Posted on 08/12/2014 6:39:53 AM PDT by Welchie25
Dundalk resident Bernadette Gietka was a letter carrier for the U.S. Postal Service and aspiring playwright working four part-time jobs in June 2003 when she won the $183 million jackpot from the Mega Millions interstate lottery game. She chose the cash payout option of $112.8 million, taking home $76 million after taxes. Her win was the fourth largest in state history, a windfall both for Gietka and the charitable causes she championed.
Gietka died Aug. 10 in Phoenix, Md., at age 65. A funeral Mass will be offered Aug. 15 at 10 a.m. at Holy Rosary in Fells Point.
Shortly after winning the lottery, Gietka established Mary’s Fund Foundation to promote religious and pro-life activities. Baltimore-area parishes, the School Sisters of Notre Dame, the Archdiocese of Baltimore and Towson University were among its beneficiaries. Her mother, Catherine Gietka, was the foundation’s president.
Known as “Bernie” to friends, Gietka was born Sept. 6, 1948, in Baltimore. She was the youngest of three children born to Bernard J. and Catherine (Sherba) Gietka. Her siblings, Gerald Gietka and Lynda Ruszala, were active in Mary’s Fund.
Gietka told the Catholic Review in 2003 she won the lottery three weeks after praying God would provide funding for a pro-life musical she hoped to write.
(Excerpt) Read more at catholicreview.org ...
How many lottery winners end up worse off than before? An example of someone who’s head and heart were in the right place. God bless her.
so she won 183, took payout of 112 and ended up with after tax of 76. what happened to the other 71million?
Probably used to by tanks and sue wedding cake bakers.
“by” = buy
Quick answer: 36 million went to the government. 61 million didn't exist: the 183 million would have been paid out over 30 years, during which time (in theory) the 112 million would be making investment interest, plus the dollar value would be shrinking, so the payouts would be worth less then paid out 10, 20, up to 30 years later. Now, a person with half a brain and reasonable risk aversion should be able to take 76 million and grow it to more than 183 million over 30 years, so it would be better to take the upfront money and run it yourself, either for your own betterment or to grow a charitable foundation.
“so she won 183, took payout of 112 and ended up with after tax of 76. what happened to the other 71million?”
The State took $71 million, the Feds, $36 million, for a total tax burden of $112 million which is about 61%.
I agree with you. I just thought it was funny that they mention the after tax haul without mentioning the already imposed tax of $71 million for taking the cash payout.
The gummint won 36.8 million and didn’t even buy a ticket!
The 183 million is extrapolated over a payout of 20-30 years. They are assuming interest being earned on the actual principle while the payout is occurring over that time. If you took the annuity, the total would have been 183 before taxes.
Bernie had a head as well as a heart. Rest in peace, Bernadette.
RIP.
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