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HeisenbergFX4 said:
Its sad what they take

I know a couple who won 10 million in the Hoosier Lotto maybe 10 years ago or so now (knowing how time flies might be much longer) but they thought they were set for life and both instantly quit their jobs

They bought a new home and a couple of cars and the IRS ate them alive
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Unknown? said:
Not to mention all of that lotto pool was taxed already!
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Tax it when you earn, tax it when you spend, tax it when it grows, tax it when you Go.
 
Trunx81 said:
hj6LUqzGDqD0tf9T.jpeg


Oi, mate, prepare to get busted.
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XNNaYEjcto2fyzH5.jpg
 
HeisenbergFX4 said:
Its sad what they take

I know a couple who won 10 million in the Hoosier Lotto maybe 10 years ago or so now (knowing how time flies might be much longer) but they thought they were set for life and both instantly quit their jobs

They bought a new home and a couple of cars and the IRS ate them alive
Click to expand...
They WERE set for life. Taxes will take half, leaving them with 5 milly. Invested even semi-wisely you could easily live off the money for the rest of your life. Maybe not super flashy, but certainly live comfortably enough barring any terrible health emergencies.
 
Risible said:
They WERE set for life. Taxes will take half, leaving them with 5 milly. Invested even semi-wisely you could easily live off the money for the rest of your life. Maybe not super flashy, but certainly live comfortably enough barring any terrible health emergencies.
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Yeah they could have lived a pretty comfy life if they would have been semi smart with their money

Its also like so many pro athletes who are broke a few years after leaving their sport

This is going to sound crazy but family can be the biggest drain of all on your wealth, everyone has a hand out wanting something :)
 
HeisenbergFX4 said:
Yeah they could have lived a pretty comfy life if they would have been semi smart with their money

Its also like so many pro athletes who are broke a few years after leaving their sport

This is going to sound crazy but family can be the biggest drain of all on your wealth, everyone has a hand out wanting something :)
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Not to mention that 100% of lottery winners DIE... eventually.
 
Kilau said:
Not to mention that 100% of lottery winners DIE... eventually.
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Money can shred families even in death, watched it happen to my dads family after his wealthy parents passed and cut my uncle out of their will leaving everything to my dad which led to a huge family war and no one speaking to each other ever again
 
HeisenbergFX4 said:
Its sad what they take

I know a couple who won 10 million in the Hoosier Lotto maybe 10 years ago or so now (knowing how time flies might be much longer) but they thought they were set for life and both instantly quit their jobs

They bought a new home and a couple of cars and the IRS ate them alive
Click to expand...
It all depends on payout method. If you choose annuity you get all of it spread over 30 years and pay tax annually. If you choose lump sum, you get 40-50% of the jackpot then pay tax on that.

The lottery app shows the lump sum amount for each jackpot.
6gAJgNvEFmSeRlZl.png
So someone winning the powerball would be paid $364 million over 30 years, or take home a little over $164 million in one check (minus taxes) if they take the lump sum. And each state has its own lottery tax laws. Somehow California doesn't tax lotto winnings, so it's only federally taxed.
 
TDiddyLive said:
It all depends on payout method. If you choose annuity you get all of it spread over 30 years and pay tax annually. If you choose lump sum, you get 40-50% of the jackpot then pay tax on that.

The lottery app shows the lump sum amount for each jackpot.
6gAJgNvEFmSeRlZl.png
So someone winning the powerball would be paid $364 million over 30 years, or take home a little over $164 million in one check (minus taxes) if they take the lump sum. And each state has its own lottery tax laws. Somehow California doesn't tax lotto winnings, so it's only federally taxed.
Click to expand...
That was also a part of their problem was taking the lump sum which already halved their 20 million something they could have taken payments on
 
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