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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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Kingofearth's avatar - Kinnak
Upstate NY
United States
Member #174656
May 5, 2016
754 Posts
Online
Posted: November 19, 2016, 9:55 pm - IP Logged

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

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's avatar - Lottery-009.jpg

    United States
    Member #169277
    October 10, 2015
    630 Posts
    Offline
    Posted: November 20, 2016, 9:44 am - IP Logged

    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's avatar - Kinnak
      Upstate NY
      United States
      Member #174656
      May 5, 2016
      754 Posts
      Online
      Posted: November 20, 2016, 1:37 pm - IP Logged

      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's avatar - Lottery-009.jpg

        United States
        Member #169277
        October 10, 2015
        630 Posts
        Offline
        Posted: November 20, 2016, 9:02 pm - IP Logged

        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's avatar - Lottery-059.jpg

          United States
          Member #157701
          July 28, 2014
          137 Posts
          Offline
          Posted: November 22, 2016, 11:29 am - IP Logged

          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's avatar - character catafly.jpg
            A long and winding road
            United States
            Member #17084
            June 10, 2005
            4524 Posts
            Offline
            Posted: November 22, 2016, 12:39 pm - IP Logged

            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.

            ~~Is it true, Is it kind,Is it necessary. ~~~

             Thanks be to the giving numbers: 1621,912,119 02014

              faith117's avatar - DiscoBallGlowing
              McClellanville,SC
              United States
              Member #177745
              October 18, 2016
              280 Posts
              Offline
              Posted: November 22, 2016, 11:19 pm - IP Logged

              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's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                Bay Area - California
                United States
                Member #136477
                December 12, 2012
                4105 Posts
                Offline
                Posted: November 22, 2016, 11:29 pm - IP Logged

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

                Three months?  That's outrageous.Puke

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

                  Guru101's avatar - rw6jhh
                  Indiana
                  United States
                  Member #48725
                  January 7, 2007
                  1953 Posts
                  Offline
                  Posted: November 24, 2016, 10:36 am - IP Logged

                  No. I want my Lamborghini as soon as possible.

                  Gonna win.Big Smile

                    wander73's avatar - Lottery-038.jpg
                    Philadelphia, PA
                    United States
                    Member #153774
                    March 24, 2014
                    853 Posts
                    Offline
                    Posted: November 24, 2016, 2:08 pm - IP Logged

                    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's avatar - Lottery-038.jpg
                      Philadelphia, PA
                      United States
                      Member #153774
                      March 24, 2014
                      853 Posts
                      Offline
                      Posted: November 24, 2016, 2:11 pm - IP Logged

                      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's avatar - Lottery-031.jpg
                        Indiana
                        United States
                        Member #175422
                        June 15, 2016
                        59 Posts
                        Offline
                        Posted: November 25, 2016, 9:06 pm - IP Logged

                        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)