If you won the lottery, what would you do BEFORE u come forward?

[mikeymikec]

I probably would get the car fixed.

 

[jagec]

For a mere $450K after taxes? It sounds like he didn't surround himself with upstanding people to begin with.

IIRC it was the wife.

 

[Apple Of Sodom]

clips
NBC article

Fair enough. I'm sure for each of those there are ten more people who won and are happy. Sensational news makes sensational news. Nobody cares about someone who lives the same life they did before; we care about the drunk driving strip club patron who lost it all because it makes us feel better that he got his comeuppance.

I can definitely identify with being not appreciably happier. Psychologist have found that happiness doesn't increase very much once a person reaches a stage where they are comfortable with income, which is around $75K per year. I'm not necessarily happier making 5 times more than I did 5 years ago. I have adjusted. And I realize this and realize that if something happens and I have to adjust down, I can be OK with that.

 

[nickbits]

Probably renounce my citizenship like that Facebook guy and make an off shore tax haven to stash my cash. I liked traveling on the paved roads and reaping the benefits of the nations infrastructure, I just don't want to pay anything towards the upkeep of it is all.

You can't renounce your citizenship for tax purposes.

 

[BUTCH1]

Probably renounce my citizenship like that Facebook guy and make an off shore tax haven to stash my cash. I liked traveling on the paved roads and reaping the benefits of the nations infrastructure, I just don't want to pay anything towards the upkeep of it is all.

You can renounce all day long but the facts are you were a legally a US citizen when you bought the ticket, you WILL pay the IRS their pound of flesh, as it will be deducted BEFORE the check ever reaches your grubby little hands..

 

[BUTCH1]

1. call my hookers and blow guy
2. ???
3. profit
4. hookers and blow
5. ???
6. profit some more

You would probably wind up like Tony Montana, giant pile of blow all over, Cocaine attacks the heart, you'd be dead in less than 2-3 yrs tops and dead men don't spend, buy hookers, or go shopping. Oh, BTW I've yet to see an armored Wells Fargo car at a single funeral..

 

[SlitheryDee]

You can renounce all day long but the facts are you were a legally a US citizen when you bought the ticket, you WILL pay the IRS their pound of flesh, as it will be deducted BEFORE the check ever reaches your grubby little hands..

I've always wondered about this. There are stories one hears from time to time about lottery winners who get busted for tax evasion. I guess it could be for income earned from investments made with the winnings, but I was always under the impression that every now and then someone takes their winnings and manages to not pay taxes on it.

 

[jaedaliu]

I've always wondered about this. There are stories one hears from time to time about lottery winners who get busted for tax evasion. I guess it could be for income earned from investments made with the winnings, but I was always under the impression that every now and then someone takes their winnings and manages to not pay taxes on it.

Well, the lottery will withhold a certain amout for you, but it's still up to you to file your taxes and figure out how much you are supposed to pay.

 

[JEDI]

I've always wondered about this. There are stories one hears from time to time about lottery winners who get busted for tax evasion. I guess it could be for income earned from investments made with the winnings, but I was always under the impression that every now and then someone takes their winnings and manages to not pay taxes on it.

i think the winnings are deducted at 28% but the highest tax rate is like 39%.
and guess what, 8+ figure lotto winners fall into that category

 

[ElFenix]

talk to some big time tax lawyers