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

41 replies. Last post 9 days ago by QuickDrawDude.

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

Yes, I would wait until 2017. [ 27 ]  [50.00%]
No, I would not wait. [ 27 ]  [50.00%]
Total Valid Votes [ 54 ]  
Discarded Votes [ 2 ]  

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
Member #136477
December 12, 2012
4105 Posts
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Posted: November 17, 2016, 3:25 pm - IP Logged

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! 

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

    helpmewin's avatar - dandy
    u$a
    United States
    Member #106665
    February 22, 2011
    19754 Posts
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    Posted: November 17, 2016, 5:54 pm - IP Logged

    If you won the lottery

    Well i said i would wait Stooges

    Let it Snow Snowman

      aux8b's avatar - home

      United States
      Member #57793
      January 19, 2008
      2323 Posts
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      Posted: November 17, 2016, 6:08 pm - IP Logged

      Yes Nod  Wait untill 1 Jan 2017.   Smiley  Check Please.

        ArizonaDream's avatar - Lottery-009.jpg

        United States
        Member #169277
        October 10, 2015
        630 Posts
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        Posted: November 17, 2016, 8:17 pm - IP Logged

        Yes Nod  Wait untill 1 Jan 2017.   Smiley  Check Please.

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

          Skibunnylk's avatar - Lottery-059.jpg

          United States
          Member #157701
          July 28, 2014
          137 Posts
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          Posted: November 18, 2016, 8:29 am - IP Logged

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

          US Flag

          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.

          Never attempt to maintain a lifestyle you can't afford.

            Skibunnylk's avatar - Lottery-059.jpg

            United States
            Member #157701
            July 28, 2014
            137 Posts
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            Posted: November 18, 2016, 8:36 am - IP Logged

            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.

            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.

            Never attempt to maintain a lifestyle you can't afford.

              music*'s avatar - nw bookeep.jpg
              Happy California
              United States
              Member #157856
              August 2, 2014
              1510 Posts
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              Posted: November 18, 2016, 2:58 pm - IP Logged

              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.

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

               I've been rich and I've been poor. Believe me, rich is better. 

               Attributed to Joe E. Lewis and others

                Drenick1's avatar - villiarna
                USA
                United States
                Member #152799
                February 25, 2014
                1090 Posts
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                Posted: November 18, 2016, 4:10 pm - IP Logged

                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.

                I Agree! 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.

                  Avatar

                  United States
                  Member #135804
                  November 29, 2012
                  318 Posts
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                  Posted: November 18, 2016, 4:32 pm - IP Logged

                  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.

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

                    Drenick1's avatar - villiarna
                    USA
                    United States
                    Member #152799
                    February 25, 2014
                    1090 Posts
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                    Posted: November 18, 2016, 4:44 pm - IP Logged

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

                    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.

                      Sunglasses's avatar - nicebear
                      Zaperlopopotam
                      Belgium
                      Member #173932
                      March 26, 2016
                      952 Posts
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                      Posted: November 18, 2016, 4:55 pm - IP Logged

                      This poll reminds me the whiners club forum there was.

                      .
                        Kingofearth's avatar - Kinnak
                        Upstate NY
                        United States
                        Member #174656
                        May 5, 2016
                        753 Posts
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                        Posted: November 19, 2016, 1:28 am - IP Logged

                        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?

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

                          Avatar
                          LA Ca.
                          United States
                          Member #172750
                          February 3, 2016
                          88 Posts
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                          Posted: November 19, 2016, 1:41 am - IP Logged

                          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! 

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

                            TheMeatman2005's avatar - lightening
                            Brooklyn, NY
                            United States
                            Member #169723
                            October 29, 2015
                            877 Posts
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                            Posted: November 19, 2016, 12:37 pm - IP Logged

                            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.

                            I Agree!

                            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.

                            Yes Nod

                            The Meatman

                            “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                            Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

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                              Marana AZ
                              United States
                              Member #145341
                              August 3, 2013
                              178 Posts
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                              Posted: November 19, 2016, 8:39 pm - IP Logged

                              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.