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TEXAS: Dallas woman wins $202.6 million Powerball jackpot

Topic closed. 10 replies. Last post 2 years ago by IPlayWeekly.

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LAS VEGAS
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November 22, 2006
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Posted: November 18, 2014, 3:59 am - IP Logged

TEXAS: Dallas woman wins $202.6 million Powerball jackpot

Dallasnews.com is the official website for The Dallas Morning News newspaper

 

Party

 

Good Luck with your new FORTUNA

_EDDESSA_KNIGHT Sun Smiley

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    United States
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    January 12, 2012
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    Posted: November 18, 2014, 7:14 am - IP Logged

    Yes, good luck with your new found wealth.

    With an Abundance of Gratitude.

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      Posted: November 18, 2014, 7:44 am - IP Logged

      oh wow so she wasnt even from Missouri. Cool hope she puts it to good use and make it last as long as she and her kids (if any) lives

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        California
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        Posted: November 18, 2014, 7:44 am - IP Logged

        If the winner is from Texas and she bought the ticket in Missouri, will she need to pay Missouri taxes for winning the jackpot there?

          RedStang's avatar - tallman zps6gf4inoc.jpg
          NY
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          Posted: November 18, 2014, 7:57 am - IP Logged

          If the winner is from Texas and she bought the ticket in Missouri, will she need to pay Missouri taxes for winning the jackpot there?

          You usually do un-less you have the same amount of earned income there. All States have different rules.

            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
            Oklahoma
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            Posted: November 18, 2014, 9:11 am - IP Logged

            Congratulation to the winner. Thumbs Up

            I Love Pink & Green 1908

              ThatScaryChick's avatar - x1MqPuM
              Idaho
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              Posted: November 18, 2014, 12:19 pm - IP Logged

              If the winner is from Texas and she bought the ticket in Missouri, will she need to pay Missouri taxes for winning the jackpot there?

              I believe if you buy a winning ticket in one state and you reside in another state,  you will have to pay taxes in both states.

              "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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                Happyland
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                Posted: November 18, 2014, 12:36 pm - IP Logged

                I believe if you buy a winning ticket in one state and you reside in another state,  you will have to pay taxes in both states.

                This is correct, unless the two states have a reciprocal agreement. But if you pay taxes in another state, you will receive a tax credit in your home state. Not sure how this affects situations like this one though, where the home state doesn't have an income tax. I think you still have to pay the taxes without a credit.

                If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                2016: -48.28% (13 tickets) ||
                P&L % = Total Win($)/Total Wager($) - 1

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                  Baton Rouge, LA
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                  Posted: November 18, 2014, 10:16 pm - IP Logged

                  If the winner is from Texas and she bought the ticket in Missouri, will she need to pay Missouri taxes for winning the jackpot there?

                  Missouri would withhold state income tax on the jackpot and the winner would have to file a nonresident tax form in that state, but only the lottery winnings income since they have no other income from Missouri.

                  In my state, Louisiana, I can claim a nonrefundable credit on my state income tax form if I pay income taxes to another state and was a resident of Louisiana for the entire year. This amount would be deducted from the Louisiana tax liability, lowering what I'd have to pay in the state if this was me. Texas doesn't have state income tax, so this isn't an issue there.

                  If this were me, I'd still have to claim the income on my Louisiana income tax but since I could take out what I paid to Missouri, the impact might not be so bad, since Louisiana doesn't have a high state income tax.

                  Prisoner Six

                  "I am not a number, I am a free man!"

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                    NY
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                    Posted: November 19, 2014, 2:26 am - IP Logged

                    "Not sure how this affects situations like this one though, where the home state doesn't have an income tax. I think you still have to pay the taxes without a credit."

                    The practical effect is always paying the higher of the two state's tax rates. Since Texas has a rate of 0, she'll pay Missouri's rate. There's never a credit in the state where  the ticket was purchased, so she'll owe Missouri income tax on the cash amount or each annual installment at whatever rate Missouri has for non-residents.

                    Missouri's maximum rate of 6% kicks in at only $9001, so she'll owe about $7.5 million that she wouldn't have paid if she'd bought the winning ticket at home. Of course if she had bought her ticket at home there's no reason to believe other things wouldn't be different, so maybe she wouldn't have won  anything if she hadn't bought her ticket when and where she did. Either way, she can probably scrape by on what's left after taxes.

                      IPlayWeekly's avatar - avatarmoney
                      Columbus, Ohio
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                      Posted: November 19, 2014, 9:10 am - IP Logged

                      I can bet she's not at her job and she's truly enjoying life.  She not stuck in a cubicle saying yes sir, no sir.  Different level, big time congrats!