PB 320Million$... how does one(JP winner) get the money anyway??

Reply #12

Ronnie316 — Sat, 15 Sep 2012 22:53:00 GMT

Most of my winnings wil be given away.

Reply #11

Brcebrce — Sat, 15 Sep 2012 22:50:59 GMT

You beat me to it Artist. I think CEDARS is insured up to $20 million.

Reply #10

Artist77 — Tue, 21 Aug 2012 22:50:46 GMT

lol Thanks. I only know this based on research for my own future lottery win. Most of my winnings will go into CDs.

Reply #9

mcginnin56 — Tue, 21 Aug 2012 22:42:59 GMT

Reply #8

Artist77 — Tue, 21 Aug 2012 22:12:59 GMT

You can get around the 250,000 limit by using The Certificate of Deposit Account Registry Service, or CDARS...it uses a network of banks across the country to provide the additional FDIC coverage needed. So it basically breaks up the money into groups of $250,000 at various banks.

Reply #7

dallascowboyfan — Thu, 16 Aug 2012 02:52:29 GMT

Welcome to the LP Angfan.....

Reply #6

markman — Wed, 15 Aug 2012 10:34:12 GMT

With a jackpot this large you would lose a lot of interest on your money waiting to collect your prize...As far as I know taxes are due in the year the money is available to you. Delaying claiming the ticket would really complicate your situation with the IRS in my humble opinion.

Reply #5

LottoL — Wed, 15 Aug 2012 10:09:43 GMT

Question: Say you won the Powerball draw tonight 8/15/2012. But you didn't cash your ticket in until 2013.

Is your tax year for declaring your winnings 2012 or 2013?

Thanks in advance.

Good Luck

Reply #4

djklaugh — Wed, 15 Aug 2012 08:33:18 GMT

The feds take 25% up front before you ever get any money from a jackpot. You might need to pay more when you file your taxes depending on what kind of measures you take to avoid paying taxes ( avoiding taxes is legal, evading taxes is illegal). Another good reason to have a good accountant working with you. Accountants and lawyers are licensed by the state and you can check them out with the state licensing board. They also are required to state their fees up front - and give you a written contr... [ More ]

Reply #3

Anfang71 — Wed, 15 Aug 2012 07:28:06 GMT

I see. So I would have to set up more accounts perse? Ok. Well the account you described sounded quite good and hopefuly rather easy to do. Since ofcourse the bank will be doing it. The one where the accounts are all hooked to eachother. So this would mean I'd only need one Credit Card and Pin number, right? Not 100's or thousands? SO the lottery waits for you to have all this set up before you get your winnings? I use a bank called NavyFederal

And shoot I must ask the question on TAX. Since... [ More ]

Reply #2

Pinkpansies — Wed, 15 Aug 2012 03:49:55 GMT

The reason that people might tell you to set up hundreds of accounts is probably because the FDIC will only insure a certain amount in each account if the bank goes under. I know that there are some credit unions in which you can only have a certain amount (usually anywhere from $100,000 to $250,000).

If you needed to make sure that you could have that amount wired into you account, then the best thing to do would be to talk with your local manager or president your bank. They would be able

Reply #1

djklaugh — Wed, 15 Aug 2012 03:49:31 GMT

While you might not need a lawyer to collect a jackpot it would be a very good idea to at least consult a financial advisor before collecting it. They could help you set up the right kind of accounts to deposit the money in, help you plan to avoid as much tax burden as possible, and help you decide on investments etc. You probably would need a lawyer if you want to share the money with family or friends - best to set up a trust or similar legal entity prior to collecting big winnings if you want... [ More ]

PB 320Million$... how does one(JP winner) get the money anyway??

Anfang71 — Wed, 15 Aug 2012 02:39:45 GMT

I'm quite new playing the lottery. I actualy just started back in June. About 2 months ago. I am from Florida but am living in Japan at the moment. Iwent back in June time frame and started playing the powerball...but also the regular Lotto. Ha I was waery to play the Lotto since it was usualy only 1 or 2 million before reseting, although now its about 17 million. I figured if I'm gonna play I might as well go for the Bigger fish!

Ok, ok.... what I am confused about is....If one takes the lu... [ More ]