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

[ZuluSam]

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.

Because in most cases it ain't the accountant. Say an entertainer makes a 2 million dollar lick and buys a Bugatti and then makes a 5 million dollar lick and buys a bunch of jewelry for him and his boys and gets a 500,000 dollar Bentley and gets his wifey a 2 million dollar Bugatti to match his and has 500,000 in the bank at the end of the year.

His accountant just calculates the taxes on the 7 million dollar income and files the return and tells the client how much he owes. It ain't the accountant's fault the client doesn't have the money to pay the bill, or chooses to ignore the bill. And does the same thing years in a row.

 

[REDLINE]

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.

I think the first tax people are talking about is the penalty for taking the lump sum.

 

[Madrox]

First things first

What's this bro??

 

[2missedcalls]

What's this bro??

The BGOL GOFUNDME fundraiser.

https://www.gofundme.com/f/bgol-finance-fund

 

[RUDY RAYYY MO]

Are you saying that it is $470 after taxes?

Yeah if you take cash option

 

[TENT]

When you get the lump sum. Half is gone.
Then the 1st year the feds come and tax you again.
The news doesn't talk about that but lottery winners mention it and that is how they start fucking up.

Explain.

 

[TENT]

2 times you get money taken out my boy.
2 fucking times.
You getting taxed 2wice.

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.

 

[blackbull1970]

A old white person over 80 or a recent immigrant usually are the mofos who win these jackpots for some odd reason.

Rarely you see a American under 30 winning these things.

 

[geechiedan]

A old white person over 80 or a recent immigrant usually are the mofos who win these jackpots for some odd reason.

Rarely you see a American under 30 winning these things.

troof.com!

 

[ORIGINAL NATION]

Damn that could be my first breath of fresh air

 

[Coldchi]

you get to keep most of your money if you live in Florida or Texas.....no state tax.

i'd make the stock market my daily ATM.....never loosing a damn dime

 

[darth frosty]

 

[Aww Skeet Skeet!]

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.

^This is what I'm thinking. From what I've read it's 25% withheld upfront (federal only). Then when you file (bc you're now in a 37% tax bracket with the lump sum), you'll pay the rest.

I think the first tax people are talking about is the penalty for taking the lump sum.

Yup, the present value of the ~$810M annuity. Only way you see that amount (or close to it) is to take the annuity. But that has it's own set of cons.

 

[Politic Negro]

 

[dHustla]

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!

"We don't inherit the earth from our ancestors, we borrow it from our children"

-African Proverb

I'ma be cheap aass fuuuuuccckkkk!

 

[lightbright]

Winner, winner chicken dinner
Raising Cane's CEO buys Mega Millions lottery tickets for all 50K employees
Raising Cane's buys 50K lottery tickets for employees: 'It's how we do business





Raising Cane's CEO buys Mega Millions lottery tickets for all 50K employees | Fox Business

 

[lightbright]

I was fucking around on the phone with a new tenant for like 20 minutes while I was posting this.... was looking for the YouTube video of ABC news that I saw.... never realizing that there was a twitter link in the story that I had at first Googled

 

[dHustla]

Yup, the present value of the ~$810M annuity. Only way you see that amount (or close to it) is to take the annuity. But that has it's own set of cons

I'm taking the annuity.

Let's talk about the pros & cons of taking the annuity!

What do I really need right away tbatbi wouldn't be able to get with the annuity? Aint no hurry. Slow & steady wins the race.

I'm paying debt, buying a tractor & white pickup truck, buying more land domestically and land abroad... (Ghana, Trinidad, Colombia, Tanzania, Gambia, Senegal, Ethiopia, Kenya, prolly have a home in Cuba & Jamaica, maybe Belize).

Really invest in a peaceful, secure lifestyle, continue to educate myself and sit on generational wealth for my children.

@papi68
@jagucci
Who else rich on here? Oh @slam

 

[Pack Rat]

$830 Million Cash Option: $487.9 Million Next Drawing: Tuesday, 7/26 @ 11 p.m. ET

 

[Pack Rat]

If no one hits it tonight, the next drawing will be OVER A BILLION DOLLARS!!!!!

 

[Race Harley]

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

It's funny... the attorney mentioned above, Jason Kurland, is about to go on trial for scamming past lottery winners.

https://www.lotterypost.com/news/341545

 

[fu2]

I just need some of it.

 

[Dirtylakerie]

A old white person over 80 or a recent immigrant usually are the mofos who win these jackpots for some odd reason.

Rarely you see a American under 30 winning these things.

i think over in the U.K. a damn 16 year old. Won $1.5 million if I'm not mistaken. In the early 2000's.

 

[catdaddy]

Bought my ticket.

 

[BK Pop]

 

[Day_Carver]

I'd wear a mask at the press conference, though.

No need some states you can put it in trust or business and don’t have to reveal your identity

 

[Coldchi]

Winner, winner chicken dinner
Raising Cane's CEO buys Mega Millions lottery tickets for all 50K employees
Raising Cane's buys 50K lottery tickets for employees: 'It's how we do business





Raising Cane's CEO buys Mega Millions lottery tickets for all 50K employees | Fox Business

imagine how pissed they'd be if one of those were the winning ticket?
after taxes....that'll be around $465 million........which would then have to be split evenly among 50,000.
$9,300 a piece.........(which the govt also has to tax at another 40%......not including the state tax). lookin at taking home about 5 grand a piece. lol
niggaz gone be jumpin around talkin bout they millionaires and chargin a lot of shit on their card and fuck around and break themselves in the process.....lol.

 

[Aww Skeet Skeet!]

I'm taking the annuity.

Let's talk about the pros & cons of taking the annuity!

What do I really need right away tbatbi wouldn't be able to get with the annuity? Aint no hurry. Slow & steady wins the race.

I'm paying debt, buying a tractor & white pickup truck, buying more land domestically and land abroad... (Ghana, Trinidad, Colombia, Tanzania, Gambia, Senegal, Ethiopia, Kenya, prolly have a home in Cuba & Jamaica, maybe Belize).

Really invest in a peaceful, secure lifestyle, continue to educate myself and sit on generational wealth for my children.

@papi68
@jagucci
Who else rich on here? Oh @slam

It's all about a dollar today being worth more than a dollar in the future. At least that's the crux of the argument.

Inflation throws gasoline on the fire. $20 bill wouldve got you some gas last year... Today, maybe 3 gallons (or more/less depending on where you live).

 

[Tdot_firestarta]

you get to keep most of your money if you live in Florida or Texas.....no state tax.

Same here in Canada, no tax on lottery winnings....we never have no $810 million jackpots though....I think the highest has been like $80 mill

as for what I'd do with a lottery windfall....basically everything that I already plan to do but just a hell of a lot quicker....

but first I'll probably take a picture of the ticket...then put it in an envelope and store it in a safety deposit box...wait to claim it after I get my affairs in order and/or another major jackpot comes up with more hype around it

Give a portion to my Parents, Aunt, Uncle...enough for them to retire comfortably...travel and enjoy life

Buy more real estate.....help alleviate the housing crisis....build some nice high quality, energy efficient cash flowing, triplexes - fourplexes and modern luxury homes (on RTO program catering to young black families).....build some Garden suites in areas where the zoning's been approved and space is suitable. some mixed commercial property on the waterfront etc.

invest more in my dividend paying stocks in my tax sheltered account. Buy enough to earn over $100k per year in dividends...get some GIC's, max out the deposit limit in my high interest savings accounts , buy some gold etc.

Set up a Foundation - deposit a portion in there and use that foundation to set up charities...scholarships for Young brothas and sistas. More money will be awarded if they choose an HBCU, only stipulation is that they have to minor in Africana studies along with whatever discipline they choose to Major in so they enter the workforce with a healthy love and understanding of our people and history.

Start Angel investing....VC investing in promising start ups

And of course......do some fun shit.....Travel all over, Japan, Spain, france, Fiji, Africa, south america etc. buy a couple of cars, do some shopping for my wife and baby boy maybe buy a vacation home.
and update my will!

 

[ZuluSam]

I think the first tax people are talking about is the penalty for taking the lump sum.

That’s not a tax but the difference between an annuity and a lump sum. That is a present value of money calculation. Ever see those ads by JW Wentworth asking if you got a personal injury settlement paid out in yearly payments? That’s an annuity. They will tell you what’s all that money in the future worth in a lump some today? What are those future payments present value? That’s not a tax.

 

[ZuluSam]

2 times you get money taken out my boy.
2 fucking times.
You getting taxed 2wice.

Look at it like this. Your tax bill is 37%, but you only pay 25% up fron so you owe an additional 12%. Your tax bill is the same. You only get taxed once. Your tax is 37%. You just didn’t pay it all upfront. You paid your bill in two payments. But you only got taxed once.

 

[REDLINE]

That’s not a tax but the difference between an annuity and a lump sum. That is a present value of money calculation. Ever see those ads by JW Wentworth asking if you got a personal injury settlement paid out in yearly payments? That’s an annuity. They will tell you what’s all that money in the future worth in a lump some today? What are those future payments present value? That’s not a tax.

I know, I said "People".

 

[ZuluSam]

If you settle a case with an insurance company that you think its worth $1 million the insurance company might say we will pay you $100,000 a year for 10 years or $600,000 in a lump sum today. If you take a lump sum that is not a tax. That is a simple calculation of the future value of money versus the present value. The reduction of those who take a lump sum is not all based on a tax, but based on a simple mathematical calculation that’s used every day in terms of determining the future value of money versus the present value of money. The reduction can be expressed as what is the value of 810 millie paid over 30 years worth today? What is its present value? That’s not a tax but an accounting and banking formula used every day. If I wasn’t on my phone I’d post the formula.

 

[TENT]

What is wrong with you? You getting money taken out 2 times bro. I am letting people know to be prepared that there is a second hit. If people think it is one time then they gonna be caught off guard. God forbid do shit with or allocate all the money out and the get hit with another deduction.

So you can say you only taxes 1 time all you want. Say it until the cows come home but 1 + 1 = 2.

You literally telling me that 2 things are 1 thing.

Shut up my nigga. Shut up.

Look at it like this. Your tax bill is 37%, but you only pay 25% up fron so you owe an additional 12%. Your tax bill is the same. You only get taxed once. Your tax is 37%. You just didn’t pay it all upfront. You paid your bill in two payments. But you only got taxed once.

 

[ZuluSam]

What is wrong with you? You getting money taken out 2 times bro. I am letting people know to be prepared that there is a second hit. If people think it is one time then they gonna be caught off guard. God forbid do shit with or allocate all the money out and the get hit with another deduction.

So you can say you only taxes 1 time all you want. Say it until the cows come home but 1 + 1 = 2.

You literally telling me that 2 things are 1 thing.

Shut up my nigga. Shut up.

Ok