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Lotto winner says he'll donate $40M jackpot to charity

Re: Lotto winner says he'll donate $40M jackpot to charity

Postby normaM » Dec 18th, 2013, 6:11 am

well back on track - Good for him!
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Rwede » Dec 18th, 2013, 7:33 am

A_Britishcolumbian wrote:the logic that something 'should be' because 'it is' is flawed.

gang rapes occur, so they should occur? that logic simply is crazy.

as we have discussed, lottery winnings are tax free, but the interest earned on them are not, so, not putting the money in a bank is a great idea to some i am sure.



So winning the lottery and paying tax on the interest is like being gang raped.

For $50 million, plus interest less taxes, I think I'd drop my drawers. Ladies, please line up to the left.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Bsuds » Dec 18th, 2013, 7:46 am

Paying taxes on the interest would not be a problem anyway, just move to where there is no tax.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Rwede » Dec 18th, 2013, 7:48 am

Bsuds wrote:Paying taxes on the interest would not be a problem anyway, just move to where there is no tax.



That would require airline travel, probably, and then...well, you know what happens when you can't produce ID.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Always Sunny » Dec 18th, 2013, 8:28 am

A_Britishcolumbian wrote:the logic that something 'should be' because 'it is' is flawed.

gang rapes occur, so they should occur? that logic simply is crazy.

as we have discussed, lottery winnings are tax free, but the interest earned on them are not, so, not putting the money in a bank is a great idea to some i am sure.

Gang rape versus lottery winnings? You've certainly hit a low. Your ignorance is impressive.

Taxes are paid on earnings accrued on winnings. If you were you turn that $50 million into $75 million, taxing would be paid on the additional $25 million gained, not the original $50 million. So we now have $75 million minus some taxes. And you have $50 million minus whatever the mice chewed up from hiding it under your mattress.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby NAB » Dec 18th, 2013, 8:28 am

I don't buy lottery tickets so don't know the rules, but the questions beg - do you need ID to purchase a ticket and is your ID printed on the ticket itself? And if not, why would you need ID (other than possession of the winning ticket) to collect your winnings in the form of a cheque made out in the name of whoever you tell them you are? Of course, I can see where once you have the cheque things might get a bit difficult trying to cash it without adequate ID. But then a bank wouldn't "cash" cheques in large amounts anyway would they? - they would simply issue a bank draft to replace it (for a fee of course) ;-)

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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby A_Britishcolumbian » Dec 18th, 2013, 8:34 am

if he had invested in bitcoins, he would half almost half of it already.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby GrooveTunes » Dec 18th, 2013, 8:35 am

NAB wrote:I don't buy lottery tickets so don't know the rules, but the questions beg - do you need ID to purchase a ticket and is your ID printed on the ticket itself? And if not, why would you need ID (other than possession of the winning ticket) to collect your winnings in the form of a cheque made out in the name of whoever you tell them you are? Of course, I can see where once you have the cheque things might get a bit difficult trying to cash it without adequate ID. But then a bank wouldn't "cash" cheques in large amounts anyway would they? - they would simply issue a bank draft to replace it (for a fee of course) ;-)

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You have to be 18? to play the lottery so you do need to prove you are. No ID on the ticket other then a spot to sign it when you collect the winnings.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Jonrox » Dec 18th, 2013, 12:27 pm

GrooveTunes wrote:You have to be 18? to play the lottery so you do need to prove you are. No ID on the ticket other then a spot to sign it when you collect the winnings.

You should sign your ticket as soon as you buy it - don't wait until you go to collect. It protects you if you lose it or have it stolen. The person who finds or takes it will have a lot of difficulty cashing it in. Having two pieces of ID that can prove it's your ticket with your signature on it will help get your ticket back.

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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Tori_K » Dec 18th, 2013, 1:28 pm

Jonrox wrote:You should sign your ticket as soon as you buy it - don't wait until you go to collect. It protects you if you lose it or have it stolen. The person who finds or takes it will have a lot of difficulty cashing it in. Having two pieces of ID that can prove it's your ticket with your signature on it will help get your ticket back.


Exactly this. It's only happened once to me when buying a lotto ticket, but the salesperson at the counter insisted that I fill in my name and sign the ticket before I left the kiosk.
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Popeye69 » Dec 27th, 2013, 8:06 pm

Rwede wrote:
So winning the lottery and paying tax on the interest is like being gang raped.

For $50 million, plus interest less taxes, I think I'd drop my drawers. Ladies, please line up to the left.


And what? Men to the right?? Dude...Noooo. Lol!!
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Re: Lotto winner says he'll donate $40M jackpot to charity

Postby Queen K » Sep 12th, 2017, 8:34 am

https://www.castanet.net/edition/news-s ... htm#206380

Congratulations to her, but it seems her win is spent in under 3 minutes.

Good luck, I hope you consult a few financial websites and maybe the experts if need be. Make informed decisions regarding financial gifting etc and what you'll really need in your retirement and future.

And yes, wish it were me. But I didn't have a ticket this time. :biggrin:
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