Posted on 10/17/2018 8:37:47 AM PDT by NRx
They won’t be disappointed. They’ll be more than happy to wait on the check.
Don’t k ow who to give it to whe3n I’m gone (60) and I have no kids.
You have to look out for those ‘long lost cousins’. They (real and fake) will be after you BigTime ;-)
We want to build a house somewhere in the sticks, with land to grow veggies and flowers; maybe have some livestock.
We’d also like to set up a research grant at some university for study of geriatric issues - we loved our Grandmothers.
Hillsdale, Fisher House, Salvation Army are on our list...and we’re still thinking.
It’s a very fun exercise :-)
We don’t have kids either. But you can always donate to a cause that you really believe in.
So you only get to keep a little over half of that...is that before tax or do you pay tax on that little over half?
If I win, i’ll put a down payment on a house in LA with a view of the ocean.
Well since this was posted the annuitized jackpot has gone up to $900 million with a cash value of $513 million. If you take the lump sum cash that is $513 M before any taxes. The top Federal income tax rate is now 37% (thank you Mr. President). And yes you are going to pay full freight on that kind of windfall. In addition in most states there will be income taxes. The worst is Oregon with a top tax rate of 9.9%. (California has a top tax rate of 13.5% but incredibly they don’t tax lottery winnings.) If you live in New York City you will be subjected to a triple tax, Federal, State of New York and City of New York. You might want to spend some of that money on Vaseline. On the other end of the scale there are a few states that don’t have any income tax or that exempt lottery winnings as long as you bought the ticket in the state.
Assuming you’re not a greedy SOB and decide to donate some money to charity you will probably qualify for tax deductions. On the other hand if you decide to start writing checks to friends and family, be very careful. There is a nasty thing called the Federal Gift Tax. Basically you can write as many checks to as many people as you want, and as long as they don’t exceed $14,000 per person in a given year, it’s considered a tax free gift. If you go over that amount, even with family, it is subject to the Federal Gift Tax which can be extremely stiff. You definitely will want to hire a good lawyer and tax accountant BEFORE you claim the prize.
Good luck and if you do win... remember your FRiends... :-)
I would be on the phone immediately arranging a home in Montana,airline tickets,a moving service for the little Id take and be out of the South forever . Give a mill each to a few relatives too. Hopefully they will escape the swamp too.
$1,000 million times 20! And he didn't just spend it - he was still making money.
Wow so you could potentially end up with maybe 200 million after all said and done...not that I’d mind the cash but that’s still pretty sick. My Governor, Murphy(NJ) must be salivating for a winner here. No wonder a winner gets a lawyer and shows up months later.
Yeah NJ is a very high tax state. I can’t complain about the Feds taxing lottery winning since they don’t run the lottery or get any of the money off it. But it burns me seeing states that already get between 40-45% of every dollar that goes into this racket turn around and tax the lucky b—tard who actually manages to beat the insane odds.
“If I win, I will buy a mansion and a yacht.”
If I win, I’m going to give some money to my church to do good with. Then I’m going to have a really good time.
......yeah that werks.....
Drive you insane....
Last nights power ball, I got zero numbers again.
Mega Millions jumps to $970 Million Dollars.
That’s my thinking. Since the odds are the same regardless of jackpot amount the larger payoff increases the value of the bet/risk.
Alas, I studied statistics in college. So if I buy any tickets it will be to teach my daughter ‘how-to-lose-money-gambling-we-could-have-spent-on-squishies’
And now that the jackpot is around 1.6 billion....
I can’t even imagine that kind of money.
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