Posted on 04/01/2014 3:27:45 PM PDT by SMGFan
MILPITAS, Calif. – California Lottery officials say the sole winner of February's $425 million Powerball jackpot has come forward to claim the prize.
(Excerpt) Read more at foxnews.com ...
Waiting for all the demonrats and occupados to come out and demand the winner share with the 99% because they didn’t earn it, they won it on the backs of the poor.
The feds get half of it. So everybody’s happy.
“‘Unbelievable!’ is all I could muster,”
.....Buxton said, as he described the moment he found out he hit the jackpot, according to a news release from the state lottery.
“I sat in front of the computer for hours in disbelief, frequently checking and rechecking the numbers across multiple sources. Once the initial shock passed I couldn’t sleep for days.”
“‘Unbelievable!’ is all I could muster,”
.....Buxton said, as he described the moment he found out he hit the jackpot, according to a news release from the state lottery.
“I sat in front of the computer for hours in disbelief, frequently checking and rechecking the numbers across multiple sources. Once the initial shock passed I couldn’t sleep for days.”
What an idiot. I’d have been in the car to the local office to collect my money the next day.
You would want to consult a good tax attorney and an accountant first. One minor error could cost millions in taxes.
Nah....my sister won ....you have to be careful. Especially who you share the news with until you have gone to where you make your claim...and it’s official. Even then the lottery people meet with you on how to handle the news agencies etc.
Nah....my sister won ....you have to be careful. Especially who you share the news with until you have gone to where you make your claim...and it’s official. Even then the lottery people meet with you on how to handle the news agencies etc.
I think the feds get 39.7%. No state tax. and if you take lump sum you get a reduced amount.
IIRC the winner will get about $140 million take home. ONLY!
“What an idiot. I’d have been in the car to the local office to collect my money the next day.”
THAT would be a VERY STUPID thing to do!
1) Move to one of 9 states that don’t require you to reveal your identity, and establish residence there.
2) Find a good lawyer to set up the right kind of foundation or trust, in whose name the prize will be claimed.
The SAFETY and SECURITY of you and YOUR FAMILY is your PRIMARY CONCERN!!!
If he gets 242.2 his take home should be about $144 mill
Mr Winner...
California says “Thank you”.
No, I live in a state with no income tax so I won’t move. They also do not require your identity to be revealed. So I’m covered.
I don’t need it in a trust or foundation. The after tax take home I can manage myself.
Thanks.
Calif will get their share of it in state income tax.
there is no state income tax in lottery winnings in CA
Really? CA passed that? I’m shocked. They want a piece of everything else.
(Additional update/correction: In my original story, I wrote that a California resident would be subject to a 10.3% tax. That is incorrect. As a reader pointed out, California actually exempts state lottery winnings from its income tax. So does Pennsylvania. So that make seven states—the five without a state income tax, plus the two that exempt lottery winnings—where there is no state tax due. As other readers pointed out, Delaware used to exempt lottery winnings, but changed its law and taxes jackpots won after 2009–although the Mega Millions site does not reflect that fact.)
Forbes March 30, 2012
That author got one detail wrong but it’s minor. There are 9 states with no state income tax.
Alaska, Nevada, Florida, Texas, South Dakota, Wyoming, and Washington. Two, Tennessee and New Hampshire, only tax interest earned over a certain sum (large) and some investments but not on wages.
There are also many more with none on lottery winnings like CA.
Interesting. I’m surprised so many blue states would exempt lottery winnings. You’d think they would tier if to make the “rich” winners pay their fair share! lol
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