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Message
re: Mega-million winner still has not come forward
Posted on 12/20/18 at 3:24 pm to athenslife101
Posted on 12/20/18 at 3:24 pm to athenslife101
Trusts take time to set up
0
Posted on 12/20/18 at 3:25 pm to White Roach
i read on the comments that he would want to wait until 2019 to claim it which is what a good CPA\Lawyers would have advised him to do
This post was edited on 12/20/18 at 3:26 pm
Posted on 12/20/18 at 3:28 pm to White Roach
quote:im not sure. but ive always assumed its the norm for winners of these things to take a while to claim it simply because, like you said, they need to get their shite together. whether thats setting up trusts, figuring out what you actually want to do with the money, or maintaining your privacy
Is there a tax advantage angle involved here? Is foregoing two months of interest worth deferring the tax liability until April of 2020? I know the more likely explanation is that someone or some group is just being very careful to make sure their affairs are in order before they claim the prize, but I was curious about deferring the tax liability.
Posted on 12/20/18 at 3:39 pm to LSUvegasbombed
If the winner(s) got a check for the entire lump sum, I can see where deferring to claim the prize in a late in the year drawing until the following tax year would make sense. But I'm almost certain that estimated state and federal taxes are withheld out of the prize payment.
My best guess is that the winning ticket was purchased in an office pool or other group and setting up the trust(s) and other legal work is made more complicated by the multiple parties involved. Or some poor redneck jumped into his pond to celebrate when he won and dissolved the ticket.
My best guess is that the winning ticket was purchased in an office pool or other group and setting up the trust(s) and other legal work is made more complicated by the multiple parties involved. Or some poor redneck jumped into his pond to celebrate when he won and dissolved the ticket.
Posted on 12/20/18 at 3:40 pm to White Roach
quote:
Is foregoing two months of interest worth deferring the tax liability until April of 2020?
Not sure, but the math is pretty easy. Using 5% interest rate on a cash value of 900 million, they'd be losing about 125 grand a day pretax in interest for every day they delay. Pretty staggering.
This post was edited on 12/20/18 at 3:40 pm
Posted on 12/20/18 at 3:41 pm to athenslife101
Was probably that guy who put a bird finger on a power pole.
Posted on 12/20/18 at 3:43 pm to AUCE05
I think it’s bullshite what they do with unclaimed lottery money. I believe it should be added back into pot
Posted on 12/20/18 at 3:47 pm to White Roach
quote:
If the winner(s) got a check for the entire lump sum, I can see where deferring to claim the prize in a late in the year drawing until the following tax year would make sense.
How so?
Posted on 12/20/18 at 3:47 pm to athenslife101
quote:They want the taxes.
state lottery officials in South Carolina were urging the mystery person to seek counsel from a financial advisor, sign the ticket, and stash it safely
Posted on 12/20/18 at 3:48 pm to Higgysmalls
Lottery is a tax on the poor. Can't put that back in the pot.
Posted on 12/20/18 at 3:49 pm to kywildcatfanone
also, many comments were that the powerball is behind the winning ticket so they dont have to pay
Posted on 12/20/18 at 3:52 pm to LSUvegasbombed
I believe it. You could build a lot of schools with that money
Posted on 12/20/18 at 3:53 pm to athenslife101
quote:
Mega-million winner still has not come forward
Supposedly the winning ticket was sold in South Carolina, right?
The Mega Million numbers range up to 70, right?
THAT could be the problem.
Posted on 12/20/18 at 4:02 pm to Mingo Was His NameO
quote:
How so?
If you receive a substantial bonus check at work before 12/31, you'll be responsible for the income tax liability by 4/15 of the following year, assuming you don't file for an extension. That's ~3-1/2 months later. If you receive the bonus after 12/31, in the new tax year, you aren't responsible for paying until 4/15 of the next year - approximately 15-1/2 months later. Presumably, that money is invested and earning interest during that extra time period. That's how.
Posted on 12/20/18 at 4:04 pm to Boudreaux35
Probably somebody like me that buys tickets and never checks the winning numbers. The biggest jackpot in history will probably not be claimed
Posted on 12/20/18 at 4:05 pm to athenslife101
Buried in the backyard
Posted on 12/20/18 at 4:08 pm to athenslife101
S.C. is one of only a few states that allow people to claim prizes without their identity revealed to the public.
He made a good gamble with the market tumbling end of the year.
He made a good gamble with the market tumbling end of the year.
Posted on 12/20/18 at 4:08 pm to TigerCoon
That would be a helluva problem to have ...
What the frick am I going to do with the $125,000 I made today? I've still got $120 something thousand left over from yesterday.
What the frick am I going to do with the $125,000 I made today? I've still got $120 something thousand left over from yesterday.
Posted on 12/20/18 at 4:24 pm to White Roach
quote:
If you receive a substantial bonus check at work before 12/31, you'll be responsible for the income tax liability by 4/15 of the following year, assuming you don't file for an extension. That's ~3-1/2 months later. If you receive the bonus after 12/31, in the new tax year, you aren't responsible for paying until 4/15 of the next year - approximately 15-1/2 months later. Presumably, that money is invested and earning interest during that extra time period. That's how
You're actually right, the only thing you are mistaken on is how extensions work, but well done. Understanding taxes and tax planning in not a strong suit for the OT
This post was edited on 12/20/18 at 4:24 pm
Posted on 12/20/18 at 4:26 pm to White Roach
They keeping the money, that shite was fixed
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