where's the pb winner

Reply #22

BaristaExpress — Fri, 04 Nov 2005 16:55:00 GMT

Lets see if I can explain this in simple terms, so it can be understood. Income is income no matter what (right?), of course it is! Lets say, you won some money in what ever tax year and you have up to 365 days from the date of winning said money to go claim/collect your winnings. What is the IRS going to go by for said income ? Is the IRS going to go by when you claimed your money (365 days after you won)? or is the IRS going to go by the original date you won the money? This is a no braini... [ More ]

Reply #21

Chewie — Fri, 04 Nov 2005 13:48:34 GMT

Tax wise, it should be just like any other income. Earned/unearned income is accredited on the date of the performance; in this case, it would be 2005.But, it appears to be mute now. New conference on Tuesday will make it 2005.

Reply #20

dvdiva — Fri, 04 Nov 2005 03:07:34 GMT

I've always been under the impression it's when you pick up the check but since I haven't won I haven't looked at it closely. Wonder if there was an initial case that changed it.

Reply #19

BaristaExpress — Thu, 03 Nov 2005 19:47:03 GMT

I would hope he's seen an expert on that but since he doesn't have the money until he claims the prize it would be taxed based on when he picks up the check not based on when he won.dvdiva, sorry you're still incorrect on your statement! Remember when Jack won his millions on Christmas day in 2002? Well, he claimed his money/check after the first of the year! Yes, uncle sam took their money before he received his check in 2003. But he had to claimed the money on his taxes for the 2002 tax year,... [ More ]

Reply #18

fxsterling — Thu, 03 Nov 2005 15:40:59 GMT

and a mm winner fox news would be jumping

Reply #17

shalini — Thu, 03 Nov 2005 15:37:37 GMT

funny funny

Reply #16

ryanm — Thu, 03 Nov 2005 15:35:27 GMT

lol It may have happened quite a bit this year due to that bs winning streak from January - March.

Reply #15

Chewie — Thu, 03 Nov 2005 15:18:06 GMT

Now we need TWO Powerball winners to step up!How often would MUSL be placed in a position, where some one calls and says I won the jackpot and they would have to ask, which one

Reply #14

sirbrad — Thu, 03 Nov 2005 15:17:57 GMT

The longer he drags it out, the more it will be publicized. He would be better off to just get it all over with, and probably suffer less stress also. Just to think all the stuff I could have had by now with that money, and the winning ticket is still in a safe deposit box, or underwear drawer. He can't dodge the media forever, he is only making himself more sought after. Just do the freakin press conference already! Or give me the ticket to do it for you.

Reply #13

fxsterling — Thu, 03 Nov 2005 14:59:34 GMT

if he has tax problem 3 days to clean up the fact is the press and people will not let down is a given and if mm rolls over more light will be put on him

Reply #12

Chewie — Thu, 03 Nov 2005 14:31:33 GMT

There is zero correlation between luck and intelligence.

Reply #11

bellyache — Thu, 03 Nov 2005 06:14:33 GMT

I think Steve West is waiting for the media and press to die down before he validates his ticket. But since someone spotted him on Good Morning America earlier today, that wouldn't make much sense.

Reply #10

dvdiva — Thu, 03 Nov 2005 05:35:16 GMT

I would hope he's seen an expert on that but since he doesn't have the money until he claims the prize it would be taxed based on when he picks up the check not based on when he won.

Reply #9

NightTrain1234 — Thu, 03 Nov 2005 05:30:02 GMT

Maybe he is wanted by the law or has a bunch of out of wedlock kids

Reply #8

shalini — Thu, 03 Nov 2005 03:42:48 GMT

I wonder what he looks like...how come no photo ops

Reply #7

NightTrain1234 — Thu, 03 Nov 2005 03:26:36 GMT

The tax is withheld from his first payout whether a lump sum or an annuity. The Tax Man always gets his cut first

Reply #6

BaristaExpress — Thu, 03 Nov 2005 03:02:45 GMT

dvdiva, that's incorrect! He pays the tax in the year he won it in! It's doesn't go by when he claims the money! The drawing was held in Oct. 2005 and won, so his tax will be applied to the 2005 year

Reply #5

dvdiva — Thu, 03 Nov 2005 02:46:45 GMT

The delay is obvious, if he claims now he pays tax now if he claims after Jan 2 then he pays tax later. It's not rocket science.

Reply #4

Chewie — Thu, 03 Nov 2005 01:05:18 GMT

I've yet to see anything on the advertisement that says $540M - plus any interest accumilated while you make up your mind whether to fish or cut bait. There is more then one reason why they want you to take your time before claiming the money. Like you can't make the claim, and spend the waiting period getting the financial team together. Multi-tasking doesn't cease when you win, it starts. Its all part of the IQ test.

Reply #3

DirtyWrat — Thu, 03 Nov 2005 00:43:55 GMT

Vedy, vedy intresting.

Reply #2

TheGameGrl — Thu, 03 Nov 2005 00:42:05 GMT

hmmm...good point! Makes one wonder if the person waits til the first of the new year if any of that prize winning interest becomes theirs as well. Doubtfull, but certainly worth investigating what the policy is on that matter. I'm sure someone will chime in with the factual data .

Reply #1

Chewie — Thu, 03 Nov 2005 00:40:40 GMT

The money IS making interest. For the state! Haste makes waste, was never more true.

where's the pb winner

fxsterling — Thu, 03 Nov 2005 00:23:25 GMT

2 weeks is too long the money could be making intrest