store clerk wins $258.5 mil powerball lottery
 

wow, thats a lot of cash to put in the hands of someone who only had $28 and change in the bank.
my guess is that he will be broke, homeless, divorced and or dead in less than 2 years.:2 cents:

http://www.msnbc.msn.com/id/36723890...rld/?GT1=43001

Nice chunk of change :)

WHat's the tax on that?

Hopefully today...he's getting some teeth.

About 45-50% between federal and state tax.

you are probably right:thumbsup

Still not too bad I suppose :)

All of the things you listed are bad, except divorce.

Its 28% federal tax and have no clue what the state tax would be since we don't have that here...:pimp

if he is smart then he relocates to FL before taking the winnings, as in FL there is no state taxes.
oh wait, he is not smart, at all...

Hrm.. I did not think the store clerks could win! Sounds a little tricky to me. Like someone could have brought in the winner..

That's because Texas should be its own country.

Ahh to live in a country where you have to walk around with teeth like that becourse you are broke.....fantastic lol

:upsidedow:upsidedow

one strike of a luck

:thumbsup:thumbsup

He's probably locked into whatever state he lived in when he won, else everyone would be advised to move. His state tax will probably bring the total taxed up to like 45% yeah, pretty sucky but it's better than jail time.

What a lucky bastard! Congrats to the winner!

He is now worth more than most slimy and thieving U.S. politicians, the ones that feed off of our tax money and never have to worry about paying their utility bills.

It is sad when people have to worry about paying such a simple basic need like water, food, electricity, etc.

"We didn't come from money. For us it's just going to be a huge relief to know I'm going to be able to pay my electric bill, my gas bill," [Chris Shaw] told the Associated Press. "It's like a weight lifted. I had bills at home I didn't know how they were going to be paid."

good for him :)

"Shaw said he needed a few days to decide whether he will keep his minimum-wage job at the store where he has worked for just three weeks. "

Um yeah right!

He also plans to seek advice "from people who know about money" about whether to take the jackpot in 30 payments over 29 years or the lump-sum amount of $124,875,122.

Here's some good advice if you ever win a lottery, TAKE THE LUMP SUM!

There's companies out there that actually bail out people who take payments... They buy their winnings because they're government backed annuities. VERY safe and very high earning... They then resell those annuities to investors and take points off the top.

Very lucrative business but what ends up happening with these people is once they're "the guy who won the lottery" to all their neighbors, friends, family... they're expected to pay for everything everywhere they go. They buy a new house, new cars, etc... but usually people playing the lottery have no experience managing money. They over spend, get themselves in debt and companies like Stone Street sweep in for the bailout.

honestly, im glad someone like this won then the typical multi-millionaire who says "im going to use the money to buy a second fleet of helicopters"

of course, i wish it would of been me :(

LOL, I've never even heard of millionaires playing the lottery...

I would never go public with a huge win. I think people that do choose the publicity will live to regret it. Everyone has their own circumstances though obviously.

Doesn't matter, you're entered into a national database that those companies watch like hawks :P

eventually you have to, its part of the game:2 cents:

I was talking about ME. I would never go public. Too many people think they are entitled to some of it when you go public. You get flooded with begging letters.

Not here it's not. Opt out of publicity and no tax to pay on it either.

i think in california you can also opt to be anonymous, since i dont often play the lottery i guess my chance is that i will never win..
btw, some call the lottery for "tax on stupidity" or poor mans tax...

I think he will be racing Nascar first, then go broke.

Excellent advice, So I should take the 50% lump sum rather than the govt. backed annuity which I can sell for 70-90% of the value depending on the size of the win and have much larger lump sum? :winkwink:

Actually he'd prolly move up in the bracket, he'll prolly pay like 55% of it to state, federal, and social security taxes if he takes a lump sum..

bankrupt within 2 years

Its income from gambling reported on Form W-2G so not regular income and there's no brackets its 28% federal, doesn't matter whether its $600 or $60,000,000 and then whatever the state takes. :upsidedow

god bless him

If you all really want to know how much tax he will pay here it is....

For winnings of $5,000.01 and over, your state's Department of Revenue removes the 25 percent federal withholding before you receive your winnings check (or, if it is an annuity, from each winnings check). You then receive a W-2G form with each check to submit with your 1040 form to show that the 25 percent federal withholding already has been paid. In addition to federal tax, your state will make additional withholdings for taxes, and most states will deduct other money that you may owe to the state, such as back taxes, child support, loan payments, etc

Missouri 4% state withholding


:2 cents::pimp

you can find all your answers here ....

http://www.usamega.com/powerball-faq.htm



If I should win the jackpot, do I have the option of remaining anonymous as far as the public and the media are concerned?

In most states, lottery winner information is public domain, therefore it is public information. Publicized information normally includes the jackpot winner's name, city, county, game in which they won, date won, and the amount of the prize.

that would be a daylight robbery....

it seems only white trash win these lotteries. :helpme

...somebody is having a great fucking year

lump sum is nice because then you can invest, however someone that has never had money maybe 4 million + for the next 29 years might be a wiser decision.

dead broke for real 200mils?!?