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

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

Yes, I would wait until 2017.

[ 27 ]

[ 50.0% ]

No, I would not wait.

[ 27 ]

[ 50.0% ]

Total valid votes

[ 54 ]

Discarded votes

[ 2 ]

Kingofearth

Israel
Member #174,649
May 5, 2016
1,100 Posts
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Nov 19, 2016, 9:55 pm

Quote: Originally posted by TheMeatman2005 on Nov 19, 2016

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.

http://www.txlottery.org/export/sites/lottery/Documents/jackpotestimates/pb20161119.pdf

Nope.

You'd get $195.7 Million, before taxes if you (oranyone else) wins tonight.
ArizonaDream

United States
Member #169,269
October 10, 2015
629 Posts
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Nov 20, 2016, 9:44 am

Quote: Originally posted by Kingofearth on Nov 19, 2016
If you claim the prize in January 2017, you won't pay taxes until April 2018.

At 2017 rates.

Your answer, which we all know anyway (and leaves out the upfront withholding), didn't address my question at all.
Kingofearth

Israel
Member #174,649
May 5, 2016
1,100 Posts
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Nov 20, 2016, 1:37 pm

Quote: Originally posted by ArizonaDream on Nov 20, 2016
At 2017 rates.

Your answer, which we all know anyway (and leaves out the upfront withholding), didn't address my question at all.

At 2018 rates.

Because you're paying it in 2018, you use the 2018 rates.
ArizonaDream

United States
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October 10, 2015
629 Posts
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Nov 20, 2016, 9:02 pm

Quote: Originally posted by Kingofearth on Nov 20, 2016
At 2018 rates.

Because you're paying it in 2018, you use the 2018 rates.

No. Each April you file/pay the previous year's taxes.

"Remember: you’ll file in 2016 using the 2015 rates."

Above quote is from the end of this article-

http://www.forbes.com/sites/kellyphillipserb/2015/12/21/irs-announces-2016-filing-season-start-date-and-a-delayed-tax-day/#16d844d5336a
Skibunnylk

United States
Member #157,694
July 28, 2014
152 Posts
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Nov 22, 2016, 11:29 am

Quote: Originally posted by Kingofearth on Nov 20, 2016
At 2018 rates.

Because you're paying it in 2018, you use the 2018 rates.

Have you ever filed a tax return? FYI, you use the previous year tax rate and codes when you file in April of the new year.

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

A long and winding road
United States
Member #17,083
June 10, 2005
6,680 Posts
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Nov 22, 2016, 12:39 pm

Time *IS* money..spare it wisely.

I'd claim it the next day..wait my six weeks.....and then another three weeks after deposit. Taxes are a given...but time isn't.

Count your smiles.
faith117

McClellanville,SC
United States
Member #177,738
October 18, 2016
10,651 Posts
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Nov 22, 2016, 11:19 pm

I would like to wait but I can't ....I would not be at peace I would go to my secret location about 25 times a day to check on my ticket so in order to prevent all the unnecessary walking and running to check on this 200 million I am cashing my ticket the very next day
noise-gate

* In hot pursuit of $ *

White Shores- California
United States
Member #136,471
December 12, 2012
7,039 Posts
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Nov 22, 2016, 11:29 pm

Quote: Originally posted by Rexer90 on Nov 19, 2016
Sometimes as much as 3 months before you see the check.

Three months? That's outrageous.

* Voice of Reason *

* People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.
Guru101

Indiana
United States
Member #48,723
January 7, 2007
1,961 Posts
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Nov 24, 2016, 10:36 am

No. I want my Lamborghini as soon as possible.

Gonna win.
wander73

EveryMailBox Type in Search.

Philadelphia, PA
United States
Member #153,767
March 24, 2014
8,510 Posts
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Nov 24, 2016, 2:08 pm

I voted no I wouldn't wait. Maybe you should wait. so really there needs to be another voting option. Here is the thing and I brought this up too.

Three things to do.

Get a lawyer, accountant, financial planner advisor.

Call the mortgage company where my mom is still paying outrageous principal amt that my father stressed over about. Not going to get into details. Find out if there is a different solution to the problem.

If I were to hit I would buy a foreclosed property. Get the mortgage for that one and pay it off. Get home owners ins policy and find a decent hot looking girl to be a companion and tell them this is what is in for both of us.

See what the companion wants and go from there.

Very interesting question. Take the lump sum cash because interest in the future might acrue too much and if a major jackpot is hit you might get screwed in the long run. Plus you don't want your money held hostage.

I could go on and on. In the past I never really thought and then as time went along I was listening about this.
wander73

EveryMailBox Type in Search.

Philadelphia, PA
United States
Member #153,767
March 24, 2014
8,510 Posts
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Nov 24, 2016, 2:11 pm

Quote: Originally posted by faith117 on Nov 22, 2016
I would like to wait but I can't ....I would not be at peace I would go to my secret location about 25 times a day to check on my ticket so in order to prevent all the unnecessary walking and running to check on this 200 million I am cashing my ticket the very next day

Get a family spokesperson for you. Write something and get a lawyer to proof read it and make sure that you're cool with it.
QuickDrawDude

Indiana
United States
Member #175,415
June 15, 2016
135 Posts
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Nov 25, 2016, 9:06 pm

Thanks for asking. I'm going to claim my winning Power Ball ticket after the New Year. In the meantime, I'll be using up my sick days at work and buying everyone shots at the pub.

It's a Cinderella story
On a tumble of the dice - (Rush - The Big Money from Power Windows)