TedTAce
Topic Author
Posts: 9098
Joined: Sun Mar 27, 2005 12:31 am

Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 8:07 pm

Gee you think he's going to take the 30 year pay out plan?

http://www.msnbc.msn.com/id/16875722/
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aloges
Posts: 14842
Joined: Tue Jan 17, 2006 3:38 am

RE: Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 8:25 pm

Quoting TedTAce (Thread starter):
Gee you think he's going to take the 30 year pay out plan?

Is it inheritable?  Wink Congrats to him, he can do twice now whatever he saved his entire life for.
Don't cry because it's over, smile because it happened.
 
nosedive
Posts: 2176
Joined: Sun May 23, 2004 2:18 pm

RE: Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 8:37 pm

I find this story better:

Powerball man PWNED
 
andz
Posts: 7628
Joined: Mon Feb 16, 2004 7:49 pm

RE: Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 9:40 pm

Quoting TedTAce (Thread starter):
Octogenarian Claims $254 Million Powerball Jackpot

Alanis Morrissette comes to mind..
"an old man, turned 98, he won the lottery, and died the next day.."
After Monday and Tuesday even the calendar says WTF...
 
PanAmOldDC8
Posts: 934
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 9:58 pm

Quoting TedTAce (Thread starter):
Gee you think he's going to take the 30 year pay out plan?

I read the story and it seems that his family and he won the jackpot, as they put the money in a pot and he placed the bet, so he will have to give it to the family as well as his wife and him. I say great for him and I hope that he enjoys it fully. Being playing the lottery for the last 40 years and have never won anything except $10.00
Barbados, CWC soon, can't wait
 
TedTAce
Topic Author
Posts: 9098
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Tue Jan 30, 2007 10:37 pm

Quoting Nosedive (Reply 2):
I find this story better:

Powerball man PWNED

Yeah, it's absolutely tragic. Definately a cautionary tale of power (money) without wisdom.
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BNE
Posts: 2922
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Wed Jan 31, 2007 12:45 pm

Do you have to pay any tax on lottery winnings in the US.

In Australia you only have to pay tax on the interest you might cumulate while the money seats in the bank but no tax is payable on the winnings.
Why fly non stop when you can connect
 
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scbriml
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Wed Jan 31, 2007 1:24 pm

Quoting BNE (Reply 6):
Do you have to pay any tax on lottery winnings in the US.

The BBC's article on this story said that lottery winnings in the US are taxable income. Bummer.

Not taxable in the UK, but our National Lottery doesn't get prizes quite that big. The biggest so far was a roll-over of £20m+ (not that I'd complain if I'd had the winning ticket!)
Time flies like an arrow. Fruit flies like a banana!
There are 10 types of people in the World - those that understand binary and those that don't.
 
kaddyuk
Posts: 3697
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Wed Jan 31, 2007 2:55 pm

Quoting Scbriml (Reply 7):
The BBC's article on this story said that lottery winnings in the US are taxable income. Bummer.

The US would tax you on death if they could!!!
Whoever said "laughter is the best medicine" never had Gonorrhea
 
piercey
Posts: 2188
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RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 5:35 am

Quoting Scbriml (Reply 7):

The BBC's article on this story said that lottery winnings in the US are taxable income. Bummer.

It is an income and the US taxes income (same with if you won a house or a car, that's a boost in your income!)
Well I believe it all is coming to an end. Oh well, I guess we are gonna pretend.
 
fumanchewd
Posts: 2878
Joined: Fri Jun 03, 2005 7:43 am

RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 5:52 am

Quoting Andz (Reply 3):
"an old man, turned 98, he won the lottery, and died the next day.."

I hate that song. That's not irony just sh#t luck. Same with the rain on a wedding day. That's what happens when teenagers write their own music. She should have just let someone else write it just like all of the other teen bimbos.
In the time of chimpanzees, I was a monkey...
 
srbmod
Posts: 15446
Joined: Tue Mar 20, 2001 1:32 pm

RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 7:14 am

Quoting TedTAce (Reply 5):
Yeah, it's absolutely tragic. Definately a cautionary tale of power (money) without wisdom.

It happens more often then you think, and it's usually the only time after the initial press circus that these folks make the news. There was a young woman here in the Atlanta area several years back whose portion of the Big Game jackpot was around 86 Million. She took the lump sum and hasn't been heard from since.
 
Dougloid
Posts: 7248
Joined: Tue Jul 05, 2005 2:44 am

RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 8:24 am

Quoting Scbriml (Reply 7):
Quoting BNE (Reply 6):
Do you have to pay any tax on lottery winnings in the US.

The BBC's article on this story said that lottery winnings in the US are taxable income. Bummer.

Yes. It is considered income and rightly so.

Quoting Kaddyuk (Reply 8):

The US would tax you on death if they could!!!

We do that too.


 mischievous   mischievous   mischievous 
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
SlamClick
Posts: 9576
Joined: Sun Nov 23, 2003 7:09 am

RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 8:51 am

Quoting BNE (Reply 6):
Do you have to pay any tax on lottery winnings in the US.

Take the cash buyout and you only get half the declared total. Taxes off that and he'd walk with something like a puny $88 million. On the other hand he is not likely to die broke, even at that.
Happiness is not seeing another trite Ste. Maarten photo all week long.
 
jcs17
Posts: 7376
Joined: Mon Jun 18, 2001 11:13 am

RE: Octogenarian Claims $254 Million Powerball Jackpot

Thu Feb 01, 2007 12:32 pm

Yes, you have to pay US income taxes on all winnings. However, state income taxes vary from none to 8%+, so your best bet is to move to a state with no income tax.

I bought a few Powerball tickets and was quite distraught when I didn't win. My chances were only 5 in 120,000,000! I never play the lottery unless there is a jackpot over $200 million. I don't like to gamble, as I think it's a waste of money, but when that sort of dough is on the table I have to go for it.

I actually did a little bit of research and your best bet, by far and away, is to take the annual payments. There is about 50+ million left on the table when you take the lump sum. Plus, it makes it a bit harder to blow it all.
America's chickens are coming home to rooooost!

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