Nag Juice Posted January 10, 2016 Report Share Posted January 10, 2016 Ok, since we all fish and it's an inevitably expensive habit, what would you do with the jackpot? I'll start: Un#%*Â¥ Veterans Healthcare and figure out a way to have adequate mental health facilities. After that, start my boat collection. I'd procure a nice chunk of land on deep water in a no wake zone with a modest crib and dock. Then I'd build a big (to me) shop and refurbish old boats, MAs, Lappys, Cl***ic Makos and SeaCrafts etc. Link to comment Share on other sites More sharing options...
linesider 159 Posted January 10, 2016 Report Share Posted January 10, 2016 First i would tithe, but i cant give one church 50 million So id probably put it in funds for mission trips and youth stuff. Then id pay all parents and grandparents debt and figure out what portion i would give them. Next id buy probably 3 houses, one in clearwater, 1 in breckenridge colorado or similar, and then maybe one in the keys or in Big Sur California. Id trade my truck on a raptor, maybe get 1 or 2 exotics, but not something like a bugatti, more like an aston martin or similar. Id trade my boat for a simmons custom boats stingray sport with a 400R. Get an offshore boat, probably a yellowfin. After all that i probably have 350 million left over and i would distribute it in ways that grow the wealth Link to comment Share on other sites More sharing options...
Chief5130 Posted January 10, 2016 Report Share Posted January 10, 2016 I would pursue life experiences that I would not be able to otherwise. Link to comment Share on other sites More sharing options...
Donh Posted January 10, 2016 Report Share Posted January 10, 2016 Better figure taxes and discounted annuity. My guess is you would receive about 1/3 of the gross amount. Still plenty to help others and buy a lot of fly rods. dh Link to comment Share on other sites More sharing options...
Donh Posted January 11, 2016 Report Share Posted January 11, 2016 Sorry, double posted. Too much football I guess. dh Link to comment Share on other sites More sharing options...
linesider 159 Posted January 11, 2016 Report Share Posted January 11, 2016 Better figure taxes and discounted annuity. My guess is you would receive about 1/3 of the gross amount. Still plenty to help others and buy a lot of fly rods.dh Cash value over 800 million, fed taxes of 25%. My guess is jackpot will be closer to 1.5-1.6 billion by wednesday Link to comment Share on other sites More sharing options...
Nag Juice Posted January 11, 2016 Author Report Share Posted January 11, 2016 Maybe I'm an A-Hole but when the govt takes 25% of your money. Isn't that the same as helping others out or donating it. Essentially you'd give 300 million to the biggest non profit in the world... Link to comment Share on other sites More sharing options...
justfish Posted January 11, 2016 Report Share Posted January 11, 2016 Better figure taxes and discounted annuity. My guess is you would receive about 1/3 of the gross amount. Still plenty to help others and buy a lot of fly rods.dh Cash value over 800 million, fed taxes of 25%. My guess is jackpot will be closer to 1.5-1.6 billion by wednesday Your paying a lot more than 25% tax on winnings and your gonna need a creative accountant to deduct much against driving to get a ticket Our parents get nice houses, all the nieces and nephews get college paid. Pay off families houses and tell them don't ask me for anything else. I'll pick up the tab at dinner and everyone will have great Christmases, but if you should be able to live a nice life without a mortgage or worrying about your kids school. I'd get a Conch 27, redo the nicest Lappy on the planet, house in keys, house in CO. Id honestly enjoy giving alot of $ to great causes and people I've met throughout my life. I say I'd stay on the fire dept and drop back to an EMT Driver/Engineer....but first nursing home call in middle of night would probably handle that decision for me. Link to comment Share on other sites More sharing options...
rubble Posted January 11, 2016 Report Share Posted January 11, 2016 You will be taxed at 39.6% on the Cash Option amount. As mentioned by Donh earlier, the Net amount will be roughly about 1/3 of the Gross/Jackpot amount. Real buzz killer but I'll take it. Jackpot = $1,500,000,000.00 ($1.5 Billion) Cash Option= $930,000,000.00 Take Home= $561,720,000.00 Link to comment Share on other sites More sharing options...
bernieNC Posted January 11, 2016 Report Share Posted January 11, 2016 You will be taxed at 39.6% on the Cash Option amount. As mentioned by Donh earlier, the Net amount will be roughly about 1/3 of the Gross/Jackpot amount. Real buzz killer but I'll take it. Jackpot = $1,500,000,000.00 ($1.5 Billion) Cash Option= $930,000,000.00 Take Home= $561,720,000.00 Don,t forget the state. Most want theirs too. In NC that would be another 5.75%. Link to comment Share on other sites More sharing options...
FLDXT Posted January 11, 2016 Report Share Posted January 11, 2016 Then if you give family and friends money, the government will tax it again. Link to comment Share on other sites More sharing options...
linesider 159 Posted January 11, 2016 Report Share Posted January 11, 2016 Better figure taxes and discounted annuity. My guess is you would receive about 1/3 of the gross amount. Still plenty to help others and buy a lot of fly rods.dh Cash value over 800 million, fed taxes of 25%. My guess is jackpot will be closer to 1.5-1.6 billion by wednesday Your paying a lot more than 25% tax on winnings and your gonna need a creative accountant to deduct much against driving to get a ticket Our parents get nice houses, all the nieces and nephews get college paid. Pay off families houses and tell them don't ask me for anything else. I'll pick up the tab at dinner and everyone will have great Christmases, but if you should be able to live a nice life without a mortgage or worrying about your kids school. I'd get a Conch 27, redo the nicest Lappy on the planet, house in keys, house in CO. Id honestly enjoy giving alot of $ to great causes and people I've met throughout my life. I say I'd stay on the fire dept and drop back to an EMT Driver/Engineer....but first nursing home call in middle of night would probably handle that decision for me. How would you pay more than 25%? That's what florida is. Florida has no state tax for stuff like that, only a federally imposed 25% tax. So what you would receive in florida is cash value minus 25% of the that cash value. There are no additional taxes. I'd also cash the ticket under a business to try to remain anonymous Link to comment Share on other sites More sharing options...
linesider 159 Posted January 11, 2016 Report Share Posted January 11, 2016 The amount you take home differs by state. Florida has no seperate tax. Some of you others guys in other states will pay an additional state tax Link to comment Share on other sites More sharing options...
hurricane Posted January 11, 2016 Report Share Posted January 11, 2016 Pretty sure, first the Fed will take 25% right off the top, but come tax time the full rate of 39% will be due. So when you file taxes you will pay the remainder. Link to comment Share on other sites More sharing options...
linesider 159 Posted January 11, 2016 Report Share Posted January 11, 2016 Ah, that could be it. Link to comment Share on other sites More sharing options...
RipTide Posted January 11, 2016 Report Share Posted January 11, 2016 They're getting that 39%? before you get the balance of a lump sum. There won't be any: When you get taxes done stuff. The devil is getting his!!! Who's to say you don't go out and burn, blow or dispose of every cent before they get their's? That ain't happening. Although I would have to say it would be pretty hard to blow that much cash but we hear of lottery winners going broke within the first couple years after winning it. all the time. Lottery winnings are taxed at a totally different table than "Earned" income. Lotteries and inheritances are taxed totally different and at a lot high rate. That's why if you ever have noticed there will be recordings within the county records of homes and real estate properties being sold for $1.00. Those are the smart people who have "Gifted" their property to a "Blood" family member before they are deceased so they can avoid the outrageous inherent taxes and probate expenses. Having those kind of resources could and can be a curse. Be careful what you wish for. Link to comment Share on other sites More sharing options...
johnd Posted January 11, 2016 Report Share Posted January 11, 2016 Not buying a ticket.. Heck, long term my $2 will do better in the market or real estate or even enjoying a cup of expensive coffee. Sorry, this is a scam. And I'm still upset that it's illegal for you & me to run a lottery, but not the government. Why is that? Prior to Florida lottery roughly 50% of state funding went to education. We were promised this "new" lottery money would go to schools. Nope.. Just spent less on education, shifting funds elsewhere. As to Federal taxes, it's not 39.5% on 100%.. But close. Federal taxes are raised on incrementals.. But at the 1.5B the vast majority will be taxed at 39%... And anything you give to friends & family over $14K, they get taxed on too Think I'll buy a gallon of gas for the skiff instead Link to comment Share on other sites More sharing options...
Donh Posted January 11, 2016 Report Share Posted January 11, 2016 Better odds becoming president of US. Who's running? dh Link to comment Share on other sites More sharing options...
Capt. Troy Posted January 11, 2016 Report Share Posted January 11, 2016 Wait for the Call from John Bayliss to start my build on my new Sport Fish boat. " I won't have to call him" Buy the 84 foot Bayliss "Orion" that's for sale right now until my Boat is finished. Call King Air and tell them how I want the interior on my plane done. Lastly, call the handful of true friends I have and inform them they are now all millionaires. Link to comment Share on other sites More sharing options...
Mitz Posted January 13, 2016 Report Share Posted January 13, 2016 Wait for the Call from John Bayliss to start my build on my new Sport Fish boat. " I won't have to call him"Buy the 84 foot Bayliss "Orion" that's for sale right now until my Boat is finished. Call King Air and tell them how I want the interior on my plane done. Lastly, call the handful of true friends I have and inform them they are now all millionaires. Read my mind Troy! Link to comment Share on other sites More sharing options...
FLDXT Posted January 13, 2016 Report Share Posted January 13, 2016 Wait for the Call from John Bayliss to start my build on my new Sport Fish boat. " I won't have to call him"Buy the 84 foot Bayliss "Orion" that's for sale right now until my Boat is finished. Call King Air and tell them how I want the interior on my plane done. Lastly, call the handful of true friends I have and inform them they are now all millionaires. Pilatus PC12......I've had my eye on one or two or heck 10. Link to comment Share on other sites More sharing options...
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