I won a million dollars this morning

Congratulations on the BIG WIN! :occasion18:
 

That’s so awesome! Kind of reminds me of the time that I almost hit the Powerball a few months ago... if I had matched 5 more numbers, that jackpot would have been mine!

Kindest regards,
Kantuck
 

Arent we like cousins that never met and always wish we had.....:laughing7: well, be careful of those kinds.
 

Congratulations!


Unsolicited advice:

I’d be spending a bunch of time trying to put thoughts of how to spend it out of my head...then focus on how to use some of that money to generate a long term cash flow. Then I could keep the money AND fulfill wants perpetually. A couple doors just opened up for you.

Can you put some sweat equity into your existing house and use it as a rental?

Towing...talk to some people about 1/2 ton vs. 3/4 ton. You never know how your towing needs will change down the road. I’d probably go cheap on a truck to get me by for a few years. Then use earnings from investments to eventually buy the newish dream truck.

Inflation...huge threat to a large cash savings.

Most importantly....STOP buying lottery tickets. Please.
Ever hear of click bait? Click bait on these videos is the part about winning big...
Yes the guy really did buy that many lottery tickets. Consistently lost overall no matter how many he bought. You are VERY VERY LUCKY!!! Google these videos. Ive read about some lottery winners that gambled it all away thinking they had a great chance of hitting it big again.

0DCB1C4E-1ECE-4CE7-B6E2-A0F1550113C9.jpeg

Dang way to go!
 

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villagenut said:
Arent we like cousins that never met and always wish we had.....:laughing7: well, be careful of those kinds.
Click to expand...
I doubt that you are, so you may as well keep singing like I'll be doing :tongue3:
 

I think that is a great quote. I remember hearing it 30 yrs ago and laughed when the dude said it to a girl. The other one I heard about same time is the dude (different dude) asked the gal out and she said I'm married and he said great we have something in commom.



GopherDaGold said:
Didn't we go to different schools together? :laughing7:
Click to expand...
 

Watch out for long lost relatives who come out of the workwork!
 

GopherDaGold said:
We just returned from the lottery office.
Lump sum payment = $680,000
Federal = 28%
State = 4%
Take home = $489,000
Click to expand...

Expect to pay more in federal taxes when you file your 2020 return, assuming you have income from other sources in 2020. The top federal bracket is 37%, and you will be into that bracket in 2020. You should definitely see a CPA.

Congrats on the win. Enjoy your windfall, but you should take care to ensure this event has a long-term positive impact on you and your family.
 

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I used to say a thousand dollars sounds like a lot of money when you only have $10 in your wallet. But when you have a thousand it doesn't seem like all that much. Don't blow it. I recall a guy who got a big insurance settlement. He blew that money on cars, partying, etc. in three months he was broke. You'll find out it goes too fast. Impulse buying is bad news. Wait a day or two before hitting the "buy" button. As soon as you buy something you'll see another item you wished you had.
 

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TheCoinKid said:
Expect to pay more in federal taxes when you file your 2020 return, assuming you have income from other sources in 2020. The top federal bracket is 37%, and you will be into that bracket in 2020. You should definitely see a CPA.

Congrats on the win. Enjoy your windfall, but you should take care to ensure this event has a long-term positive impact on you and your family.
Click to expand...

We've already paid the federal and state taxes on the prize. Are you saying we are going to be taxed again on that? I understand paying tax because it is income but it is only income once.
 

Do us a favor and physically cash that check so we can see what that much money looks like?
I’m sure that’s not exactly easy to do, but how many times in your life will you have that opportunity? Maybe more than once depending on how you leverage things...but likely never again.

Bank Teller...“How would you like that sir?”
You.....“I’ll be taking that in fifties please”
Bank Teller....”50, 100, 50, 200, 50, 300....”
Make sure they count it correctly!
 

GopherDaGold said:
We've already paid the federal and state taxes on the prize. Are you saying we are going to be taxed again on that? I understand paying tax because it is income but it is only income once.
Click to expand...
Did you pay estimated tax based solely on the prize, not figuring in your other income? It’s only August..You may still have time to do something to capitalize on tax credits some way...definitely consult with a CPA.
It could pay to make a charitable donation, you never know. Some of the taxes you would have had to pay are paid to charities instead of the government if that makes sense? It’s almost like you need to have a CPA prepare a draft form of your tax return now factoring in anticipated remaining income.

Advised investments or shelters...always get a second opinion.
 

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No, you only have to pay the tax once, it's just that the 28% withheld from the winnings is an ESTIMATED PAYMENT based solely on those winnings. Your actual liability will be determined when you file your return. I'm sure you have other income from jobs, etc. and the winnings will push you to a 37% incremental tax rate for those earnings. Just suggesting you see a CPA, as others have also suggested, to ensure no surprises come next April.
 

One more thing: give up gambling. I have another story, my friend's son won 30-some thousand cashed out at $24,000. He became a gambling addict and spent it all. Now he still craves for another win and spends way too much on the lottery, hundreds every month.
 

Yes, don't buy any more lottery tickets. Go slow. You'll have to pay a little more maybe in the spring if they messed up the withholdings, but it won't be a ton.
 

I'd talk to a tax accountant to see if you can income average like for the past five years and see if you can get a tax refund. Probably cost you about a hundred bucks. I don't know but it sure is worth to check it out.
 

Wow congratulations!

You’re either going to blow it or grow it.

If you blow it, enjoy!

If you grow it, you’ll need to talk to a financial advisor. If you don’t understand what they’re telling you, educate yourself.

Again, congratulations on the good kharma!
 

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