Powerball

Luckily I live in one of the few states where the winners can remain anonymous.
 
sonocativo said:
Im pretty good with money, saying No.... not so much.
I will have to get an advisor to limit my spendings.... know what I can play with and what needs to be invested. Buy a house, possibly a vehicle and start college fund for my son, get my daughter back into college for a new path if she wants...invest so everyone is taken care of after I go to the next Bowie concert.
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Daddy! I wanna 2 Lamborghini (Pretty please).

Sono: Honey, why two?

Daddy, one for myself and one for my boyfriend.
 
I have question about state income tax.

If I win the lottery in Georgia so it means I need to pay Georgia tax or just Alabama tax only?
 
Foxrac said:
I have question about state income tax.

If I win the lottery in Georgia so it means I need to pay Georgia tax or just Alabama tax only?
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Alabama, cause you live in Alabama, not Georgia. Georgia MIGHT have a law that you might have to cough up some, but guaranteed in Alabama.
 
sonocativo said:
I wouldnt have a major life change, just invest and buy a house in the middle of nowhere, have my groeceries air dropped...lmao
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Sounds like you would give living like a hermit a whole new meaning.
 
diehardbiker said:
Alabama, cause you live in Alabama, not Georgia. Georgia MIGHT have a law that you might have to cough up some, but guaranteed in Alabama.
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Aw... I save by 1%.

Alabama is 5% and Georgia is 6%.

They are less than federal income tax - 39.6%

SS/Medicare aka FICA don't applies to lottery, I believe so.

You can keep SSDI if you win the lottery, but you could lose the government help on Medicare and premium cost on Medicare could go up.
 
LoveBlue said:
Luckily I live in one of the few states where the winners can remain anonymous.
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I live in a state that won't let you remain anonymous, but nowhere does it say you have to show your face at the news conference. We had one winner years ago who won a large amount and showed up at the news conference wearing a paper bag over his head; the lottery told him it wasn't allowed and his attorney asked them to show them where it said he had to show his face, they couldn't do it so he wore the bag!
 
Foxrac said:
Aw... I save by 1%.

Alabama is 5% and Georgia is 6%.

They are less than federal income tax - 39.6%

SS/Medicare aka FICA don't applies to lottery, I believe so.

You can keep SSDI if you win the lottery, but you could lose the government help on Medicare and premium cost on Medicare could go up.
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win this much, your automatically off from paying SS taxes, but you will never be able to get SSDi or SS benefit til you bury yerself.

And do Alabama have tax bracket? If so, your likely will be on the highest bracket.
 
I will surely go 4 annuity if I am holding this millions of dollars ticket! Hopefully I can wear Guy Fawkes mask.
 
diehardbiker said:
win this much, your automatically off from paying SS taxes, but you will never be able to get SSDi or SS benefit til you bury yerself.

And do Alabama have tax bracket? If so, your likely will be on the highest bracket.
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You already paid SS into system and you have SSDI so you are safe.

Does my income or assets impact the amount of my monthly benefit?

For a person eligible to receive SSDI benefits, overall wealth does not factor into the monthly benefit amount. You can win the lottery and still be entitled to your monthly Social Security Disability Insurance check. However, receipt of Workers' Compensation benefits and certain governmental pensions can reduce an individual's monthly SSDI benefit depending upon a number of factors. The income and assets of a spouse do not impact your SSDI benefit amount.
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http://www.socialsecuritydisabilityclaim.net/FAQ.shtml

Yes, highest tax bracket is 5%.
 
caz said:
That one lost on me Calvin American in joke.
I won ten ponds twice and 70 four quid brain to addled work it out
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Pay no attention to that dear:giggle:
 
LoveBlue said:
Luckily I live in one of the few states where the winners can remain anonymous.
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I think this is pretty much true but I am wondering if that holds true if/when your State participates in the Mega and/or Powerball which multiple States engage in....
 
Tousi said:
I think this is pretty much true but I am wondering if that holds true if/when your State participates in the Mega and/or Powerball which multiple States engage in....
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Before you cash in your ticket, you get an attorney, start an LLC and they will never know who won it... you put it in the LLC name and remain annomious, read the powerball website, wealth of info
 
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