Posted on 10/25/2024 11:11:29 AM PDT by V_TWIN
JACKSONVILLE, Fla. – A 62-year-old Jacksonville woman claimed the $1 million top prize from the Loteria Grande scratch-off game.
The winner claimed her prize at the lottery’s headquarters in Tallahassee, where she opted for a one-time lump sum payout of $640,000.
The Florida Lottery reported that the winning ticket was purchased at Publix located at 7177 Merrill Road in Jacksonville and that the retail store received a $2,000 bonus commission for selling the winning ticket.
(Excerpt) Read more at news4jax.com ...
Good old Auntie, um, what’s her name.
“ she opted for a one-time lump sum payout of $640,000.”
Is that taking all taxes out of the million or is she taxed on this 640?
What grocery store are still in Jax?
When I was a teen it was Winn-Dixie (home), Pantry Pride, A&P, Big Star and that’s about it. No Walmarts, Sam’s, Costcos, Publix, or Aldis.............
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That $640k is pre-tax. She will be taxed on it.
Publix, Winn-Dixie, Aldi, Trader Joe’s, and the membership big box stores.
A&P.....always dimly lit and absolutely NO frills. Lol!
And I forgot Piggy Wiggly!................
Good question...I have no idea
Hmmm, its kinda late in the year. I’d bet that if she arranged things and maybe cashed it next year she could have saved a bunch of taxes.
But, if you’re buying scratchers it’s likely you’re not a big financial planning type.
I don’t ever recall Piggy Wigglys here.
I partially grew up in S.C. they were everywhere....
Those and IGA’s.
There was one but it was in a dark part of town so we never went there.....................
Well, that would certainly be why I never knew about it 😏
“if you’re buying scratchers it’s likely you’re not a big financial planning type”
The people I see standing in line to buy lotto don’t exactly look like financial wizards.......what I see many times is the look of DESPERATION.
I worked with a guy once that played lotto incessantly.....he was always bragging about his winnings....I finally got sick of hearing it so the next time he did it in front of a bunch of our coworkers I asked him how much he spent to get what he won.....he got pissed and never brought it up again. Lol!
At first I figured it represented after-tax distribution. But really it represents present value of a long-term distribution and likely would NOT include tax withholdings. That means she will be taxed on the $640,000 distribution at that income level. No idea how much that is. Harris would likely take it all.
I have a theory that buying one ticket is still throwing your money away, but the amount is small and buying one ticket increases your chances from zero to something more than zero. The second ticket will increase your chances by a much, much smaller percentage.
So, if you have a dollar to burn, go ahead and burn it. But stop there.
I know some folks can’t stop there, though.
I won’t even spend the dollar.
I did sign Elon Musk’s petition, though. If I get a million dollars, well, I’ll sing that song:
If I had a million dollars
If I had a million dollars
Well, I’d buy you a green dress
But not a real green dress, that’s cruel
And if I had a million dollars
If I had a million dollars
Well, I’d buy you some art
A Picasso or a Garfunkel
She’s about to have a million bucks worth of friends who have already packed their bags for a Mexican cruise.
My theory is if your playing lotto for any other reason than for entertainment purposes you shouldn’t be playing at all.
Anybody that’s playing because they NEED to win is bad juju.
Of course, just like any other form of gambling, it can very easily become an addiction.
Hitting the lottery is a little like killing someone.....if you are the only one that knows about it.....that’s one too many people. 😏
She will be able to keep roughly 380,000. Consult with your accountant.
“ She will be able to keep roughly 380,000. Consult with your accountant.”
I estimated 410 or so, but I don’t know tax rates, just ball parked it.
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