If you won the lottery, would you wait until 2017 to claim?

Reply #41

QuickDrawDude — Sat, 26 Nov 2016 02:06:25 GMT

Thanks for asking. I'm going to claim my winning Power Ball ticket after the New Year. In the meantime, I'll be using up my sick days at work and buying everyone shots at the pub.

Reply #40

wander73 — Thu, 24 Nov 2016 19:11:03 GMT

Get a family spokesperson for you. Write something and get a lawyer to proof read it and make sure that you're cool with it.

Reply #39

wander73 — Thu, 24 Nov 2016 19:08:58 GMT

I voted no I wouldn't wait. Maybe you should wait. so really there needs to be another voting option. Here is the thing and I brought this up too.

Three things to do.

Get a lawyer, accountant, financial planner advisor.

Call the mortgage company where my mom is still paying outrageous principal amt that my father stressed over about. Not going to get into details. Find out if there is a different solution to the problem.

If I were to hit I would buy a foreclosed prope... [ More ]

Reply #38

Guru101 — Thu, 24 Nov 2016 15:36:05 GMT

No. I want my Lamborghini as soon as possible.

Reply #37

noise-gate — Wed, 23 Nov 2016 04:29:06 GMT

Three months? That's outrageous.

Reply #36

faith117 — Wed, 23 Nov 2016 04:19:20 GMT

I would like to wait but I can't ....I would not be at peace I would go to my secret location about 25 times a day to check on my ticket so in order to prevent all the unnecessary walking and running to check on this 200 million I am cashing my ticket the very next day

Reply #35

TheGameGrl — Tue, 22 Nov 2016 17:39:11 GMT

Time *IS* money..spare it wisely.

I'd claim it the next day..wait my six weeks.....and then another three weeks after deposit. Taxes are a given...but time isn't.

Reply #34

Skibunnylk — Tue, 22 Nov 2016 16:29:13 GMT

Have you ever filed a tax return? FYI, you use the previous year tax rate and codes when you file in April of the new year.

Reply #33

ArizonaDream — Mon, 21 Nov 2016 02:02:05 GMT

No. Each April you file/pay the previous year's taxes.

Remember: you ll file in 2016 using the 2015 rates.

Above quote is from the end of this article-

http://www.forbes.com/sites/kellyphillipserb/2015/12/21/irs-announces-2016-filing-season-start-date-and-a-delayed-tax-day/#16d844d5336a

Reply #32

Kingofearth — Sun, 20 Nov 2016 18:37:41 GMT

At 2018 rates.

Because you're paying it in 2018, you use the 2018 rates.

Reply #31

ArizonaDream — Sun, 20 Nov 2016 14:44:08 GMT

At 2017 rates.

Your answer, which we all know anyway (and leaves out the upfront withholding), didn't address my question at all.

Reply #30

Kingofearth — Sun, 20 Nov 2016 02:55:00 GMT

http://www.txlottery.org/export/sites/lottery/Documents/jackpotestimates/pb20161119.pdf

Nope.

You'd get $195.7 Million, before taxes if you (oranyone else) wins tonight.

Reply #29

EdG1955 — Sun, 20 Nov 2016 01:39:50 GMT

Arizona doesn't do direct deposit, they only pay by check and it takes 3 weeks for payout. Then there's the time waiting for the check to clear. That puts it so close to the end of the year that with a win today, it would be silly not to wait and defer the extra taxes until 2018.

As for constructive receipt, how many times have we heard oh I put it in a drawer and didn't look at it for 6 months . I wouldn't worry too much about a few weeks.

Reply #28

TheMeatman2005 — Sat, 19 Nov 2016 17:37:25 GMT

If I won the Powerball, collected this year and took cash value I would get $202 mil.

From the $202 mil, the lottery withholds 31% for taxes and I would get $139.38 mil

I am a NYS resident and would have to pay the remaining 17% of taxes of $34.34 mil on 4/15/17.

If I waited until Jan 2, 2017 to claim, I could invest that $34,340,000 and make interest until the following April of 2018 when the taxes would be due.

Reply #27

Rexer90 — Sat, 19 Nov 2016 06:41:17 GMT

Sometimes as much as 3 months before you see the check.

Reply #26

Kingofearth — Sat, 19 Nov 2016 06:28:36 GMT

If you claim the prize in January 2017, you won't pay taxes until April 2018.

Reply #25

Sunglasses — Fri, 18 Nov 2016 21:55:01 GMT

This poll reminds me the whiners club forum there was.

Reply #24

Drenick1 — Fri, 18 Nov 2016 21:44:53 GMT

I may be wrong but I don't think any state that participates in MUSL is able to payout a PB or MM jackpot inside of two weeks after the drawing.

Reply #23

Toronto — Fri, 18 Nov 2016 21:32:30 GMT

Depends on the State. Some payout in as little as 2 weeks (Delaware

Reply #22

Drenick1 — Fri, 18 Nov 2016 21:10:29 GMT

Having the funds deposited into your account a few days prior to the new year doesn't make much sense. I just hope the tax laws are changed with the Trump presidency ASAP as many folks would benefit including any jackpot winner.

Reply #21

music* — Fri, 18 Nov 2016 19:58:02 GMT

Thank You Skibunnylk. Are you waiting for the snow so you can ski? Have fun

Reply #20

Skibunnylk — Fri, 18 Nov 2016 13:36:45 GMT

I think anyone with common financial sense would wait. If the jackpot was won this weekend and the winner claimed it Monday the earliest they would receive their funds would be after Christmas. Those few days aren't worth the tax obligations that would be due in April, 2017. By waiting until January 2, 2017 the tax obligations won't be due until April, 2018 and there is a good chance the top tier federal rate would be less.

Reply #19

Skibunnylk — Fri, 18 Nov 2016 13:29:27 GMT

This is a multi state lottery you would not be able to show up at your lottery office the following day and expect to get your check. That process will take 4-6 weeks.

Reply #18

ArizonaDream — Fri, 18 Nov 2016 01:17:43 GMT

Monday Jan. 2 really. Maybe Jan 3, if the lottery office does the observed holiday thing on Monday.

Reply #17

aux8b — Thu, 17 Nov 2016 23:08:13 GMT

Wait untill 1 Jan 2017. Check Please.

Reply #16

helpmewin — Thu, 17 Nov 2016 22:54:20 GMT

If you won the lottery

Well i said i would wait

Reply #15

noise-gate — Thu, 17 Nov 2016 20:25:26 GMT

lf you won either jackpot in California right now: you have to wait 6-8 weeks to get your cheque. So it's 2017 whether you like it or not. In a word- Bummer

Reply #14

Toronto — Thu, 17 Nov 2016 19:03:03 GMT

They can do it retroactively to cover the year.

Reply #13

Unluckyone — Thu, 17 Nov 2016 17:23:11 GMT

I would definitely wait. If any of us were to win, it would belate December before the wire transfer even makes it into our bank account. I am willing to wait a few extra weeks in hopes of changes in our tax laws as well as not owing any additional taxes until 2018.

Reply #12

ArizonaDream — Thu, 17 Nov 2016 12:37:17 GMT

If congress does pass a change, lets say in May, when do those new rates go into effect? I thought it would be for 2018?

The IRS already announced 2017 rates

http://www.forbes.com/sites/kellyphillipserb/2016/10/25/irs-announces-2017-tax-rates-standard-deductions-exemption-amounts-and-more/#3dd4585e387a

Can those rates still be changed

Reply #11

KY Floyd — Thu, 17 Nov 2016 06:34:15 GMT

it's when you CAN claim.

It's not when you can claim it. It's when you can collect it.

there have been some legal cases challenging that

I don't know about cases challenging the fact that you have constructive receipt [when_you_can_collect_it], but there have definitely been cases about when you can actually collect it. What's absolutely certain is that you can't collect it until you submit a claim, the lottery validates the claim, and the money is transferred to an account from whic... [ More ]

Reply #10

Stack47 — Thu, 17 Nov 2016 05:50:39 GMT

The wait is less than 50 days and worth it getting interest for 15 month on the 14% extra tax you may or may not owe.

Reply #9

quicksloth35 — Thu, 17 Nov 2016 02:16:46 GMT

I would take 2-3 weeks to get my ducks in a row, then claim on a Friday afternoon. No way I am waiting until next year, too much can happen in that time! It's just like someone said in another thread, the ticket is safest when it is claimed at the lottery office

Reply #8

LottoAce — Thu, 17 Nov 2016 01:17:51 GMT

I would like to think I would wait untill Christmas and claim it right before the New Year.

thats just me. less publicity. everyone is too busy with everything

else going on.

but I would make sure I was set up before doing so.

Reply #7

SoleWinner21 — Thu, 17 Nov 2016 00:26:00 GMT

So what are the odds of the new federal tax rate getting approved by congress. Or who ever passes it.

Reply #6

music* — Wed, 16 Nov 2016 23:10:01 GMT

I would wait. I will then use that time to get all of my ducks lined up and form a team. Professional financial advisers will be needed for as long as you are wealthy.

I have read that even President-elect Donald J. Trump uses advisers.

Reply #5

Tatototman65 — Wed, 16 Nov 2016 23:08:02 GMT

Reply #4

weshar75 — Wed, 16 Nov 2016 21:48:17 GMT

I would not wait for the new year I would go get my check now!-weshar75

Reply #3

Toronto — Wed, 16 Nov 2016 19:32:32 GMT

Gambling that he'll be able to get that done in the year, then giving up the time value of money (you don't earn interest while you wait to collect).

Reply #2

mikeintexas — Wed, 16 Nov 2016 18:25:26 GMT

That's always been something I've wondered about. There was a thread a while back when I mentioned that I would wait until after the first of the year so I could earn interest on the 14.6% of the cash value JP total since it could be up to 14 months or so until I had to pay the rest of the taxes owed. With a sum like tonight's PB, you could earn something like $135k on CDs that paid just .5%.(of course, there are ways to make quite a bit more than that, but I was being ultra-conservative in my e... [ More ]

Reply #1

WinWinChicDin — Wed, 16 Nov 2016 14:50:11 GMT

I would wait just so that I could claim it on inauguration day.

I would be way low in the news reel priority because we all know it is going to be crazy in DC and other major cities on that day

If you won the lottery, would you wait until 2017 to claim?

whiteballz — Wed, 16 Nov 2016 14:30:25 GMT

It looks like Trump's proposed tax brackets have 33% as the top rate for federal income tax. If you won a big jackpot would you wait until 2017 to claim your winnings hoping to only pay 33% instead of 39.6