Another insane win!! $ 1B mega million jackpot - page 7.

Sithara007

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Quote from: StartupAnalyst on February 01, 2021, 11:38:41 PM

Quote from: Vishnu.Reang on February 01, 2021, 08:42:01 AM

Everyone is talking about taxation here.. and I have a doubt regarding this.

Suppose an individual has won the $10 million jackpot in the United States. After the taxes, he will receive $4,218,274 in his account (assumed that the winner is residing in a state where there are no state taxes on jackpot).

Now consider another case, where the winner claims that he took the ticket on behalf of a group of 10 individuals and the reward needs to be split. After the taxes, everyone will receive $451,909 in their accounts for a total of $4,519,090, which is around 7% higher compared to the first case.

My question is whether this strategy is legal or not? Can the winner reduce the tax burden by using this method?

I don't know exactly how the laws work in the United States. But in general it seems to me that this option would not work. One person buys the ticket, and he is the winner. And after paying all the taxes, he divides the money among the other participants.
Although it seems to me that if you have proof that you have negotiated in advance the purchase of this lottery, you can try through the court somehow reduce the tax. But I wonder how much money your lawyers will ask for it

I have to agree with StartupAnalyst. This loophole should not be there, else the governments would lose a lot of the tax revenue. Here the example is given for jackpot being shared by 10 individuals, resulting in a reduction in tax burden of 7%. Why 10? Why not 1000? In that case there won't be any tax which is due. If it was possible to reduce taxes in this way, then jackpot winners would start misusing it. So I don't think that it is possible. And I don't even know whether you can claim multiple ownership of a single lottery ticket if the lottery T&C clearly prevents it. So going to the courts also won't work.

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Quote from: Timelord2067 on February 04, 2021, 05:10:13 AM

Unsurprisingly, the winner of a Billion Dollars wants to remain anonymous. If the lottery were conducted in Australia there would be no haggling over taxes (as the Government takes their share pre draw) and the winner walks away with the bag in one lump sum (none of this scammy "we'll pay you later" nonsense).

I think security reasons are why the winner remains anonymous even though it has gone down in history..

Quote from: Timelord2067 on February 04, 2021, 05:10:13 AM

A better thread would be "What would you spend a lump sum Billion Dollar Lottery payout on?"

sorry but I like the title of the thread Grin

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Quote from: Vishnu.Reang on February 01, 2021, 08:42:01 AM

Now consider another case, where the winner claims that he took the ticket on behalf of a group of 10 individuals and the reward needs to be split. After the taxes, everyone will receive $451,909 in their accounts for a total of $4,519,090, which is around 7% higher compared to the first case.

Please, tell me how do you count? As i know, in USA there is only income tax with the highest amount of 33 % (with more than 10 millions per year). And one important moment: this is not counted from main sum, but for every part of this sum (10 mil) the tax will be different. For example, for amount of 99 000 it will be 0. From 99 000 to some point this will be 2.5 % of something like that. And up to 33 %.

Am i wrong?

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Quote from: pinggoki on February 04, 2021, 12:03:29 PM

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

Hit hundreds of dollars from the lottery will be "wow" news because the lottery is one of the gambling games that will be hard to win. Those people who hit the jackpot will have big luck in the gambling games to help them win. If you have luck, you can hit the jackpot, but I remind you that it is not easy as the casino will not give much chance to people. But it could happen if that person has luck.

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Quote from: UmerIdrees on January 23, 2021, 02:43:29 PM

This is the 2nd big win i saw recently which is quite amazing. Recently Toronto women win jackpot lottery. Its seems many people are winning lottery and jackpots as 2021 looks lucky for the gamblers and risk takers.

But not as Big as what OP posted , a Huge 1Billion Dollar? that can make you live whole life even without working, and that can feed your third generation with that plenty of money.
I don't know if how much is the maximum jackpot in lottery in that country but that is really tempting and luring, the only concern in my mind is , does this win really goes to a real people ? or the government just give this name ?

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Quote from: Mauser on February 04, 2021, 02:36:26 PM

Quote from: pinggoki on February 04, 2021, 12:03:29 PM

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

13 years is a long time to play the lottery regularly, did you at least win some decent money back or nothing at all? I tend to only play when there is a huge jackpot in place, but so far I haven't won anything yet except my buyin back. Unfortunately most of us are never going to make it and win a jackpot, the odds are just against us. My grand father played for more than 45 years lottery every week, and his biggest win was less than 500 USD Sad

Luck is really not for everyone, some lottery winners don't even bet that often unlike those who regular bettors do. Even though lottery jackpot prize can really change your life, some people still live a miserable life after they won. They spend all of their money on useless things not thinking about their future. They are consumed by their greediness that they think their money won't run out. They will just realize it when their money is all gone.I hope that mega million jackpot winner spends his money wisely.

Janation

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Quote from: South Park on February 04, 2021, 01:21:07 PM

Quote from: Janation on January 31, 2021, 05:46:06 AM

I don't know about your country but our country is different.

You could get your winnings as long as you present the winning ticket. The winner is not actually announced but as far as I know they tell them the region or the town they belong to but not the actual address of the winner. I mean, they can still do that representative thing as long as they have the winning ticket, right?

I am the one that began to talk about a legal representative and as we know regulations change depending on the place where you live but I have seen many times lottery winners which had their identities revealed by receiving the prize money themselves, in which case it makes sense to have a legal representative to maintain your privacy and avoid being the target of criminals and scammers, now if the regulations where you live protect your privacy from the beginning then it does not make sense to hire a legal representative and you can receive your prize money with no issue at all.

That would be the same in our country but in a different lottery.

I mean, we are still talking about those huge pots of money being the prize, right? Because that is a huge risk for those winners to be announced on national TV or even online unless they themselves or their families told other people. I mean this money is about millions and millions in our currency and I think that would be really inviting to criminals.

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Quote from: pinggoki on February 04, 2021, 12:03:29 PM

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

13 years is a long time to play the lottery regularly, did you at least win some decent money back or nothing at all? I tend to only play when there is a huge jackpot in place, but so far I haven't won anything yet except my buyin back. Unfortunately most of us are never going to make it and win a jackpot, the odds are just against us. My grand father played for more than 45 years lottery every week, and his biggest win was less than 500 USD Sad

South Park

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Quote from: Janation on January 31, 2021, 05:46:06 AM

Quote from: tabas on January 31, 2021, 05:00:41 AM

Quote from: Janation on January 31, 2021, 12:53:00 AM

Quote from: tabas on January 30, 2021, 09:30:27 PM

When greed comes in to anyone and they have your authorization, you don't know what they can do just for the sake of money.

I mean, why would they need authorization?

We are talking about a huge amount of money and the winner doesn't need to hide his/her identity because they are anonymous to start with. All they have is the winning ticket and unless he/she posted that on his social media account or shouted in their whole neighborhood that he/she won that huge amount, they will never know that he/she won.

It's for the public sake but it's not me that you should be asking but the other guy that tells about getting a representative to take your winnings.
Because I believe that you shouldn't allow any representative or decide like that to take your huge amount of winning.

I don't know about your country but our country is different.

You could get your winnings as long as you present the winning ticket. The winner is not actually announced but as far as I know they tell them the region or the town they belong to but not the actual address of the winner. I mean, they can still do that representative thing as long as they have the winning ticket, right?

I am the one that began to talk about a legal representative and as we know regulations change depending on the place where you live but I have seen many times lottery winners which had their identities revealed by receiving the prize money themselves, in which case it makes sense to have a legal representative to maintain your privacy and avoid being the target of criminals and scammers, now if the regulations where you live protect your privacy from the beginning then it does not make sense to hire a legal representative and you can receive your prize money with no issue at all.

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Quote from: AicecreaME on February 04, 2021, 10:20:49 AM

That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

Of course a lot of lottery players would still continue to hope to win the jackpot someday, and I'm sorry to say it to them that a very very few percentage of chances of winning the jackpot a single lottery player have. It's almost 1 out of million players.

Tax for lottery winnings is the highest if you compare it to anything and it's mandatory and a common fact. This tax is also can be seen in most gameshows that requires winners to pay the tax for their winnings which is almost half or in some rare occasion is more than half of it. 60:40 ratio for the lottery isn't bad at all as the amount that the winner will get is too massive and even 60% of it will change one's life.

The chances of each participants is too slim to win the jackpot and just as you've said it's 1 in a million combination chances. Some says that you're likely to hit by a lightning than winning a jackpot in a lottery due to the very slim chance of hitting the jackpot.

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of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

AicecreaME

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That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

Of course a lot of lottery players would still continue to hope to win the jackpot someday, and I'm sorry to say it to them that a very very few percentage of chances of winning the jackpot a single lottery player have. It's almost 1 out of million players.

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Quote from: UmerIdrees on January 23, 2021, 02:43:29 PM

This is the 2nd big win i saw recently which is quite amazing. Recently Toronto women win jackpot lottery. Its seems many people are winning lottery and jackpots as 2021 looks lucky for the gamblers and risk takers.

More people are engaged into this kind of stuff due to the number of people winning. In addition, with this ongoing pandemic, people are more inclined to testing their luck where it purchasing a ticket is convenient for them.

In addition, I also think that the number of people who try their luck has significantly increase due to the pandemic. But try to imagine winning that amount of money, dude, you are settled for life.

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Unsurprisingly, the winner of a Billion Dollars wants to remain anonymous. If the lottery were conducted in Australia there would be no haggling over taxes (as the Government takes their share pre draw) and the winner walks away with the bag in one lump sum (none of this scammy "we'll pay you later" nonsense).

A better thread would be "What would you spend a lump sum Billion Dollar Lottery payout on?"

Janation

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Quote from: Mauser on January 31, 2021, 06:27:16 AM

Quote from: Janation on January 31, 2021, 12:53:00 AM

Quote from: tabas on January 30, 2021, 09:30:27 PM

When greed comes in to anyone and they have your authorization, you don't know what they can do just for the sake of money.

I mean, why would they need authorization?

We are talking about a huge amount of money and the winner doesn't need to hide his/her identity because they are anonymous to start with. All they have is the winning ticket and unless he/she posted that on his social media account or shouted in their whole neighborhood that he/she won that huge amount, they will never know that he/she won.

It is probably going to be very hard to hide your new wealth from family and friends for a longer period of time. Such huge sums of money are completely life changing and it's just not possible to hide. The problem is that this kind of money is also changing your family and friends. You might think you have a really good friend but I could turn out that he is only after your money. You will never really know if people are with you for your money or because they genuinely like you.

Usually, your family is the one that would tell that to other people.

In the past, there are a lot of people that would usually gossip about certain individuals who just won the ending or the lotto. Their mother or father confirmed those winners that is why they knew. Here in our country, there will be a lot of people that will get close to those people to get something from them that we call "balato".

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Quote from: iTradeChips on February 03, 2021, 09:20:13 AM

I would certainly prefer the slow 30 installments option. I mean you still get millions of dollars every year. Problem with that for me is the uncertainty of events that will happen to me in the next 30 years. If I won the lottery by age 50, then it means that I will be able to get all the money by age 80. And we don't know by then if I will be alive or dead at that time. Then only option for me then is to hire a young attorney who will manage the money and give the right to claim the rest of the money to a person of my choosing. Unfortunately I am not familiar with the law side of that so I am not sure if that is feasible.

It will reduce your tax burden. Also if inexperienced people get huge amounts of money all of a sudden, then they are likely to invest them in scams and Ponzi schemes, which will eventually result in them losing all of that. BTW, you don't need to worry about what will happen in case you dies before the last installment. The lottery rules makes it mandatory to provide nominee details in the unlikely scenario of death of the jackpot winner. So even if the winner dies before the last payout, the instalments will still be distributed.

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Quote from: iTradeChips on February 03, 2021, 09:20:13 AM

Quote from: Sithara007 on February 01, 2021, 11:17:08 PM

Quote from: ecnalubma on February 01, 2021, 03:11:23 PM

That’s a very life changing win even if the pot is taxed winner can still take home hundeds million of dollars. I think it will be a better choice to cash out his prize by phase, lottery winners could lose it quickly sometimes if they don’t handle carefully such big amount of cash. Maybe he should hire a financial advisor unless the winner is discipline enough to handle his winnings.

That's the reason why originally the lumpsum option was not there for the lottery winners. The prizes would be paid out in 30 installments, increasing gradually with time. The lumpsum option was introduced only in 1997 (if I am not wrong) in the United States. Before that if someone had the fortune of winning the jackpot, he had to wait for three decades to get his hands on the entire amount.

I would certainly prefer the slow 30 installments option. I mean you still get millions of dollars every year. Problem with that for me is the uncertainty of events that will happen to me in the next 30 years. If I won the lottery by age 50, then it means that I will be able to get all the money by age 80. And we don't know by then if I will be alive or dead at that time. Then only option for me then is to hire a young attorney who will manage the money and give the right to claim the rest of the money to a person of my choosing. Unfortunately I am not familiar with the law side of that so I am not sure if that is feasible.

A good and considerable term for you to get if you are really that too confident for them to handle out your money but for me i cant really just trust nor being confident and i would rather
get all of those amounts and would keep up for myself neither on my own bank account.For those inheritance issues then its your responsibility to ensure that they would really be having
the full rights in case that you do pass away. This isnt an amount that you cant just easily neglect thats why be wise on how to allocate and make use of those.

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Quote from: Sithara007 on February 01, 2021, 11:17:08 PM

Quote from: ecnalubma on February 01, 2021, 03:11:23 PM

That’s a very life changing win even if the pot is taxed winner can still take home hundeds million of dollars. I think it will be a better choice to cash out his prize by phase, lottery winners could lose it quickly sometimes if they don’t handle carefully such big amount of cash. Maybe he should hire a financial advisor unless the winner is discipline enough to handle his winnings.

That's the reason why originally the lumpsum option was not there for the lottery winners. The prizes would be paid out in 30 installments, increasing gradually with time. The lumpsum option was introduced only in 1997 (if I am not wrong) in the United States. Before that if someone had the fortune of winning the jackpot, he had to wait for three decades to get his hands on the entire amount.

I would certainly prefer the slow 30 installments option. I mean you still get millions of dollars every year. Problem with that for me is the uncertainty of events that will happen to me in the next 30 years. If I won the lottery by age 50, then it means that I will be able to get all the money by age 80. And we don't know by then if I will be alive or dead at that time. Then only option for me then is to hire a young attorney who will manage the money and give the right to claim the rest of the money to a person of my choosing. Unfortunately I am not familiar with the law side of that so I am not sure if that is feasible.

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Quote from: ecnalubma on February 01, 2021, 03:11:23 PM

That’s a very life changing win even if the pot is taxed winner can still take home hundeds million of dollars. I think it will be a better choice to cash out his prize by phase, lottery winners could lose it quickly sometimes if they don’t handle carefully such big amount of cash. Maybe he should hire a financial advisor unless the winner is discipline enough to handle his winnings.

The winner can ask to cash out in one-time because they don't need to wait for some time to get all of the money, although they need to pay big taxes if they choose that. But still, that is big money to them as they will hard to make those big money from their works. So they don't mind getting the rest of the money after tax because they can get that money, and they can use it for their lives. Aside from hiring a financial advisor, they need to hire security to guard them bring the money to their bank or home. It will be better to prevent the criminals from hijacking them in the middle of their homes or banks.

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Quote from: Vishnu.Reang on February 01, 2021, 08:42:01 AM

Everyone is talking about taxation here.. and I have a doubt regarding this.

Suppose an individual has won the $10 million jackpot in the United States. After the taxes, he will receive $4,218,274 in his account (assumed that the winner is residing in a state where there are no state taxes on jackpot).

Now consider another case, where the winner claims that he took the ticket on behalf of a group of 10 individuals and the reward needs to be split. After the taxes, everyone will receive $451,909 in their accounts for a total of $4,519,090, which is around 7% higher compared to the first case.

My question is whether this strategy is legal or not? Can the winner reduce the tax burden by using this method?

I don't know exactly how the laws work in the United States. But in general it seems to me that this option would not work. One person buys the ticket, and he is the winner. And after paying all the taxes, he divides the money among the other participants.
Although it seems to me that if you have proof that you have negotiated in advance the purchase of this lottery, you can try through the court somehow reduce the tax. But I wonder how much money your lawyers will ask for it

Topic: Another insane win!! $ 1B mega million jackpot - page 7. (Read 7883 times)