*UPDATE* $1.28 Billion Cash Option: $747.2 Million Next Drawing: Friday, 7/29 @ 11 p.m. ET

[Z MONSTER]

My coworker won a million on a scratch off. He settled for the lump sum. After taxes he received about $440,000. Time to ball right? Not so fast! When he did his income taxes the government was like "Hey you made 500k last year, you owe us 65k in taxes. So he went from 440k to 375k. Just imagine if he brought a house before he did his taxes. He said that's how pro athletes and movie actors get into tax trouble.

 

[playahaitian]

Money: NY Times says Powerball Winner Take Our Advice & Take the Annuity

Powerball Winner: Take Our Advice and Take the Annuity So let us suppose, reader, that you have won Wednesday’s $1.5 billion Powerball jackpot. Congratulations! You have some important decisions to make, such as what ailing magazine to acquire and what congressional seat your spouse should run...

www.bgol.us

 

[playahaitian]

1. you definitely want to make sure all i's are dotted and t's crossed. In many cases dealing with a human is better reading instructions on a website.

2. nigga if you hit youre rich..you will have money to afford a lawyer!

3. nigga rich and STILL wanna be cheap!

Now THAT is a great mini novel!

 

[RoomService]

when you buy your tickets???

I don’t

 

[playahaitian]

How to Stay Anonymous When You Win the Lottery


Only seven states—Delaware, Kansas, Maryland, North Dakota, Ohio, South Carolina, Texas, and likely soon Georgia—allow winners to shield their identities. A handful of other states, like California and Wisconsin, entirely forbid winners to remain anonymous, “and then there are the states with gray areas,” says Jason Kurland, an attorney in East Meadow, New York, who has represented jackpot winners in the past. Depending on where you live, you can “form a trust and hide behind that. Your lawyer can be the face of the trust.”

Now this is exactly what Jane Doe, in New Hampshire, did—but she had already signed her lottery ticket in her own name, and lottery officials have refused to let her white out her name and re-sign in the name of the trust.

Most advisors instruct the winner to sign the ticket immediately so the ownership is indisputable—does the New Hampshire case mean that the lucky holder of the winning Powerball ticket shouldn’t sign the back of the ticket? Kurland notes that leaving the ticket unsigned, and risking someone (even your lawyer) stealing it, is a big risk. His solution? “Sign it, but sign it small. Then you can add trustees, or several trustees, and the name of the trust.”

Once you’ve signed, find a trusts and estates attorney in your state to advise you. This person should also put you in touch with a financial planner—you’re going to owe taxes, and you’ll likely want to consider how best to handle charitable contributions and gifts to family and friends. “Once you set up your team, you can’t go wrong,” says Kurland.

Oh, and mum’s the word. New York City trusts and estates attorney Alison Besunder says, “The bigger problem arises when there is an oral (usually flippant) promise to share the proceeds.” So if you really want to stay anonymous? Keep your mouth shut.

How to Stay Anonymous When You Win the Lottery

We all have fantasies of hitting the lottery, right? The new cars, the boat, the...lawsuits, predators, and bankruptcies? The winning ticket isn’t ne

lifehacker.com

Money: Why New York doesn’t allow anonymous lottery winners (and HOW to stay secret)

Lottery winners are money in the bank for the states that run the games. The policy of requiring lottery winners to be identified before getting their checks is due to two major factors: transparency, so the public knows who’s taking home millions of public dollars, and as a valuable public...

www.bgol.us

 

[TENT]

Came in to say you get taxed 2 times!!!!!
People don't talk about that shit.

 

[Star]

My coworker won a million on a scratch off. He settled for the lump sum. After taxes he received about $440,000. Time to ball right? Not so fast! When he did his income taxes the government was like "Hey you made 500k last year, you owe us 65k in taxes. So he went from 440k to 375k. Just imagine if he brought a house before he did his taxes. He said that's how pro athletes and movie actors get into tax trouble.

Thats why you speak to the people that know Taxes. In that situation he could have paid that Taxes over a five year schedule. would have Saved himself alot of money

 

[Madrox]

Ain't worried about tax. It will be 400m more than I had today.

A lot of folks would still find a way to be mad-as-HELL about that tax bill..

Show up to claim they prize like

 

[geechiedan]

My coworker won a million on a scratch off. He settled for the lump sum. After taxes he received about $440,000. Time to ball right? Not so fast! When he did his income taxes the government was like "Hey you made 500k last year, you owe us 65k in taxes. So he went from 440k to 375k. Just imagine if he brought a house before he did his taxes. He said that's how pro athletes and movie actors get into tax trouble.

side note: Lets be real and honest here...if youre making over 500k youre in a higher tax bracket and your tax forms get EXPONENTIALLY more complex. If anyone here thinks trump himself is sitting down with a calculator, adding machine and accountant's visor with stacks of paperwork is kidding themselves.

So how do rich people especially entertainers... get into tax trouble when their SUPPOSED to have advisors and accountants who are supposed to be keeping track of that shit???

You hear about them getting in trouble but never hear about their accountants being held accountable for fucking up their shit.

 

[Mixd]

My coworker won a million on a scratch off. He settled for the lump sum. After taxes he received about $440,000. Time to ball right? Not so fast! When he did his income taxes the government was like "Hey you made 500k last year, you owe us 65k in taxes. So he went from 440k to 375k. Just imagine if he brought a house before he did his taxes. He said that's how pro athletes and movie actors get into tax trouble.

I think he could of deferred those capital gains and kept deferring it smartly, year after year.

 

[Mixd]

side note: Lets be real and honest here...if youre making over 500k youre in a higher tax bracket and your tax forms get EXPONENTIALLY more complex. If anyone here thinks trump himself is sitting down with a calculator, adding machine and accountant's visor with stacks of paperwork is kidding themselves.

So how do rich people especially about entertainers... get into tax trouble when their SUPPOSED to have advisors and accountants who are supposed to be keeping track of that shit???

You hear about them getting in trouble but never hear about their accountants being held accountable for fucking up their shit.

You're talking about two different things.
An entertainer is getting an income.
This sudden windfall is capital gains.

Winning millions is one thing. But a "small" amount like a few hundred thousand, you can defer those taxes and keep doing it yearly.

Think of real estate and investors flipping houses. Done right, you can keep deferring. Many do.

 

[Strait_Laced]

i'm al ol cat...when it comes to lotto winners...i remember this dude from way back in the day [ early 80s]...curtis sharp with the brims

Curtis Sharp, 1982 lottery winner, on losing it all

Curtis Sharp Jr. won approximately $5 million in 1982. He became famous after the win as much as for the prize as for his larger-than-life personality.

www.fox46.com

he came to collect with his wife AND his girlfriend on his arm

 

[geechiedan]

You're talking about two different things.
An entertainer is getting an income.
This sudden windfall is capital gains.

Winning millions is one thing. But a "small" amount like a few hundred thousand, you can defer those taxes and keep doing it yearly.

Think of real estate and investors flipping houses. Done right, you can keep deferring. Many do.

yeah I'm talking about how the steady income people fall into tax problems when theyve hired people thats supposed to be looking out for that.

How are you an NFL player who didn't pay taxes???

 

[christop]

 

[godofwine]

Find out what states have the ability to win the money privately and buy a ticket there. Ohio is one of them

In Ohio, lottery winners have 180 days to claim their prizes, so during that time, it’s a good idea to set up a blind trust, with the help of a lawyer.

The 11 states that currently allow lottery winners to remain anonymous where a winning ticket was purchased in their state are: Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, Virginia and Texas.

 

[godofwine]

I would turn white supremacy on its motherfucking ear. I would do so much for black people and black businesses because I can take care of me with a million dollars. That's it that's all the money I would need for the rest of my life.

The rest, would go into creating a Service Disabled Veteran Owned Small Business the likes of which the world has never seen. And it's something that can be done in every black community from sea to shining sea

Before I get that in motion, I'd buy up the block, buy out all the jewish and Italian landlords, even if I have to overpay a bit. Arab and Asian businesses would be the first targets once the plan gets going

They won't be able to compete with what I have planned.

Black Wallstreet II

And the church won't be getting one goddamn red Cent

 

[shinobi]

Lottery Tax Calculator

https://www.afterlotto.com/lottery-tax-calculator

 

[godofwine]

Lottery Tax Calculator

https://www.afterlotto.com/lottery-tax-calculator

God damn. The lump sum on 810 million is 338,471,784.00

 

[godofwine]

1. you definitely want to make sure all i's are dotted and t's crossed. In many cases dealing with a human is better reading instructions on a website.

2. nigga if you hit youre rich..you will have money to afford a lawyer!

3. nigga rich and STILL wanna be cheap!

 

[ThaBurgerPimp]

i'm al ol cat...when it comes to lotto winners...i remember this dude from way back in the day [ early 80s]...curtis sharp with the brims

Curtis Sharp, 1982 lottery winner, on losing it all

Curtis Sharp Jr. won approximately $5 million in 1982. He became famous after the win as much as for the prize as for his larger-than-life personality.

www.fox46.com

he came to collect with his wife AND his girlfriend on his arm

He acknowledges spending all his winnings on family, cars, real estate and women.

Those women(including his wife) were probably taking him to the cleaners

 

[shinobi]

God damn. The lump sum on 810 million is 338,471,784.00

I’d only get $317,317,297.50 with my tax rate.

 

[ShortyCumStain]

I don't even indulge in such discourse or thoughts relating to cause realistically, I'd never win.

 

[godofwine]

I don't even indulge in such discourse or thoughts relating to cause realistically, I'd never win.

I have a rule. One play per hundred million, so with this I would play eight tickets

Funny story about winning the lottery:

This weekend I went to the Cincinnati Music Festival to see Janet Jackson and Charlie Wilson and Tony Toni Toni. Saturday morning I realized I did not have any body wash. Head downstairs to the car and realize I forgot my wallet upstairs

In my arm rest is $2 and 6 lottery tickets. From those lottery tickets I won $16 and was able to purchase the body wash

I got upstairs to my room in this janky ass Hotel... the shower was broken. So I had to hoe bath it in the sink

So winning the lottery got me the body wash.

You can't win if you don't play, but I got a better chance at guessing your whole name right now than winning, so just drop a couple bucks on it. If you lose you just bought a pop (aka soda)

About 16 years ago I went into a store and a guy dropped $250 on the Mega Millions on Tuesday. I went into that store that was not that far off base the following day no one had won the jackpot...

And that same guy was scanning his tickets...and didn't win SHIT.

Play a couple dollars, and that's it. Odds are you won't win, BUT you might. It's not worth dropping $250 on for sure.

 

[2missedcalls]

First things first

 

[playahaitian]

side note: Lets be real and honest here...if youre making over 500k youre in a higher tax bracket and your tax forms get EXPONENTIALLY more complex. If anyone here thinks trump himself is sitting down with a calculator, adding machine and accountant's visor with stacks of paperwork is kidding themselves.

So how do rich people especially about entertainers... get into tax trouble when their SUPPOSED to have advisors and accountants who are supposed to be keeping track of that shit???

You hear about them getting in trouble but never hear about their accountants being held accountable for fucking up their shit.

^^^^

 

[Dirtylakerie]

First thing I would do is hit up Teanna Trump's DM's.

I'll be like" I got $80 for you" Instead of $40.

 

[ZuluSam]

They don't tax cash option again, it's already taxed at 470. Wtf article talm bout

Do you need a lawyer to create a trust? Can't use legal zoom or something?

Bruh just won damn near a billie and he going the 'do it yourself' route....lawd, lawd, lawd.

I'm a lawyer and whenever I daydream about winning the lottery, I think about finding the top firm to do my estate planning.....chew on that a minute playa.

 

[ZuluSam]

They don't tax cash option again, it's already taxed at 470. Wtf article talm bout

Are you saying that it is $470 after taxes?

 

[ZuluSam]

Came in to say you get taxed 2 times!!!!!
People don't talk about that shit.

Explain.

 

[Pimpslap Slim]

It’s gonna suck losing that much to taxes but it comes with winning.

Lose???
450 plus mil from a $2 investment is a win no matter how you slice it.

 

[RUDY RAYYY MO]

I'd give fam half a mill , a crib and vehicle. Invest real-estate, buy a shit load of acres. Just a few off top

 

[REDLINE]

Explain.

For this $810 million jackpot, the cash option — which most winners choose — is $470.1 million. A mandatory 24% federal tax withholding on that amount would reduce your winnings by about $112.8 million.

However, because the top federal marginal tax rate is 37% — which applies to income above $539,900 as a single taxpayer or $647,850 for married couples filing jointly — you could expect to owe more at tax time.

One way to reduce your tax bill is to think charitably, according to the American Institute of CPAs: You can contribute cash, up to 60% of your adjusted gross income, to a public charity or a donor-advised fund and get a tax deduction for the amount in the year you make the donation. You could also create a private foundation, donate income to it and then determine over time how to employ it.


If you had no reduction in income, another 13%, or $61.1 million, would be due to the IRS ($173.9 million in all).

That would reduce the windfall to $296.2 million.

There also could be state taxes either withheld or due. Unless you live where there's no income tax or lottery wins aren't taxed, those levies could be more than 10%, depending on where you bought the ticket and where you live.

https://www.cnbc.com/2022/07/25/mega-millions-jackpot-is-790-million-if-its-won-heres-tax-bill.html

 

[ScorpDiesel]

Explain.

There are tax vehicles (e.g. trust acct) that will shelter you from being taxed a 2nd time. So, don't know WTF he's taumbout.

 

[RUDY RAYYY MO]

My coworker won a million on a scratch off. He settled for the lump sum. After taxes he received about $440,000. Time to ball right? Not so fast! When he did his income taxes the government was like "Hey you made 500k last year, you owe us 65k in taxes. So he went from 440k to 375k. Just imagine if he brought a house before he did his taxes. He said that's how pro athletes and movie actors get into tax trouble.

Looks like your friend just said fuck it it's only 65k. I'm sure there's a way he could have avoided or deferred

 

[ZuluSam]

For this $810 million jackpot, the cash option — which most winners choose — is $470.1 million. A mandatory 24% federal tax withholding on that amount would reduce your winnings by about $112.8 million.

However, because the top federal marginal tax rate is 37% — which applies to income above $539,900 as a single taxpayer or $647,850 for married couples filing jointly — you could expect to owe more at tax time.

One way to reduce your tax bill is to think charitably, according to the American Institute of CPAs: You can contribute cash, up to 60% of your adjusted gross income, to a public charity or a donor-advised fund and get a tax deduction for the amount in the year you make the donation. You could also create a private foundation, donate income to it and then determine over time how to employ it.


If you had no reduction in income, another 13%, or $61.1 million, would be due to the IRS ($173.9 million in all).

That would reduce the windfall to $296.2 million.

There also could be state taxes either withheld or due. Unless you live where there's no income tax or lottery wins aren't taxed, those levies could be more than 10%, depending on where you bought the ticket and where you live.

https://www.cnbc.com/2022/07/25/mega-millions-jackpot-is-790-million-if-its-won-heres-tax-bill.html

Ok.....so that is not really taxed twice. It's just that the amount withheld did not cover you tax bill and you owe more. Just like someone making good money and owes taxes at the end of the year, even though some money was withheld during the year. They aren't taxed twice, it is just that enough was not withheld to they still owe.