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Would there be more taxes to be paid on Jackpot Win.

Topic closed. 11 replies. Last post 4 years ago by mcginnin56.

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WV
United States
Member #107175
March 2, 2011
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Posted: November 14, 2012, 11:06 pm - IP Logged

Tonights Poweball cash value is around 124 million. If i were to win and have the only ticket i would win around 124 million. I know i would have to pay more taxes then the 25% federal they withhold. I figure after state and federal taxes i would end up with around 58% of it which would net me around 72 million. I would want to share this with my family. Say i gave 6 million each to my 5 brothers and sisters as a gift. Ive already paid the max of the winning amount in taxes. The 6 million i am giving each one of them is a gift and the max tax has already been paid. Now would anyone owe more taxes? If so who would owe and how much?

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    WV
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    Posted: November 14, 2012, 11:10 pm - IP Logged

    I posted this at 11 06 then right after checked my ticket for tonight. The bad news is i dont have to worry about it now LOL. Im still curious as to the answer though if anyone knows.

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      Milwaukee, WI
      United States
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      December 27, 2003
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      Posted: November 14, 2012, 11:15 pm - IP Logged

      Tax-rates dot org says

      left after  taxes would be 

      Total Income After Taxes

      $75,203,792.75

      Estimated.......


        United States
        Member #128790
        June 2, 2012
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        Posted: November 14, 2012, 11:16 pm - IP Logged

        Tonights Poweball cash value is around 124 million. If i were to win and have the only ticket i would win around 124 million. I know i would have to pay more taxes then the 25% federal they withhold. I figure after state and federal taxes i would end up with around 58% of it which would net me around 72 million. I would want to share this with my family. Say i gave 6 million each to my 5 brothers and sisters as a gift. Ive already paid the max of the winning amount in taxes. The 6 million i am giving each one of them is a gift and the max tax has already been paid. Now would anyone owe more taxes? If so who would owe and how much?

        Now would anyone owe more taxes? If so who would owe and how much?

         

        I'm so glad you reminded me of this because I totally forgot to bring this subject up earlier in a thread I was going to start a few weeks ago. Based on the show I was listening on the AM radio, these tax lawyers knew what they were saying. They were citing examples left and right concerning gifting.

        One of the few cases I remember stood out. It was of some lady who won, I forget where, but it was about 10 million. She thought that the first tax covered all her obligations, but she was terribly wrong because she didn't research first.

        The friends and family who she gave gifts to also had to pay a high rate of tax, and if my memory serves me, there were about 3 or 4 people she gave to, if not more.

        It was a sad ending because the poor girl lost pretty much everything. Barely a few thousand or so were left, if that much, so yeah, got to be knowledgeable about the new realm you will be entering when winning large amounts of monies.

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          WV
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          Posted: November 14, 2012, 11:48 pm - IP Logged

          Now would anyone owe more taxes? If so who would owe and how much?

           

          I'm so glad you reminded me of this because I totally forgot to bring this subject up earlier in a thread I was going to start a few weeks ago. Based on the show I was listening on the AM radio, these tax lawyers knew what they were saying. They were citing examples left and right concerning gifting.

          One of the few cases I remember stood out. It was of some lady who won, I forget where, but it was about 10 million. She thought that the first tax covered all her obligations, but she was terribly wrong because she didn't research first.

          The friends and family who she gave gifts to also had to pay a high rate of tax, and if my memory serves me, there were about 3 or 4 people she gave to, if not more.

          It was a sad ending because the poor girl lost pretty much everything. Barely a few thousand or so were left, if that much, so yeah, got to be knowledgeable about the new realm you will be entering when winning large amounts of monies.

          She probably thought the 25% federal withheld covered her taxes. That might have been part of it. I see people commenting on here like if they won these big amounts that they would clear x amounts of money. They talk as if there not aware of the fact once you reach a certain of money won that they are going to be in a higher tax bracket then 25%. Thanks for the reply but im still wondering who would owe and what % if i paid the max on the original winnings.


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            Posted: November 15, 2012, 12:06 am - IP Logged

            She probably thought the 25% federal withheld covered her taxes. That might have been part of it. I see people commenting on here like if they won these big amounts that they would clear x amounts of money. They talk as if there not aware of the fact once you reach a certain of money won that they are going to be in a higher tax bracket then 25%. Thanks for the reply but im still wondering who would owe and what % if i paid the max on the original winnings.

            I answered your question but did forget to mention that the winner pays tax again on the gift. You pay the first tax, then you pay again for the gift tax, and so do your recipients. By the time the taxes are done, hardly anything is left, and that's what happened to her.

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              Milwaukee, WI
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              Posted: November 15, 2012, 12:40 am - IP Logged

              Now that the jackpot went to 143,000,000

              It shows in WV  $86,942,733 left after taxes..

              But don't forget O wants to raise the taxes.......

                weshar75's avatar - Lottery-042.jpg
                Mcminnville, Oregon
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                Posted: November 15, 2012, 12:47 am - IP Logged

                I answered your question but did forget to mention that the winner pays tax again on the gift. You pay the first tax, then you pay again for the gift tax, and so do your recipients. By the time the taxes are done, hardly anything is left, and that's what happened to her.

                I want to give money to my family and that sucks about all those taxes!-weshar75

                US Flag

                  Saylorgirl's avatar - Lottery-065.jpg
                  Indiana
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                  Posted: November 15, 2012, 7:21 am - IP Logged

                  You can give as many gifts of $13,000 per year to seperate individules.  The maximum lifetime (at this point) is $5,120,000.  When you give the $13,000 the reciepent does not pay any tax.  If you are a married couple you can give $27,000.


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                    May 25, 2011
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                    Posted: November 15, 2012, 7:37 am - IP Logged

                    You can give as many gifts of $13,000 per year to seperate individules.  The maximum lifetime (at this point) is $5,120,000.  When you give the $13,000 the reciepent does not pay any tax.  If you are a married couple you can give $27,000.

                    Hey Saylorgirl I never got your birth certificate to prove that you really lived in Indiana.  Angry

                      Saylorgirl's avatar - Lottery-065.jpg
                      Indiana
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                      Posted: November 15, 2012, 7:44 am - IP Logged

                      Well, there is a small issue with that!  I think if I say it is so that should be enough.  Now if the Donald wants to check it out, well, then it becomes another story . . . But, until then that's my story and I'm sticking with it!


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                        Posted: November 15, 2012, 7:48 am - IP Logged

                        Well, there is a small issue with that!  I think if I say it is so that should be enough.  Now if the Donald wants to check it out, well, then it becomes another story . . . But, until then that's my story and I'm sticking with it!

                        Hard to Trump that comeback.

                        Enough said.  Thumbs Up