NES mega millions pool August 4 drawing

hunt4riches said:
Here's the worst case scenario. There are three winning tickets, one of which is in this pool and there are 50 of you by the end of tomorrow. Cash option currently $625M. Divide by 150 and that's just over $4M per person which after taxes is about $2.6M or so. You'd still need to work for a living if you're middle-aged, but life would certainly get easier!
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Your math is wrong. Divide total by three tickets. Then divide that by 50
 
hunt4riches said:
Life is amazingly different when you get there. It took us 15 years to wipe out student loans, credit cards and have two cars free and clear, and with two refies we have the house down under 200k at 2.5% We pay less than $5k/year in interest. So yeah, just being half way there allows us to actually afford nice vacations and save a bit for retirement. Before that we were one step away from trapping squirrels for dinner.
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Squirrel tastes ok!🤷🏻‍♂️
 
Ron Jablonski said:
How bout this. We do it again, members only thread, 1 ticket each with 5 numbers for a $10 buy in. We only split if 1 million or jack pot. Splitting 10k after taxes isn't really worth anyone's time. Any thoughts?
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My concern is how the IRS would treat that tax-wise. Since you technically retain ownership of the ticket, you would be compelled to pay taxes on the winnings at your tax rate. Given, however, the contractual obligation to "share" high-ticket winnings with others here, would that trigger a Gift Tax obligation as well?
 
SpaceCritter said:
My concern is how the IRS would treat that tax-wise. Since you technically retain ownership of the ticket, you would be compelled to pay taxes on the winnings at your tax rate. Given, however, the contractual obligation to "share" high-ticket winnings with others here, would that trigger a Gift Tax obligation as well?
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Everything post theft taxation of course
 
SpaceCritter said:
My concern is how the IRS would treat that tax-wise. Since you technically retain ownership of the ticket, you would be compelled to pay taxes on the winnings at your tax rate. Given, however, the contractual obligation to "share" high-ticket winnings with others here, would that trigger a Gift Tax obligation as well?
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My limited understanding is that the taxes are paid right up front in the state the ticket was purchased in. The splitting of the money happens after and would be considered gifts. But I believe there are also gift tax implications to be considered for both the gift giver and the recipients depending on the amount. Then there's also legal fees associated with establishment of a trust, which I would assume would be the only way to handle something like this. I can honestly see how this could become a huge PITA if we actually won.
 
Ron Jablonski said:
My limited understanding is that the taxes are paid right up front in the state the ticket was purchased in. The splitting of the money happens after and would be considered gifts. But I believe there are also gift tax implications to be considered for both the gift giver and the recipients depending on the amount. Then there's also legal fees associated with establishment of a trust, which I would assume would be the only way to handle something like this. I can honestly see how this could become a huge PITA if we actually won.
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OP might be the best person in NES to get it all set up in a legal manor anyways so…
 
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Ron Jablonski said:
My limited understanding is that the taxes are paid right up front in the state the ticket was purchased in. The splitting of the money happens after and would be considered gifts. But I believe there are also gift tax implications to be considered for both the gift giver and the recipients depending on the amount. Then there's also legal fees associated with establishment of a trust, which I would assume would be the only way to handle something like this. I can honestly see how this could become a huge PITA if we actually won.
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If I held the winning ticket,
1) cash it in, take lump sum, pay taxes.
2) devide total between how many winners.
3) pay cash to all winners.
4) simple, no more f***ing taxes to be paid, gift tax or others!
 
zboys said:
If I held the winning ticket,
1) cash it in, take lump sum, pay taxes.
2) devide total between how many winners.
3) pay cash to all winners.
4) simple, no more f***ing taxes to be paid, gift tax or others!
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Don't forget this pool is across multiple states, different states have different tax laws.
 
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Beware of pitfalls when diving into Powerball office pool

With a $1.5B prize up for grabs, it pays to be very careful when setting up an office Powerball pool.
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If one person or a few from a large group claim the prize on behalf of everyone, they take on the full income-tax burden. Money shared after claiming the prize would be considered a gift, Melissa Labant, director of tax advocacy for the American Institute of Certified Public Accountants, told CNBC Monday. With a prize this large, the gift giver is likely to incur gift tax, and have estate tax consequences as a result.
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Gidge said:
^^^ Not a problem we're likely to have to deal with ^^^

The lottery is a tax on the poor.​
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True.

But most of us don't have to worry about the consequences of the house burning down, either. There are those unlucky schmucks, though, who do. Thus we all carry homeowner's insurance.
 
cams said:
I’m guessing OP started regretting this idea after the first “I want to speak to the manager” post. Jesus some of you guys are tough and would overthink the fact that water is wet.
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I DON'T like handing the IRS (or DRS or whomever) any more money than I have to. That's what funds our enemies.

Especially when it can be avoided with a modicum of forethought.

www.stamfordadvocate.com

Greenwich trio collect Powerball jackpot

The mystery winners of a $254 million Powerball jackpot, a record for Connecticut, need...
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Note to whom the check is payable:
1150x0.jpg
 
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SpaceCritter said:
I DON'T like handing the IRS (or DRS or whomever) any more money than I have to. That's what funds our enemies.

Especially when it can be avoided with a modicum of forethought.
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Well that’s what’s great about America, you don’t have to participate if you don’t like it.
 
Ron Jablonski said:
Naming the trust might be the hardest part. "The Mariano and Day can f*uck each other trust" has a nice ring to it.
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Whatever you do, don’t f***ing make a trust with your name in it. That’s what I did with my guns.
 
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