Would there be more taxes to be paid on Jackpot Win.

Reply #11

mcginnin56 — Thu, 15 Nov 2012 12:48:03 GMT

Hard to Trump that comeback.

Enough said.

Reply #10

Saylorgirl — Thu, 15 Nov 2012 12:44:07 GMT

Well, there is a small issue with that! I think if I say it is so that should be enough. Now if the Donald wants to check it out, well, then it becomes another story . . . But, until then that's my story and I'm sticking with it

Reply #9

mcginnin56 — Thu, 15 Nov 2012 12:37:58 GMT

Hey Saylorgirl I never got your birth certificate to prove that you really lived in Indiana.

Reply #8

Saylorgirl — Thu, 15 Nov 2012 12:21:10 GMT

You can give as many gifts of $13,000 per year to seperate individules. The maximum lifetime (at this point) is $5,120,000. When you give the $13,000 the reciepent does not pay any tax. If you are a married couple you can give $27,000.

Reply #7

weshar75 — Thu, 15 Nov 2012 05:47:37 GMT

I want to give money to my family and that sucks about all those taxes!-weshar75

Reply #6

markp1950 — Thu, 15 Nov 2012 05:40:40 GMT

Now that the jackpot went to 143,000,000

It shows in WV $86,942,733 left after taxes..

But don't forget O wants to raise the taxes.......

Reply #5

onlymoney — Thu, 15 Nov 2012 05:06:51 GMT

I answered your question but did forget to mention that the winner pays tax again on the gift. You pay the first tax, then you pay again for the gift tax, and so do your recipients. By the time the taxes are done, hardly anything is left, and that's what happened to her.

Reply #4

alexnt55 — Thu, 15 Nov 2012 04:48:35 GMT

She probably thought the 25% federal withheld covered her taxes. That might have been part of it. I see people commenting on here like if they won these big amounts that they would clear x amounts of money. They talk as if there not aware of the fact once you reach a certain of money won that they are going to be in a higher tax bracket then 25%. Thanks for the reply but im still wondering who would owe and what % if i paid the max on the original winnings.

Reply #3

onlymoney — Thu, 15 Nov 2012 04:16:11 GMT

Now would anyone owe more taxes? If so who would owe and how much?

I'm so glad you reminded me of this because I totally forgot to bring this subject up earlier in a thread I was going to start a few weeks ago. Based on the show I was listening on the AM radio, these tax lawyers knew what they were saying. They were citing examples left and right concerning gifting.

One of the few cases I remember stood out. It was of some lady who won, I forget where, but it was about 10 million. She... [ More ]

Reply #2

markp1950 — Thu, 15 Nov 2012 04:15:00 GMT

Tax-rates dot org says

left after taxes would be

Total Income After Taxes

$75,203,792.75

Estimated.......

Reply #1

alexnt55 — Thu, 15 Nov 2012 04:10:45 GMT

I posted this at 11 06 then right after checked my ticket for tonight. The bad news is i dont have to worry about it now LOL. Im still curious as to the answer though if anyone knows.

Would there be more taxes to be paid on Jackpot Win.

alexnt55 — Thu, 15 Nov 2012 04:06:02 GMT

Tonights Poweball cash value is around 124 million. If i were to win and have the only ticket i would win around 124 million. I know i would have to pay more taxes then the 25% federal they withhold. I figure after state and federal taxes i would end up with around 58% of it which would net me around 72 million. I would want to share this with my family. Say i gave 6 million each to my 5 brothers and sisters as a gift. Ive already paid the max of the winning amount in taxes. The 6 million i am g... [ More ]