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What would you do with...ONE BILLION DOLLARS?

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    MugginsMuggins Registered User regular
    Zonugal wrote: »
    Psykoma wrote: »
    Has anyone on here ever won notable amounts in lotteries?

    @Veretas' mom won a while back.

    9 PAGES FOR THIS JOKE Y'ALL ARE SLIPPIN'

    But yes ask me anything about winning the lottery

    BdVvFJu.jpg
    hey satan...: thinkgeek amazon My post |
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    CabezoneCabezone Registered User regular
    edited January 2016
    Buy your brother a new house ever time he gets relocated! Also send him the very best care packages when deployed.

    Cabezone on
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    JebusUDJebusUD Adventure! Candy IslandRegistered User regular
    JebusUD wrote: »
    JebusUD wrote: »
    Only a fool would take the payments and not the lump sum.

    Because inflation means you're getting less money each year whereas your lump sum just buys less down the road, you know, assuming the jackpot just doesn't quite last you

    It's actually adjusted a percentage for inflation according to the lottery website.

    Also, you're betting you live to see all those payments.

    I'm in relatively good health, but no guarantee. This is all academic anyway. No shot in hell.

    No. It is a guaranteed annuity. If you died it would pass to your estate, just like the lump sum wouldn't because you spent it all on Mazerati's and blackjack.

    Actually from what I understand lottery payouts are non-transferable, including having that money pay into a trust or whatever. If you die the day after winning that money is just fuckin gone.
    http://www.powerball.com/pb_contact.asp

    Read the section of. What happens to the winnings if you die. It's about halfway down.

    It goes to your estate.

    and I wonder about my neighbors even though I don't have them
    but they're listening to every word I say
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    that is one of the many questions I have for them if I win

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    MadicanMadican No face Registered User regular
    edited January 2016
    Cabezone wrote: »
    Buy your brother a new house ever time he gets relocated! Also send him the very best care packages when deployed.

    Oh he's not really deployed. He's a Navy Hospital Corpsman, so recently he's gone traipsing to marine camps but not outside the US until now. His first out-of-the-country station is Norway for a month. He hates the cold, so I laugh, even thought he volunteered for this because it's a special duty or something.

    Madican on
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    Metzger MeisterMetzger Meister It Gets Worse before it gets any better.Registered User regular
    JebusUD wrote: »
    JebusUD wrote: »
    JebusUD wrote: »
    Only a fool would take the payments and not the lump sum.

    Because inflation means you're getting less money each year whereas your lump sum just buys less down the road, you know, assuming the jackpot just doesn't quite last you

    It's actually adjusted a percentage for inflation according to the lottery website.

    Also, you're betting you live to see all those payments.

    I'm in relatively good health, but no guarantee. This is all academic anyway. No shot in hell.

    No. It is a guaranteed annuity. If you died it would pass to your estate, just like the lump sum wouldn't because you spent it all on Mazerati's and blackjack.

    Actually from what I understand lottery payouts are non-transferable, including having that money pay into a trust or whatever. If you die the day after winning that money is just fuckin gone.
    http://www.powerball.com/pb_contact.asp

    Read the section of. What happens to the winnings if you die. It's about halfway down.

    It goes to your estate.

    Oh neat! I had no idea.

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    WimbleWimble Registered User regular
    with a hot billy in my pocket I would pay for lessons upon lessons upon lessons

    in anything at all. Instruments, cooking, dancing, how to spin a pen between my fingers, uh, how to make wicks for candles I dunno. I want to learn everything. All the livelong day hardcore professionals would be pumping my brain

    for at least like TWO whole days before I lose motivation and get lazy

    4SMZq.jpg
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    I really feel bad about paying for the two tickets I bought in nothing but quarters but the clerk remarked at least he now had quarters

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    MeldingMelding Registered User regular
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Well this State does need it
    A sinking ship with the rats still aboard

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    MeldingMelding Registered User regular
    Brainleech wrote: »
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Well this State does need it
    A sinking ship with the rats still aboard

    well, maybe they should just half the jackpot and make it a slower climb to a billion then. so by the time it gets to one billion it is at the old system's two billion but it's tax free.

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    MuzzmuzzMuzzmuzz Registered User regular
    I love how up North, we get all excited over a 25 million jackpot, while the US brushes off 300 million jackpots like they're nothing nowadays.

    Then again, we go crazy about a damn coffee contest once a year.

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    MeldingMelding Registered User regular
    to be fair, we get to keep all of that 25 million dollars.

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    Houk the NamebringerHouk the Namebringer Nipples The EchidnaRegistered User regular
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    With a few exceptions, money gets taxed pretty much any time it moves from one legal entity to another (assuming the government knows about it)

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    BucketmanBucketman Call me SkraggRegistered User regular
    For real I would take a million of it and help people I know. Shit some of you guys would be getting checks in the mail...or I'd travel to you and give you stuff in person because hooray travel also hooray philanthropy

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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    Melding wrote: »
    Brainleech wrote: »
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Well this State does need it
    A sinking ship with the rats still aboard

    well, maybe they should just half the jackpot and make it a slower climb to a billion then. so by the time it gets to one billion it is at the old system's two billion but it's tax free.


    New Mexico: 6% State Tax - $3,000,000
    - $55,800,000
    Your average net per year: $34,500,000 Your net payout: $641,700,000
    After 30 payments: $1,035,000,000

    The Fed rate for everyone is 25%
    Not as bad as some states
    New York: 8.82% State Tax
    Oregon: 8% State Tax
    Maryland: 8.75% State Tax for In-State Residents



    But I do wonder if someone in Illinois will be able to collect it since that is one of the questions I do have
    Who and how do you get the money?
    Is it paid from an account set up by the Powerball people {aka New York State lotto commission} A partnership between them and the state the person one in?
    If you move around do oyu have to set up all the info again?
    And a few others


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    MeldingMelding Registered User regular
    i was using half as a exaggeration. here money from the government is typically tax free, and in most situations if money has been taxed one way it's not taxed again. the exception seems to be life insurance pay outs which aren't taxed at all.

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    Dead LegendDead Legend Registered User regular
    edited January 2016
    JebusUD wrote: »
    JebusUD wrote: »
    Only a fool would take the payments and not the lump sum.

    Because inflation means you're getting less money each year whereas your lump sum just buys less down the road, you know, assuming the jackpot just doesn't quite last you

    It's actually adjusted a percentage for inflation according to the lottery website.

    Also, you're betting you live to see all those payments.

    I'm in relatively good health, but no guarantee. This is all academic anyway. No shot in hell.

    No. It is a guaranteed annuity. If you died it would pass to your estate, just like the lump sum wouldn't because you spent it all on Mazerati's and blackjack.

    Fuck the estate, I want to enjoy what I won

    Edit: that's not to say I wouldn't set up something to ensure my estate got what's theirs, but I'd prefer to enjoy the winnings as long as I could.

    Dead Legend on
    diablo III - beardsnbeer#1508 Mechwarrior Online - Rusty Bock
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    NeoTomaNeoToma Registered User regular
    edited January 2016
    The idea that most states get to expose your identity if you win pisses me off for some reason.

    It just reminds me of the Chappelle's Show sketch, where he's in the barber shop and they report he got paid 50 million.

    NeoToma on
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    DisruptedCapitalistDisruptedCapitalist I swear! Registered User regular
    edited January 2016
    I'm a non-practicing lawyer. If I won the lottery I'd go back into practice and represent people getting sued by debt collectors pro bono. I'd troll the fuck out of them in court. I'd file so many motions it'll make their heads spin. Seriously fuck debt buyers and debt collectors.

    DisruptedCapitalist on
    "Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    NeoToma wrote: »
    The idea that most states get to expose your identity if you win pisses me off for some reason.

    It just reminds me of the Chappelle's Show sketch, where he's in the barber shop and they report he got paid 50 million.

    The reason why they show who won is to prove they pay it out
    the game is legit and so on
    This is why I have a plan to troll them if they post my pic and name

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    MadicanMadican No face Registered User regular
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Twice! Once when you get the money and again for income tax. And if you get a tax return of money you paid too much of that's taxed too.

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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    Madican wrote: »
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Twice! Once when you get the money and again for income tax. And if you get a tax return of money you paid too much of that's taxed too.

    And you wonder why so many have their money in "charities" or overseas

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    ToxTox I kill threads he/himRegistered User regular
    Madican wrote: »
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Twice! Once when you get the money and again for income tax. And if you get a tax return of money you paid too much of that's taxed too.

    No? You only pay income tax on lottery winnings.

    Twitter! | Dilige, et quod vis fac
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    OmnipotentBagelOmnipotentBagel floof Registered User regular
    Madican wrote: »
    Melding wrote: »
    it's weird to me that in the US you have to pay tax on lottery winnings. "Here's a billion dollars, but please give half of it back to us, we still need it."

    Twice! Once when you get the money and again for income tax. And if you get a tax return of money you paid too much of that's taxed too.

    This one's my favorite.

    cdci44qazyo3.gif

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    ToxTox I kill threads he/himRegistered User regular
    I'm utterly confused. How are you taxed on tax returns? What are you people talking about?

    Twitter! | Dilige, et quod vis fac
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    Tox wrote: »
    I'm utterly confused. How are you taxed on tax returns? What are you people talking about?

    The US tax code
    :rotate:
    It's both easy and hard mode

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    ToxTox I kill threads he/himRegistered User regular
    Brainleech wrote: »
    Tox wrote: »
    I'm utterly confused. How are you taxed on tax returns? What are you people talking about?

    The US tax code
    :rotate:
    It's both easy and hard mode

    That's not an answer, that's a cryptic dismissal.

    If you get a refund on your tax returns, it's because you already paid taxes on it and paid too much. You don't pay income tax on it again, because you already paid more income tax than you ought to have.

    Seriously, I'm grossly misreading something, right?

    Twitter! | Dilige, et quod vis fac
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    No what they are trying to say is you pay taxes for winning and again next year for the money you won as it's income

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    MarathonMarathon Registered User regular
    I just now put it together that the drawing is tonight and it's my birthday today.

    Hey Powerball, just sayin'

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    OmnipotentBagelOmnipotentBagel floof Registered User regular
    Tox wrote: »
    I'm utterly confused. How are you taxed on tax returns? What are you people talking about?

    http://blog.turbotax.intuit.com/tax-tips/is-my-state-tax-refund-taxable-and-why-90/

    cdci44qazyo3.gif

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    JebusUDJebusUD Adventure! Candy IslandRegistered User regular
    Brainleech wrote: »
    No what they are trying to say is you pay taxes for winning and again next year for the money you won as it's income

    What people are saying is that they don't understand how US taxes work. Damn gubbmint!

    and I wonder about my neighbors even though I don't have them
    but they're listening to every word I say
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    ToxTox I kill threads he/himRegistered User regular
    Brainleech wrote: »
    No what they are trying to say is you pay taxes for winning and again next year for the money you won as it's income

    But you don't pay taxes "for winning" you pay taxes on the money you receive.

    Twitter! | Dilige, et quod vis fac
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    JebusUDJebusUD Adventure! Candy IslandRegistered User regular
    Veretas wrote: »
    Zonugal wrote: »
    Psykoma wrote: »
    Has anyone on here ever won notable amounts in lotteries?

    @Veretas' mom won a while back.

    9 PAGES FOR THIS JOKE Y'ALL ARE SLIPPIN'

    But yes ask me anything about winning the lottery

    Did she win the Irish sweepstakes despite never entering?

    and I wonder about my neighbors even though I don't have them
    but they're listening to every word I say
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    BrainleechBrainleech 機知に富んだコメントはここにあります Registered User regular
    There is a tax for winning/losing
    Topic 419 - Gambling Income and Losses

    The following rules apply to casual gamblers. Gambling winnings are fully taxable and you must report them on your tax return. Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income, or review Do I Need to Claim My Gambling Winnings and Can I Deduct My Gambling Losses?
    Gambling Winnings
    A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information.
    Gambling Losses
    You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an "Other Miscellaneous Deduction" (line 28) that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses.
    Recordkeeping
    It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.

    And you pay a tax next year for what you won as it's income

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    ToxTox I kill threads he/himRegistered User regular
    Yes, but, again, there is no "oh you won a thing? That'll be $xx in taxes."

    It's "oh, you won a thing? You owe taxes on the thing you won."

    Twitter! | Dilige, et quod vis fac
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    TofystedethTofystedeth Registered User regular
    Aphostile wrote: »
    Aphostile wrote: »
    I could also up the amount in the general spending money investments to offset costs, but just rolling into the Ritz all the time is pretty damn easy. Maybe even just spend a year or two in the best suite of a cruise ship going around the world.

    You joke but that's a thing. Private rich people only cruise ships.

    I wasn't joking!

    I was mostly thinking of this old lady though.

    http://www.usatoday.com/story/travel/cruises/2015/01/19/woman-pays-164k-per-year-to-live-on-luxury-cruise-ship/22030011/

    Even discounting "luxury"* cruises it would be pretty nice. When we went on our first cruise on Carnival, we ran into a woman who was retired and spent most of her year on cruises. She said it was cheaper than any of the decent retirement homes in her area, and she gets good food, excellent service, and can go where the weather is nicest that time of year. She planned to do that as long as her health allowed. And I'm like, you know, that sounds all right.

    *Cruises being kind of inherently luxurious.

    steam_sig.png
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    TofystedethTofystedeth Registered User regular
    NeoToma wrote: »
    The idea that most states get to expose your identity if you win pisses me off for some reason.

    It just reminds me of the Chappelle's Show sketch, where he's in the barber shop and they report he got paid 50 million.

    I haven't seen that one. Does it go all Sweeny Todd?

    steam_sig.png
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    scherbchenscherbchen Asgard (it is dead)Registered User regular
    Psykoma wrote: »
    Has anyone on here ever won notable amounts in lotteries?

    7.000 Deutsche Mark some 20 years ago. just one number off of 21 Million iirc.

    no I am not bitter, why do you ask?

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