My friend won the lottery, now he's screwed. - GoFuckYourself.com

Rob · 03-11-2016, 10:56 AM

He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.

Bryan G · 03-11-2016, 11:11 AM

Maybe he should have saved the 43k?

420 · 03-11-2016, 11:16 AM

Time to get a home equity loan

Rob · 03-11-2016, 11:20 AM

Quote:

Originally Posted by Bryan G

Maybe he should have saved the 43k?

He thought they already took the taxes. He didn't realize he would be taxed again.

Colmike9 · 03-11-2016, 11:24 AM

If he paid off the house and car, wouldn't that bring him back down to the normal bracket and not have to be taxed $43,000?...

elmy · 03-11-2016, 11:30 AM

there is only 1 winner ... STATE

PR_Glen · 03-11-2016, 11:35 AM

i understand that they tax lottery winnings in the US but i don't see how they could also consider it income after that.. that doesn't make any sense...

CaptainHowdy · 03-11-2016, 11:35 AM

Money is the root of all evils ...

SuckOnThis · 03-11-2016, 11:40 AM

Simple solution, give the money back.

sarettah · 03-11-2016, 11:44 AM

Quote:

Originally Posted by Rob

He thought they already took the taxes. He didn't realize he would be taxed again.

He did not get taxed again. The amount they withhold at the time they give out the check is an approximation. You never know the actual final number for taxes until you do the paperwork.

Best bet for him (imho) is to do a loan against the house. Yeah, he'll have a house payment again but he will be out of trouble with the taxman.

.

Sly · 03-11-2016, 11:46 AM

$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.

Paying off the car was an okay idea, paying off the house not so much. He most likely had a great interest rate and a nice tax deduction.

His biggest mistake was not consulting an accountant.

Ross · 03-11-2016, 11:47 AM

Quote:

Originally Posted by sarettah

Yeah, he'll have a house payment again but he will be out of trouble with the taxman.

.

Yeah this is the best advice. Not to mention, $43k isn't much to owe on your home really, could clear that with a $1k a month mortgage payment in less than 5 years. If he can afford more then he could nail it in 3 years very easily.

shake · 03-11-2016, 11:53 AM

In the long run he will be well ahead - seems like he had good financial intentions. Mortgage and car payments were probably $3k per month range, once he gets this sorted out he will be well ahead of the game. Sucks for now though as he probably feels a lot poorer.

billywatson · 03-11-2016, 11:57 AM

Quote:

Originally Posted by Sly

$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.

Paying off the car was an okay idea, paying off the house not so much. He most likely had a great interest rate and a nice tax deduction.

His biggest mistake was not consulting an accountant.

Exactly correct.

Google Expert · 03-11-2016, 12:20 PM

Should have kept his mouth shut and not report it.

dyna mo · 03-11-2016, 12:24 PM

if he had spent it on hookers and blow he wouldn't be in this mess.

noshit · 03-11-2016, 01:23 PM

Quote:

Originally Posted by elmy

there is only 1 winner ... STATE

The lottery is nothing more than a Tax on the poor

.

fuzebox · 03-11-2016, 02:19 PM

Quote:

Originally Posted by Sly

His biggest mistake was not consulting an accountant.

PR_Phil · 03-11-2016, 02:37 PM

so fucking typical of lottery winners.

I mean, I want to feel bad, but who accepts a check for $320,000 and spends every penny before talking to an accountant.

and how is he screwed? he paid off $320,000 in debt, now has to take on $43,000 in debt, looks like a $277,000 win to me.

I have only ever met 2 people who won the lottery. 1 from Ottawa who won $1 M (non taxable) and one from London, ON who won $17 M (again, in Canada , so non taxable). First guy was wealthy before, but still quit his job and was bankrupt in 18 months. Second (couple who won $17M) came from no money, quit their jobs and went bankrupt in 30 months.

2 hours with a competent adviser and this wouldn't happen, that would be about $120, well spent.

Kenny B! · 03-11-2016, 02:47 PM

Quote:

Originally Posted by Sly

$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.

Paying off the car was an okay idea, paying off the house not so much. He most likely had a great interest rate and a nice tax deduction.

His biggest mistake was not consulting an accountant.

Bang on!

Penny24Seven · 03-11-2016, 02:56 PM

This is where all the losing lotto tickets pay off. I know there is a limit on how much you can use to write off but it would take a nice dent in it.

crockett · 03-11-2016, 03:06 PM

Quote:

Originally Posted by SuckOnThis

Simple solution, give the money back.

Sounds like he blew the entire 500k the first year... lol

beavr · 03-11-2016, 03:12 PM

Quote:

Originally Posted by Rob

He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.

Did he try to re-calculate it with IRS with some accountant?

Horatio Caine · 03-11-2016, 03:20 PM

Buy more scratch offs

directfiesta · 03-11-2016, 03:26 PM

must be Obama's fault !

Klen · 03-11-2016, 03:44 PM

Quote:

Originally Posted by PR_Phil

so fucking typical of lottery winners.

I mean, I want to feel bad, but who accepts a check for $320,000 and spends every penny before talking to an accountant.

and how is he screwed? he paid off $320,000 in debt, now has to take on $43,000 in debt, looks like a $277,000 win to me.

I have only ever met 2 people who won the lottery. 1 from Ottawa who won $1 M (non taxable) and one from London, ON who won $17 M (again, in Canada , so non taxable). First guy was wealthy before, but still quit his job and was bankrupt in 18 months. Second (couple who won $17M) came from no money, quit their jobs and went bankrupt in 30 months.

2 hours with a competent adviser and this wouldn't happen, that would be about $120, well spent.

How the fuck you can go bankrupt with 17mil cash? If i would won on lottery,i would simply put money on bank and live on interest.

wehateporn · 03-11-2016, 04:11 PM

Do a GoFundMe for him, GFY will chip in as usual

Freedom6995 · 03-11-2016, 04:51 PM

Quote:

Originally Posted by CaptainHowdy

Money is the root of all evils ...

No it isn't. Common misquote...

Tasty1 · 03-11-2016, 05:00 PM

It is just starting, wait till his wife want the half of the money ...

CaptainHowdy · 03-11-2016, 05:26 PM

Quote:

Originally Posted by Freedom6995

No it isn't. Common misquote...

Read Diogenes Laertius on Diogenes of Sinope and Timothy 6:10.

The Porn Nerd · 03-11-2016, 05:36 PM

This is Florida right?
So.....I'd say a typical situation.

When you get a windfall take half and invest it immediately.

mikesouth · 03-11-2016, 05:46 PM

Quote:

Originally Posted by Sly

$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.

Paying off the car was an okay idea, paying off the house not so much. He most likely had a great interest rate and a nice tax deduction.

His biggest mistake was not consulting an accountant.

THIS!

CaptainHowdy · 03-11-2016, 05:49 PM

Quote:

Originally Posted by Freedom6995

No it isn't. Common misquote...

Us scholars don't misquote, we do hermeneutics.

brassmonkey · 03-11-2016, 06:01 PM

people are fucking fools when given money. get the equity. could have bought a apartment complex or homes with that cash.

this is a buying season for property. my daughter got a 3 bedroom 2 baths in gilbert,az $30,000 on a acre and a half land.

arock10 · 03-11-2016, 06:43 PM

Is he a senile old man related to someone on this board

ErectMedia · 03-11-2016, 07:04 PM

Quote:

Originally Posted by 420

Time to get a home equity loan

Dead · 03-11-2016, 07:06 PM

Winner?????

Paul Markham · 03-12-2016, 03:52 AM

My friend won $12 million, went bankrupt 6 years later. Now works at 66 years of age instead of retiring and lived on a beach till the end of his days.

Those checks come attached to a stupid gene.

Sednub997 · 03-12-2016, 04:59 AM

The best way for him is if you lend money to him

VikingMan · 03-12-2016, 07:11 AM

He should sell his house and buy precious metals and bury them in the ground. Then wait a few years and negotiate lower amount of back taxes from the IRS. Better yet get Ecuadorian residency and leave this sinking ship.

HowlingWulf · 03-12-2016, 08:53 AM

Wish we could all have those sorts of problems.

Quote:

To which Diogenes added "After war, alliance." The love of money he declared to be mother-city of all evils. Seeing a spendthrift eating olives in a tavern, he said, "If you had breakfasted in this fashion, you would not so be dining."

seeandsee · 03-12-2016, 10:31 AM

jesus that big lotery winners going bankrupt in months, how the fuck they do it

Spunky · 03-12-2016, 10:41 AM

Mo money mo problems

ITraffic · 03-12-2016, 10:54 AM

Why do 70 percent of lottery winners end up bankrupt? | cleveland.com

brassmonkey · 03-12-2016, 11:47 AM

a lady here in my city won 8 mill! she bought a big house and some cars that she paid for in full. that is all she has left of the winnings.

incredibleworkethic · 03-12-2016, 06:10 PM

People forget they have to self sustain after buying things right?

buyandsell · 03-12-2016, 08:31 PM

Quote:

Originally Posted by Sly

$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.

if you go interest only and get an introductory rate you can get that for $100-150/month

Supz · 03-12-2016, 09:27 PM

He probably still pays a guy $150 to do his taxes.

freecartoonporn · 03-13-2016, 08:07 AM

damn , get a consultant's opinion.

slapass · 03-13-2016, 09:21 AM

Quote:

Originally Posted by Rob

He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.

If 43k is extra tax then he makes 400k a year and the extra 43k is hardly screwing him. He will make that back in saved payments in about one year also.

03-11-2016, 10:56 AM	#1
Rob I'm a great bowler. Industry Role: Join Date: Nov 2003 Location: Right Outside of Normal. Posts: 13,310	My friend won the lottery, now he's screwed. He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.

03-11-2016, 11:11 AM	#2
Bryan G Confirmed User Join Date: Aug 2005 Location: Toronto Posts: 8,338	Maybe he should have saved the 43k? __________________ Bryan skype: bryan.glass3 \| ICQ 302999591

03-11-2016, 11:24 AM	#5
Colmike9 (>^_^)b Industry Role: Join Date: Dec 2011 Posts: 7,224	If he paid off the house and car, wouldn't that bring him back down to the normal bracket and not have to be taxed $43,000?... __________________ Join the BEST cam affiliate program on the internet! I've referred over $1.7mil in spending this past year, you should join in. I make a lot more money in the medical field in a lab now, fuck you guys. Don't ask me to come back, but do join Chaturbate in my sig, it still makes bank without me touching shit for years..

03-11-2016, 11:30 AM	#6
elmy Confirmed User Industry Role: Join Date: Jan 2005 Posts: 2,305	there is only 1 winner ... STATE __________________ The Most Effective Software For Porn Video Upload! Over 370 adult tube sites ready for upload! + Free Virtual Private Server! ★★ Tubes Booster - video cms for adult tube sites! ★★

03-11-2016, 11:35 AM	#7
PR_Glen Confirmed User Industry Role: Join Date: Oct 2006 Location: Canada Posts: 9,058	i understand that they tax lottery winnings in the US but i don't see how they could also consider it income after that.. that doesn't make any sense... __________________ webmaster at pimproll dot com

03-11-2016, 11:16 AM	#3
420 cuck Industry Role: Join Date: Mar 2003 Posts: 11,571	Time to get a home equity loan

03-11-2016, 11:35 AM	#8
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 92,219	Money is the root of all evils ... __________________ Enroll in the SWAG Affiliate Asian Live Cam Program and get 9 free quality link-backs! Get those links up ASAP! --> TJEEZERS.Cam. Setup in 48 Hours max.

03-11-2016, 11:40 AM	#9
SuckOnThis So Fucking Banned Join Date: Oct 2003 Location: In my head Posts: 6,844	Simple solution, give the money back.

03-11-2016, 11:46 AM	#11
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,244	$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car. Paying off the car was an okay idea, paying off the house not so much. He most likely had a great interest rate and a nice tax deduction. His biggest mistake was not consulting an accountant. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Fully Managed VPS, Daily Backups Included - Starting at $25. Contact for more info. Sell me your: Paysites and Hosting Company. Buy my: Aged Domains and Sites

03-11-2016, 11:53 AM	#13
shake frc Industry Role: Join Date: Jul 2003 Location: Bitcoin wallet Posts: 4,663	In the long run he will be well ahead - seems like he had good financial intentions. Mortgage and car payments were probably $3k per month range, once he gets this sorted out he will be well ahead of the game. Sucks for now though as he probably feels a lot poorer. __________________ Crazy fast VPS for $10 a month. Try with $20 free credit

03-11-2016, 12:20 PM	#15
Google Expert Webmaster Industry Role: Join Date: Jun 2004 Posts: 14,295	Should have kept his mouth shut and not report it.

03-11-2016, 12:24 PM	#16
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 61,646	if he had spent it on hookers and blow he wouldn't be in this mess.

03-11-2016, 02:37 PM	#19
PR_Phil Confirmed User Industry Role: Join Date: Apr 2003 Location: knee deep in dirty diapers Posts: 1,960	so fucking typical of lottery winners. I mean, I want to feel bad, but who accepts a check for $320,000 and spends every penny before talking to an accountant. and how is he screwed? he paid off $320,000 in debt, now has to take on $43,000 in debt, looks like a $277,000 win to me. I have only ever met 2 people who won the lottery. 1 from Ottawa who won $1 M (non taxable) and one from London, ON who won $17 M (again, in Canada , so non taxable). First guy was wealthy before, but still quit his job and was bankrupt in 18 months. Second (couple who won $17M) came from no money, quit their jobs and went bankrupt in 30 months. 2 hours with a competent adviser and this wouldn't happen, that would be about $120, well spent. __________________

03-11-2016, 02:56 PM	#21
Penny24Seven So Fucking What Industry Role: Join Date: Jun 2007 Location: USA Posts: 6,289	This is where all the losing lotto tickets pay off. I know there is a limit on how much you can use to write off but it would take a nice dent in it. __________________ Our site is coming soon. It will be one of the best ever! I know so. Brian and Penny

03-11-2016, 03:20 PM	#24
Horatio Caine full-time aspiring rapper Industry Role: Join Date: Aug 2012 Location: Compton, CA Posts: 5,746	Buy more scratch offs

03-11-2016, 03:26 PM	#25
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Pompano Beach, Florida Posts: 29,567	must be Obama's fault !

03-11-2016, 04:11 PM	#27
wehateporn Promoting Debate on GFY Industry Role: Join Date: Apr 2007 Posts: 27,172	Do a GoFundMe for him, GFY will chip in as usual __________________ Sexy Girls Teasing

03-11-2016, 05:00 PM	#29
Tasty1 Judge Jury and Executioner Industry Role: Join Date: Jan 2005 Location: South-America Posts: 8,939	It is just starting, wait till his wife want the half of the money ... __________________ everything is fake

03-11-2016, 05:36 PM	#31
The Porn Nerd Living The Dream Industry Role: Join Date: Jun 2009 Location: Inside a Monitor Posts: 19,327	This is Florida right? So.....I'd say a typical situation. When you get a windfall take half and invest it immediately. __________________ My Affiliate Programs: Porn Nerd Cash \| Porn Showcase \| Aggressive Gold (Coming Soon) Over 90 paysites to promote! Skype: peabodymedia

03-11-2016, 06:01 PM	#34
brassmonkey Pay It Forward Industry Role: Join Date: Sep 2005 Location: Yo Mama House Posts: 76,509	people are fucking fools when given money. get the equity. could have bought a apartment complex or homes with that cash. this is a buying season for property. my daughter got a 3 bedroom 2 baths in gilbert,az $30,000 on a acre and a half land. __________________ TRUMP 2024 KEKAW!!! - Support The Laken Riley Act!!! END DACA - SUPPORT AZ HCR 2060 52R - email: brassballz-at-techie.com

03-11-2016, 06:43 PM	#35
arock10 Confirmed User Join Date: Jan 2006 Posts: 6,218	Is he a senile old man related to someone on this board __________________ Sup

03-11-2016, 07:06 PM	#37
Dead They left the door open Industry Role: Join Date: Apr 2003 Posts: 3,888	Winner?????

03-12-2016, 03:52 AM	#38
Paul Markham Too old to care Industry Role: Join Date: Jun 2001 Location: On the sofa, watching TV or doing my jigsaws. Posts: 52,943	My friend won $12 million, went bankrupt 6 years later. Now works at 66 years of age instead of retiring and lived on a beach till the end of his days. Those checks come attached to a stupid gene. __________________ Blowout deal. 880 videos, 2,400 image sets, plus many RAW videos. $500. PM me for a deal. Skype Paulmarkham70

03-12-2016, 04:59 AM	#39
Sednub997 Naked in my bathroom Industry Role: Join Date: Dec 2008 Location: Europe Posts: 6,129	The best way for him is if you lend money to him __________________ X10 FANS PLAFORM - 3 IN 1 LIVE CAMS/FANS/MEMBERSHIP CMS CONTENT MANAGEMENT, MONETIZATION AND PUBLISHING PLATFORM 17 YEARS WITH 1000'S OF CLIENTS SCALABLE - ENTERPRISE-READY - MULTI-LANG

03-12-2016, 07:11 AM	#40
VikingMan Exploiting human weakness Industry Role: Join Date: Jan 2008 Location: next to a salmon stream Posts: 6,378	He should sell his house and buy precious metals and bury them in the ground. Then wait a few years and negotiate lower amount of back taxes from the IRS. Better yet get Ecuadorian residency and leave this sinking ship.

03-12-2016, 10:31 AM	#42
seeandsee Check SIG! Industry Role: Join Date: Mar 2006 Location: Europe (Skype: gojkoas) Posts: 50,945	jesus that big lotery winners going bankrupt in months, how the fuck they do it __________________ BUY MY SIG - 50$/Year Contact here

03-12-2016, 10:41 AM	#43
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,906	Mo money mo problems __________________ *Skype : Spunky GFY*

03-12-2016, 10:54 AM	#44
ITraffic Confirmed User Industry Role: Join Date: Jul 2013 Posts: 2,726	Why do 70 percent of lottery winners end up bankrupt? \| cleveland.com

03-12-2016, 11:47 AM	#45
brassmonkey Pay It Forward Industry Role: Join Date: Sep 2005 Location: Yo Mama House Posts: 76,509	a lady here in my city won 8 mill! she bought a big house and some cars that she paid for in full. that is all she has left of the winnings. __________________ TRUMP 2024 KEKAW!!! - Support The Laken Riley Act!!! END DACA - SUPPORT AZ HCR 2060 52R - email: brassballz-at-techie.com

03-12-2016, 06:10 PM	#46
incredibleworkethic Confirmed User Industry Role: Join Date: Sep 2009 Posts: 2,302	People forget they have to self sustain after buying things right?

03-12-2016, 09:27 PM	#48
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,057	He probably still pays a guy $150 to do his taxes.

03-13-2016, 08:07 AM	#49
freecartoonporn Confirmed User Industry Role: Join Date: Jan 2012 Location: NC Posts: 7,683	damn , get a consultant's opinion. __________________ SSD Cloud Server, VPS Server, Simple Cloud Hosting \| DigitalOcean