$1 Quick Pick nets lottery riches

May 5, 2008, 9:54 am (20 comments)

Florida Lottery

Windfall will include numerous taxes before state cuts final check

Kenneth Parsons, 59, of Live Oak, Florida, last week turned in the winning Mega Money ticket at the Florida Lottery's Tallahassee headquarters.

Parsons opted to forego monthly payments from the $800,000 annuity jackpot and instead opted to take a lump sum payment of $549,646.

Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent from each prize greater than $5,000 in federal withholding tax, said Jennifer Greene, public affairs specialist for the Florida Lottery.

The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes.

Lottery officials suggest that winning ticket holders consult an accountant.

Parsons bought the $1 Quick Pick winning ticket at the S&S Food Store on U.S. Highway 441 and Interstate 10. The winning ticket was drawn Friday.

The winning Mega Money numbers were: 21-29-32-42 with the Megaball number of 21.

The first four numbers are drawn from a pool of numbers 1 to 44, and the megaball number is drawn from a pool of numbers 1 to 22.

Drawings take place Tuesday and Friday evenings at 11 p.m., lottery officials said.

Thanks to JackpotWanna for the tip

Lake City Reporter

Comments

CCHS13's avatarCCHS13

Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent

The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes

 

I have to get to CanadaMad

jackpotismine's avatarjackpotismine

Quote: Originally posted by CCHS13 on May 5, 2008

Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent

The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes

 

I have to get to CanadaMad

You play the numbers and they win. The I.R.S. is just another MOB. It's disgusting ain't it.Mad

Coin Toss's avatarCoin Toss

Quote: Originally posted by jackpotismine on May 5, 2008

You play the numbers and they win. The I.R.S. is just another MOB. It's disgusting ain't it.Mad

Occassionally there's a mobster with a heart.

Ahem.

Anyone remember a 1980's crime seried with Ray Sharkey and Ken Wahl- Wahl was an undercover cop that became good friends with Sharkey who played the role of a mafia don -

When Sharkey found out Wahl was a cop he told him the whole thing was about taxes -

that even if someone was generating money illegally, once they did the government was right there with their hand out.

Viet Nam era parody:

My country tis of thee

sweet land of liberty

Oh Canada!

Land where my brother hides

sought by the F.B.I.

his deserter buddies by his side

Oh Canada!

Maybe we should write a lotto jackpot version of that!!!

CCHS13's avatarCCHS13

Quote: Originally posted by jackpotismine on May 5, 2008

You play the numbers and they win. The I.R.S. is just another MOB. It's disgusting ain't it.Mad

I Agree!

 

I like that parody Coin Toss

ThatScaryChick's avatarThatScaryChick

Quote: Originally posted by jackpotismine on May 5, 2008

You play the numbers and they win. The I.R.S. is just another MOB. It's disgusting ain't it.Mad

I completely agree.

Littleoldlady's avatarLittleoldlady

Tax shelters, tax shelters, tax shelters..

EXMECHANIC

Umm yeah of course there are going to be taxes taken out, you know that going in, and if ya don't your a fool for playing a game you don't know the rules. Bitching about taxes is like bitching about death to me, ya know its gonna happen why let it bother ya. The guy will still clear over 300k on a dollar bet, not to shabby taxed or not.

psykomo's avatarpsykomo

Quote: Originally posted by CCHS13 on May 5, 2008

Before Parsons can enjoy his riches, however, the Internal Revenue Service requires the Florida Lottery withhold 25 percent

The winning ticket holder must file a tax return listing the windfall, which can result in yet more taxes

 

I have to get to CanadaMad

WOW>>>>>>>>>>>>>o!o:

DO QUICK PICK'ssssssssssssssssGET>>>>any BETTER???????????

PSYKOMO........can remember when QP'$$$$$$$$$$$$$$$$$$$$$$

were<<<<<<<<<<<........K@@L bouiey'&

GULL's>>>>>TOO????????

THREW all the BOUYIE'SSSSSSSSSSSOFFBOATAT>>>>>>>>>SEA!!!!!

LOL

PSYKOMO

JackpotWanna's avatarJackpotWanna

Just $1~ Very lucky indeed.

Badger's avatarBadger

Quote: Originally posted by EXMECHANIC on May 5, 2008

Umm yeah of course there are going to be taxes taken out, you know that going in, and if ya don't your a fool for playing a game you don't know the rules. Bitching about taxes is like bitching about death to me, ya know its gonna happen why let it bother ya. The guy will still clear over 300k on a dollar bet, not to shabby taxed or not.

Yeah, its a nice payoff, but it's not a life-changer.

CCHS13's avatarCCHS13

Quote: Originally posted by EXMECHANIC on May 5, 2008

Umm yeah of course there are going to be taxes taken out, you know that going in, and if ya don't your a fool for playing a game you don't know the rules. Bitching about taxes is like bitching about death to me, ya know its gonna happen why let it bother ya. The guy will still clear over 300k on a dollar bet, not to shabby taxed or not.

Paying taxes is one thing (Withholding before you get yours) but to have to pay again

upon filing at the end of that year is being bent over, Uncle Sam

psykomo's avatarpsykomo

Quote: Originally posted by JackpotWanna on May 5, 2008

Just $1~ Very lucky indeed.

THANK'ssssssssssssss$$$$$$$$$$

for >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>UR $$$

PokeSmashDunkHit With StickArgueBash

Badger's avatarBadger

Quote: Originally posted by CCHS13 on May 5, 2008

Paying taxes is one thing (Withholding before you get yours) but to have to pay again

upon filing at the end of that year is being bent over, Uncle Sam

Our politicians can smell money in  your pocket.  Much like dogs can smell meat from a distance. I think its genetic.

KY Floyd's avatarKY Floyd

Quote: Originally posted by CCHS13 on May 5, 2008

Paying taxes is one thing (Withholding before you get yours) but to have to pay again

upon filing at the end of that year is being bent over, Uncle Sam

You don't pay again when you file your return. You pay the rest. Maybe you'd be happier of they withheld 35% and when you file your return you get a few bucks back?

DC81's avatarDC81

If you're complaining about the taxes now, just wait another year or two when they get raised back up.

psykomo's avatarpsykomo

Quote: Originally posted by psykomo on May 5, 2008

WOW>>>>>>>>>>>>>o!o:

DO QUICK PICK'ssssssssssssssssGET>>>>any BETTER???????????

PSYKOMO........can remember when QP'$$$$$$$$$$$$$$$$$$$$$$

were<<<<<<<<<<<........K@@L bouiey'&

GULL's>>>>>TOO????????

THREW all the BOUYIE'SSSSSSSSSSSOFFBOATAT>>>>>>>>>SEA!!!!!

LOL

PSYKOMO

"YEA" bought ticket @ $&$

Do Quick-Picks get any better $$$$

LOL >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

PSYKOMO

psykomo's avatarpsykomo

Quote: Originally posted by psykomo on May 7, 2008

"YEA" bought ticket @ $&$

Do Quick-Picks get any better $$$$

LOL >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

PSYKOMO

TRANSLATION: >>>>>NO

Senitor UR rita HILL of NY will propose >>>OMG

ahhhh>>>"GREEN TAX" in D SENATE

to pay for her LOST racist2-O'BAMO

LORD why HER ???????????

please HELP D "little people"

LOL

PSYKOMO

dld1961

If he did not win $800,000 he would not have to pay the taxes on that money.  If i earn one million dollars i will be taxed on one million, you dont pay taxes on money you dont get.  Give to Caesar what is Caesars, and God what is gods.  God bless and good luck.

MeFirstYouLast

Quote: Originally posted by Littleoldlady on May 5, 2008

Tax shelters, tax shelters, tax shelters..

Sign up for all the tax shelters you want, the original money is still gone from you bank account! When gone, you don't have it any more.  Unless you want to pay a huge tax penalty!  A Tax shelter is not some free gimmick that gives you a place to hide money and not pay Uncle Sam.  Remember who wrote the laws that allowed tax shelter?  You think the Congress did not conluse with the IRS to make sure they still get their money?  Surely you do NOT think the U.S. Congress has ever written a loaw to benefit you?  You put money into a tax shelter and that is not money you have. Then when you get it out, they line up for their share. Wait a hundred years, but it is still money gone from your lifetime.  Barrack Hussen Obama has stated he wall raise profits by 25% to 29%.  That super tax shelter will become useless. You're gonna love 2009 & 2010!

Do you think these greedy people will not go after those lottery annuity payments?  The states are going to re-write there laws, where it is now tax free.  They NEED money, lottery tax increases to NOT impact a voter.  Bye, Bye, tax free annuities.  And those that recently chose annuity cannot do anything about it.  If they sell the annuity, they, as validated by the Supreme Court, they will pay a double tax. Taxes on the annuity payments and taxes on the amount received from selling the annuity!  Another reason the annuity choice is a D-U-M-B choice!

The good news, when you become super rich, you can afford trust funds, taxes, and other hide-a-ways.  Fifty to sixty percent of a hundred million dollars still leaves fifty million dollars for fun.  And the taxes are really only a one time hit, not counting profits.  When you are just rich, which means you just barely break one hundred thousand, you don't make out so well.  If you make something in the fifty thousand a year, start your exercise program immediately.  You are going to loose a couple of hundred from your monthly check, every month for many years to come.  You are going to need that exercise to learn how to bend over and grab your ankles! Hate Bush, kill his rich peoples tax breaks - and pay the price for your hatred.  That average cost for cutting off your nose, to spite your face, will be that two hundred a month!  You vote for change, you'll get change!! Be prepared to live with change!

MeFirstYouLast

Quote: Originally posted by DC81 on May 7, 2008

If you're complaining about the taxes now, just wait another year or two when they get raised back up.

People have no interest in what will happen to them.  Their hatred of Bush has blinded them into wanting change, and don't have any concept of what that change actually is.  For example, by voting for Barrack Hussen Obama, you will immediately receive a tax loss of ten percent.l  Your pay check will decrease by 10% on the first check after they eliminate the Bush tax cuts for the rich!  Sure the rich gett a better break, they make more money, thus their percentage will be higher. 

Punish the rich? Not hardly, the rich will have more then you no matter what changes your jeaslously makes you wish for!  They are rich and you are not.  Get used to it.  Has been that way since the Tower of Babel!  Will be that way when you have turned dirt!  Nothing has changed, and nothing will. Why not? Show me a member of the U.S. Congress who is not rich, or a state representative who is not better off then you. You can't! They are all memebers of the rich, or soon to be rich.  You think they will write a law that will hurt themselfs?  PLEASe tell you you are not that stupid!  Once again, a 10% hit on them will only cause them to buy one less Mercedes then the three they already have.  Watch the airial shot of the Kenndy compound.  It is full of super SUV's.  Not a small car any where!  No way is Ted Kennedy or Barrack Hussen Obama going to make any change that will reduce their ability to live the life of luxury!  They will NOT change anything real.  The change Barrack Hussen Obama preaches will be all mirrors! Don't be an idiot and fall for the tricks.

The change promised will be an eliniation of YOUR ten percent tax cut, along with the rich, plus mutiple tax increases.  Barrack Husen Obama has been on MSNBC stating he will raise profit taxes by 25% to 29%, That doesn't count the taxes on your income.  You and your wife make around $100K?  You are in the target zone!  Make around $50K?  Your are collateral damage.  The estimate is that you will loose around $200.00 a month in deductions (taxes, medicare, social security, etc.).  That does not count what the state will do to you!  Picture that loss added to six or seven dollars for gasoline and double the cost for food like bread and chickens and you will start to realise the CHANGE you wanted may not be the change you wished for.  Wecome to a politician that is a liar!

End of comments
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