Theyre both up there...Wouldnt it be cool if someone hit both??Prev Topic Next Topic

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Shelby Mustang

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Nov 2, 2014, 7:04 am

Mega millions is at 321 and Powerball is at 178. Wouldnt it be so cool is someone hit both?? What if that someone was YOU?? I think I'd keep the higher one for myself then let my brother and sisters claim and split the other one. There's no way I'd keep that much money for just me LOL. How would you even handle that kind of anomaly? I would be like a 10 yr old on Christmas morning LOL
helpmewin

100

u$a
United States
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February 22, 2011
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Nov 2, 2014, 7:09 am

Yes that would be really Cool
WesternRedDoug

Left Coast
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Nov 2, 2014, 7:23 am

i imagine that if someone won both jackpots on the same weekend, and each winning ticket was purchased at the same time by the same machine, they would probably have some explaining to do.
WesternRedDoug

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Nov 2, 2014, 7:36 am

Quote: Originally posted by WesternRedDoug on Nov 2, 2014
i imagine that if someone won both jackpots on the same weekend, and each winning ticket was purchased at the same time by the same machine, they would probably have some explaining to do.

PS. Upon further thought, it's the MUSL that would really have a lot of explaining to do.
CDanaT

Central TN
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January 4, 2012
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Nov 2, 2014, 9:18 am

win both ???

Keep the PB for myself.....completely give all the MM jackpot to family, close friends and charities.

Si vis pacem, para bellum.
Toronto

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Nov 2, 2014, 11:01 am

Expect a large gift tax bill for those of you that just want to give a winning ticket to family members. 40% on the after-tax amount after a $5.34m exemption. That's after you've paid the 39.6% rate on the prize. But at this amount, I'm sure you wouldn't really care how much you gave away to the government. A $100 million cash prize would turn into ~$38 million for your family.

There have been a number of cases that have shown that you need to have had an existing pool play agreement and/or a consistent pool playing process in order for the tax authorities to view it as though the agreement was in place before the ticket became a winner. I think there would be some added difficulty to prove that is the case after you claim another prize solely in your own interest.
KY Floyd

NY
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Nov 2, 2014, 12:26 pm

"A $100 million cash prize would turn into ~$38 million for your family."

If you simply gave them the winning PB ticket it would be a tax free gift of $111.1 million, assuming they took the lump sum.

As the winning taxpayer you'd owe federal income taxes of about $44 million on your winnings of $111.1 million that you gave away. You'd also owe 40% gift tax on whatever portion if the $111.1 million exceeded your lifetime exclusion. Best case scenario is that you're married and both still have the entire $5.34 million exclusion available. That means the gift tax would be .4*100.42= $40.168 million. That's a total federal tax bill of about $84 million.

Luckily, if you live (and bought the ticket) in a state that exempts the prize from state income tax you'd net about $117 million from the MM ticket that you kept for yourself. After paying the $84 million out of the net from the MM ticket you'd have about $33 million left.

If you live in NJ or a fw other states with high taxes on lottery winnings you'd pay a state tax bill of about $30 million on the $111million and $194 million prizes.
noise-gate

* In hot pursuit of $ *

White Shores- California
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Nov 2, 2014, 12:31 pm

Quote: Originally posted by Shelby Mustang on Nov 2, 2014
Mega millions is at 321 and Powerball is at 178. Wouldnt it be so cool is someone hit both?? What if that someone was YOU?? I think I'd keep the higher one for myself then let my brother and sisters claim and split the other one. There's no way I'd keep that much money for just me LOL. How would you even handle that kind of anomaly? I would be like a 10 yr old on Christmas morning LOL

That's sound all well & good UNTIL people see that both jackpots are claimed by someone from either NY,NJ,FL or good ol CA.

* Voice of Reason *

* People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.
AmoWin

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March 26, 2012
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Nov 2, 2014, 12:37 pm

Quote: Originally posted by Shelby Mustang on Nov 2, 2014
Mega millions is at 321 and Powerball is at 178. Wouldnt it be so cool is someone hit both?? What if that someone was YOU?? I think I'd keep the higher one for myself then let my brother and sisters claim and split the other one. There's no way I'd keep that much money for just me LOL. How would you even handle that kind of anomaly? I would be like a 10 yr old on Christmas morning LOL

It sho' would.

I sees ma own doggone seof goin' out 'n' having me a grand ol' tam.

Wif bof lottos? Shoo' . . . .
Teddi

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May 13, 2013
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Nov 2, 2014, 12:58 pm

Quote: Originally posted by Shelby Mustang on Nov 2, 2014
Mega millions is at 321 and Powerball is at 178. Wouldnt it be so cool is someone hit both?? What if that someone was YOU?? I think I'd keep the higher one for myself then let my brother and sisters claim and split the other one. There's no way I'd keep that much money for just me LOL. How would you even handle that kind of anomaly? I would be like a 10 yr old on Christmas morning LOL

Shelby, you must have read my mind. I was thinking the same thing. What would happen if one person won both jackpots in one weekend. Other than the media going insane and rampant speculation, I think it would be awesome. But knowing that everything I did would be under a microscope, there is no way I'd risk giving one of the tickets away and give the IRS a reason to eff with me. Other than a couple of people, no one I am willing to help will get more than the $14,400 per year.

10% goes to tithes. 33% is going to a charity I want to set up and run to help victims of domestic violence.

$9 million will be set aside for a trust that will pay out $14k annually to family and friends who I want to help financially. $9 million is enough for 30 people to get $14k for 20 years with some left over to allocate one time $$gifts here and there. But $9 million and not a penny more is all I'll be willing to fund for handouts. Whoever wants it all upfront or needs more can take out a loan and use those annuitized payments as collateral. I'm not going to end up like so many, dead broke and friendless because they shelled out all their money.

The only real question I have is how would you collect it? I'm thinking cash value for MM and annuity for PB, or else cash value for both. I'm usually against annuities but in this scenario, it has its appeal.
Teddi

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Nov 2, 2014, 1:16 pm

Quote: Originally posted by noise-gate on Nov 2, 2014
That's sound all well & good UNTIL people see that both jackpots are claimed by someone from either NY,NJ,FL or good ol CA.

Luckily I'm in GA, so when I win both they couldn't use my state in their conspiracy theories. They'll just have to go with "the lottery is rigged" scenario.

I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
RJOh

100

mid-Ohio
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Nov 2, 2014, 1:32 pm

To win both you have to play both so that means at best I only have a chance at winning one.

* you don't need to buy every combination, just the winning ones *
Stack47

Kentucky
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February 14, 2006
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Nov 2, 2014, 3:22 pm

Quote: Originally posted by noise-gate on Nov 2, 2014
That's sound all well & good UNTIL people see that both jackpots are claimed by someone from either NY,NJ,FL or good ol CA.
Coin Toss

Zeta Reticuli Star System
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January 17, 2006
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Nov 3, 2014, 1:18 am

Why not expand it a little an go for the Lottery Pentathlon.....

To win it you need to hit Pick 3, 4, 5, and MM and PB in two days!

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
Shelby Mustang

United States
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December 9, 2013
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Nov 3, 2014, 6:10 am

Quote: Originally posted by Teddi on Nov 2, 2014
Shelby, you must have read my mind. I was thinking the same thing. What would happen if one person won both jackpots in one weekend. Other than the media going insane and rampant speculation, I think it would be awesome. But knowing that everything I did would be under a microscope, there is no way I'd risk giving one of the tickets away and give the IRS a reason to eff with me. Other than a couple of people, no one I am willing to help will get more than the $14,400 per year.

10% goes to tithes. 33% is going to a charity I want to set up and run to help victims of domestic violence.

$9 million will be set aside for a trust that will pay out $14k annually to family and friends who I want to help financially. $9 million is enough for 30 people to get $14k for 20 years with some left over to allocate one time $$gifts here and there. But $9 million and not a penny more is all I'll be willing to fund for handouts. Whoever wants it all upfront or needs more can take out a loan and use those annuitized payments as collateral. I'm not going to end up like so many, dead broke and friendless because they shelled out all their money.

The only real question I have is how would you collect it? I'm thinking cash value for MM and annuity for PB, or else cash value for both. I'm usually against annuities but in this scenario, it has its appeal.

LOL Teddi. Yeah I was think just claim the MM for myself then I would just let my brother and sisters claim the PB themselves I would even write my name on that ticket, then their taxes and whomever they wanted to give the money to i.e their kids and grandkids, in-laws and such would be entirely up to them. They could come to me saying I didnt give them anything LOL. BTW I like the domestic violence charity idea that would be a great cause to donate to.