment #13

Groppo — Mon, 29 Feb 2016 00:08:33 GMT

Yes, My Pie Master, I agree 100%.

Comment #12

Groppo — Mon, 29 Feb 2016 00:06:02 GMT

Yes, isn't that the doggone truth

Comment #11

Groppo — Sun, 28 Feb 2016 23:59:38 GMT

It's a doggone shame the older Ms. didn't have some more years to enjoy this money. She did the right thing, and you and I are on the same key as to what we'd do with it if we became her age by that time. (and the way it looks, I hope just to live to 90.)

She has no needs now, whatsoever. It'll all be taken care of for her, and her husband.

NICE HIT GRANNY

Comment #10

ohiopick3 — Sun, 28 Feb 2016 23:29:55 GMT

Congratulations to the family members. I hope I win big before I am 90? Or else I would be doing the same thing she did.

Comment #9

OneTrickpony — Sun, 28 Feb 2016 23:17:00 GMT

Aw, that is so great! It's nice when down to earth people win.

Comment #8

dallascowboyfan — Sun, 28 Feb 2016 22:14:35 GMT

Congratulations Ruby

Comment #7

music* — Sun, 28 Feb 2016 21:45:58 GMT

Ruby, Congratulations on winning and living that long. 90 years.

Here I am considering taking the 30-year annuity and you give me hope that I can live that long.

Here is a common quote among senior citizens, I did not expect to live this long.

Comment #6

music* — Sun, 28 Feb 2016 21:39:33 GMT

After the IRS gets 40% they will end up with $18.6 million.

The gift tax could also be 40% or higher if you give a person more than $14,000.00 per year.

Comment #5

mypiemaster — Sun, 28 Feb 2016 20:58:19 GMT

Maybe they are just pi$$ed off they didn't win it in their twenties or even sixties. I would be pi$$ed off too, for crying out loud.

Comment #4

savagegoose — Sun, 28 Feb 2016 20:10:35 GMT

was my 1st thoughts. maybe they dont plan on giving it straight away, but over time and make sure everyone gets a cut. I mean gove it to one or 2 people and you rely on them sharing it. theyre in no hurry nice iea, but i would keep a little something for my old age

Comment #3

Raven62 — Sun, 28 Feb 2016 20:04:31 GMT

Why even claim the Winnings if you're giving it away to Family? Let the Family Claim it and Avoid the Gift Tax

Comment #2

dr65 — Sun, 28 Feb 2016 19:15:54 GMT

She looks absolutely fabulous!

90!

She looks like a nice lady too. They probably were happy with their lives so far and thought

why change now....give it to the younger people to enjoy.

Comment #1

amber123 — Sun, 28 Feb 2016 19:10:02 GMT

Lucky family members.

Florida woman gives away $43 million Lotto jackpot

Lottery Post — Sun, 28 Feb 2016 19:04:19 GMT

Florida Lottery officials said a Largo woman was the winner of a $43 million jackpot, and she said she's not keeping a penny of it.

Ruby Sorah, 90, matched all six winnings numbers in the February 17 Florida Lotto drawing.

Officials said Sorah chose to receive her winnings in a one-time, lump-sum payment of $31,042,330.

Though she wouldn't go on camera, Sorah told local media that she and her husband, also 90 years old, were giving the whole jackpot away to family and they have no plans... [ More ]