I won a million dollars this morning

[The Dirt Pirate]

Can I borrow 100K? Lol. That's crazy. Congratulations.

 

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[IMAUDIGGER]

I just wanted you to be aware, 60 k and 10 k are substancial amounts. I was none too happy writing the checks I had to write. In my opinion you should only have to pay on your prior years rate, one fluke event should not entitle them to soak you for extra.

Any reference to a specific applicable state law...or just your opinion that you shouldn’t be taxed on sudden gambling income? Like I said earlier...averaging prior years incomes to determine tax rates is limited to food raising jobs that are dependent on the weather and seasons. If they go out of business there could be long term food shortages.

Far as I know...a regular “joe” makes more money one year...he/she pays more taxes..just how it is currently.

 

[fistfulladirt]

‘We’re all in this together’

 

[GopherDaGold]

I just wanted you to be aware, 60 k and 10 k are substancial amounts. I was none too happy writing the checks I had to write. In my opinion you should only have to pay on your prior years rate, one fluke event should not entitle them to soak you for extra.

There is a method to their madness. Here's how it works:
Winners are taxed 24% (Fed) and 4% (state) across the board in Missouri as soon as you claim your winnings. Depending on the amount, you will be taxed further in April because your job income will be included. Say a person wins $100,000 and files a claim with the lottery office. They will immediately take the 24% and 4% then adjust it when you file at tax time. A $100,000 winner will be in a lower tax bracket than a $1,000,000 winner which is 37%. I will have to pay an additional 13% which works out to about $60,000+ plus another 2% or less for state.

 

[releventchair]

"How the Lottery Ruined My Life" the people went out and spent the money then regretted it. Wished they had bought something else. Impulse buying and gambling are closely related.

With congrats to Gopher , and faith in his being level headed....

I knew a gal a couple houses down who hit big at a casino.
She owed under 70,000 total probably before winning. Had a young house well set up ect..Winnings were multiple times her debt.

Bought a pace car. A pontoon boat. A motor cycle. I don't recall all what and I didn't study it much. Did get to hear about it though...
Partied a bit. Put a little away for kids education.
Lost the house eventually ,due to foreclosure.

An old saying goes , if you're not good handling money when you have little , you won't handle it better with more.

 

[Marino13]

Any reference to a specific applicable state law...or just your opinion that you shouldn’t be taxed on sudden gambling income? Like I said earlier...averaging prior years incomes to determine tax rates is limited to food raising jobs that are dependent on the weather and seasons. If they go out of business there could be long term food shortages.

Far as I know...a regular “joe” makes more money one year...he/she pays more taxes..just how it is currently.

If you read the post it clearly states its my opinion. If you like paying taxes more power to you, especially when they plss it away as they do.

 

[GopherDaGold]

Congrats! wish I was 400k richer, guess you gotta play to win though. Ide be making plans for a sweet treasure hunt if I was in your shoes!

I just found out that my soon-to-be property was the site of a general store in the 1880's! A friend of mine, the president of a neighboring main street association and a local history junkie provided copies of old plat maps and a ledger that lists the names and other details of the family that settled here.

 

[SusanMN]

I guess you hit the lottery a second time. Hopefully that property will give you a lifetime of detecting!

 

[PetesPockets55]

If you read the directions, there was a special symbol...scratch off that symbol and you win the prize.

I wonder how many winning tickets are tossed in the trash...then how many are later cashed in by street people going through the trash.

I remember someone saying to look at discarded scratch-off tickets near the entrance to convenience stores and the like. It didn't make sense to me until they explained the theory. People go to the stores to cash them in and sometimes they will save them up. sometimes while juggling the bundle, the kids, the door and the wind, one will fall out of the bundle. I thought that was crazy talk but did actually start picking them up from the sidewalk.
Low and behold I found a small winner ($2-$4). That put a free smile on my face and proved to me it can happen.

 

[GopherDaGold]

I remember someone saying to look at discarded scratch-off tickets near the entrance to convenience stores and the like. It didn't make sense to me until they explained the theory. People go to the stores to cash them in and sometimes they will save them up. sometimes while juggling the bundle, the kids, the door and the wind, one will fall out of the bundle. I thought that was crazy talk but did actually start picking them up from the sidewalk.
Low and behold I found a small winner ($2-$4). That put a free smile on my face and proved to me it can happen.

There is a secondary reason why people dig through the trash to find discarded scratchers. They sell or 'rent' them to people who use them for their itemized deductions. Found this out quite recently.

 

[Tpmetal]

I just found out that my soon-to-be property was the site of a general store in the 1880's! A friend of mine, the president of a neighboring main street association and a local history junkie provided copies of old plat maps and a ledger that lists the names and other details of the family that settled here.

Perfect! hope it is full of goodies for you

 

[SusanMN]

I always pick up and look at any tickets I see on the ground. My big winner was $15, but a couple dollar ones. I also pick up any gift cards and much better luck with those including $20 Starbucks and three or four $5 target cards.

 

[villagenut]

I just found out that my soon-to-be property was the site of a general store in the 1880's! A friend of mine, the president of a neighboring main street association and a local history junkie provided copies of old plat maps and a ledger that lists the names and other details of the family that settled here.

Typical treasure hunter ideology.....win a million and then get excited over the thought of detecting an old property bought with the dough.Do you realize just how much we all agree with that thinking.....that is so me

 

[IMAUDIGGER]

There is a secondary reason why people dig through the trash to find discarded scratchers. They sell or 'rent' them to people who use them for their itemized deductions. Found this out quite recently.

Sounds like you are getting some learning done.
I never knew there was a use for those old tickets.

 

[bay pirate]

That’s so cool. I see how you scratch. The same as me. Just the numbers and then see what you won. Amazing my brother[emoji106]

 

[pepperj]

Congrats on your win. Great to see you have a real nice looking roof over your heads, and still a bit left over. Best of luck detecting in the back yard, no permission needed on this one.

 

[robertscool]

Congratulations. Invest your winnings don’t waste your money

 

[SeaHunter2312]

Hope everything is working out for you!

 

[GopherDaGold]

Hope everything is working out for you!

Financially, things are great. We've made some improvements to the property such as a new Trane furnace, and a Culligan water softener. We had a manual transfer switch installed in the basement for the WEN 11,000 watt dual-fuel generator. Several weeks ago we had a monster storm that knocked out our power for 5 hours so I'm glad for the generator. We can power the AC, furnace, well pump, living room, kitchen, bathroom and master bedroom. For safety, the generator goes under an aluminum carport attached to the house when in use.
We had a new entry built at the gated driveway. The old warped 2x6' treated ranch style entry was replaced with 5" vinyl 3-rail fencing to match the fence used by the horse ranch across the road. We also had a stump grinded out that was 51" in diameter at the base.

I mentioned this briefly in another post but six months after the win my bride of two years began having violent bloody seizures and was diagnosed with metastatic brain cancer. We've been together for 8 years and in three days, August 12th it will be our second anniversary.
Right now she is in hospice care in the last stages of her life. No appetite, constant pain and too weak to move. I know that she will die before August ends.

 

[CoinFetcher]

So sorry to hear about your loss.

You are a good person to taking care of your loved ones at home.