Posted on 12/21/2022 1:21:54 PM PST by DallasBiff
Dec. 21 (UPI) -- A Michigan woman said losing a debate about who would go to the store to buy a Thanksgiving turkey led to her winning a $4 million jackpot from a scratch-off lottery ticket.
The 49-year-old Oakland County woman told Michigan Lottery officials she had not originally intended to visit the Kroger store on North Coolidge Highway in Troy on the day before Thanksgiving.
"It was the day before Thanksgiving, and my husband asked if I could run to the store and buy a turkey since he didn't have time to," the player said. "After going back and forth about who was going to go to the store since we were both busy, I agreed to. I purchased the turkey and then stopped and bought a VIP Millions ticket on my way out."
The woman took the ticket home with her before scratching the numbers.
"When I got home and scratched the ticket, I saw I'd matched one of my numbers, but I didn't scratch the winning amount. I logged in to the Lottery app and scanned the ticket on the app scanner. When confetti came up on the screen showing I'd won $4 million, I started shaking and felt like I couldn't breathe. My family thought I was having a heart attack," she said
(Excerpt) Read more at upi.com ...
Not leave your job and retire money but properly managed, will put them in a good spot.
Doesn’t the lottery or state take half?????
More than half
No. It's just treated as ordinary income, for federal and state tax purposes. 37% is the top marginal tax rate for federal taxes, and I don't know about michigan state income tax rates, but they are usually only a small fraction of federal rates. When all is added up, it's probably close to 40% deducted.
A number of states, yes even CA, do not impose state tax on lottery winnings. I don’t know if MI does or not
Wouldn’t that trigger AMT on fed taxes?
Most definitely. But it wouldn't reach 50%, unless AMT has been revise further to "punish the rich" since the last I checked into it.
Honestly, $4 millions shouldn't make anyone "rich" these days. It is a healthy retirement fund at best.
Probably because lottery sales are a form of tax.
She means her ex husband.
Headline you’ll never see: a hundred thousand people go to grocery store to pick up food and $30 lottery tickets, end up winning nothing.
Ya know..if I got 4 million and was left say ? 2 million after taxes I could live like a king for the rest of my days...you must have massive debt if 2 million couldn’t keep you a float for your remaining years...I put out less than 15 k a year for all bills...2 million would be a God send to most!
Probably bought the ticket with her EBT (aka: YOUR taxdollars at work). LOL
Who runs to the store the day before Thanksgiving to purchase a turkey-bird? Needs a few days to de-froze
I don't buy any tickets unless a lottery is over $100 million.
Then one ticket per $100 million after that.
Limits the gambling, and in the unlikely event I win, it should be big.
After all, with the democrats' hyper inflation, what is half of $99 million good for?
Then you must not have a mortgage, eventual major home repairs, medical bills or children or aging parents. Those suck up a lot more than the mundane daily living expenses. And as you age, you WILL experience more medical expenses.
I budget for EVERYTHING, including putting aside 2%+ of the price I paid for my home for maintenance every year. That is counted as an expense item (moved into an earmarked savings account) even if I don't do any major maintenance on the home in a year. $171,500 x 2% is $3,430 just for that category.
Several other similar categories are accumulated for the eventual expense, especially a category for major appliances and home furnishings. You don't want a $4000 bill for a refrigerator/freezer to hit you blindside when your old one goes out.
A million dollars isn't what it used to be. $2 million should be considered a minimum retirement nest egg. And social security solvency is going to come demanding the bill some day soon. That income source is not reliable.
Like most unqualified people who come into an unexpected windfall, if you don't budget for what you have and expect, not even a couple of million will do. You will burn through it like a ghetto welfare rat in no time. Read the stories of people who've won $100's of millions and were bankrupt within 5 years, or had other major money problems.
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