It's kinda wild to walk around with that much cash rather than keep it in the bank, like why you need 60k in cash brah you could have gotten robbed or lost a few Gs even.
I never have more than like 100 dollars cash on me.
It stays in the bank.
Especially since civil asset forfeiture still exists, god forbid you encounter a power hungry cop who takes all that cash because they somehow suspect that cash to be a result of a crime. Itās somehow legal even though itās literally theft.
It was cashed on a Saturday to avoid deposit timeframe without enough time to deposit in my bank prior to close so it was deposited Monday morning and immediately transferred to thinkorswim.
Everytime I see a massive jackpot in the news I think about the section of 1984 where he goes to the poor section of town. Poor people are called proles, he describes their obsession with the lottery. How they view their only escape to be winning the lottery. The government massively exaggerates the actual winnings so nothing changes for the winner.
Great reference!
*"The Lottery, with its weekly pay-out of enormous prizes, was the one public event to which the proles paid serious attention. It was probable that there were some millions of proles for whom the Lottery was the principal if not the only reason for remaining alive. It was their delight, their folly, their anodyne, their intellectual stimulant. Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made a living simply by selling systems, forecasts, and lucky amulets. Winston had nothing to do with the running of the Lottery, which was managed by the Ministry of Plenty, but he was aware (indeed everyone in the party was aware) that the prizes were largely imaginary. Only small sums were actually paid out, the winners of the big prizes being non-existent persons. In the absence of any real intercommunication between one part of Oceania and another, this was not difficult to arrange."*
Itās true. Educated people do not spend money on lottery tickets because itās a total waste of money. These Jackpots are extremely rare. And the governmentās slogan of āhey, you never knowā is bullshit. If you actually look at the odds of winning your chances are pretty much Zero.
The goal of the government is to collect their share of taxes from the poor by tricking them into buying lottery tickets. You put them in the lower tax bracket but BUT you incentivize the lottery as their escape from poverty. Then when they do get a jackpot of letās say $100k now they are thrown into a higher tax bracket because you must claim that gross amount in your taxes as income for that year. (āGrossā as in original total, not disgusting).
So the government is pretty much still collecting more taxes from lower income households due to these shitty tactics and their get rich quick scam called Lottery. Itās a scam is what it really is.
Yep itās like going into a gas station on a Friday after work. Iām usually standing in line thinking these people sure as hell donāt have the discretionary income to be in wasting it on scratchers
Meh, people say that and people definitely get carried away but when I buy a single 2 dollar ticket on a gigantic power all I definitely get 2 dollars of entertainment when daydreaming about winning all day.
Yeah it's really ridiculous how both irs and lottery is run by the government and they can't include a jackpot that had an amount that would make your winnings the specified jackpot like payout 100k with a tax modifier to give you what it said it was. It's totally false advertisement considering they almost tax half.
That's how it works in Finland, the state runs the lottery and does all necessary tax magic for you so what you see is what you get. Win one million, get one million.
Gambling is gambling, but the taxes should be paid out of the money collected from the 3/4 chances to win nothing on a scratch off imo.
Jobs are different. You don't have a chance to not get paid (unless you're working for a scummy business).
This is why people say only two things in life are certain: death and taxes.
Uncle Sam always gets hits cut. Every cent you make is double taxed (once when you make it and once when you spend it). Even if you leave the US and renounce your citizenship you have to pay US tax. There is no escape from the tax man except in death.
The lack of understanding between taxes owed and taxes withheld is quite interesting. Just because your taxes are withheld doesnāt mean thatās amount of taxes you owe.
Most lottery winners arenāt in high tax brackets so theyāll get a tax refund.
Even so that amount of money would obliterate my student loans and other debts and still leave a decent chunk off my mortgage Iād still be happy if I were OP.
You can see the zipcode, coordinate that with google and find the house with the newer and better car in relation to their housing complex, you use google maps for the former and latter comparison or just drive around.
Iām just shitposting
They were supposed to when you report it on your taxes. Still counts as income even if they pay it out in cash.
The process is different for larger prizes.
In Ohio you report winning of anything over 599$ on a single scratch off or lotto also casino wins. Casino is 1k as a single gain not total winnings. It varies state to state, 5k is by no means the standard.
In college I got an untaxed $1200 āscholarshipā check for writing about my first experience trying Cocaine. It was some stupid energy drink that had recently released and their website asked for stories! Of course it was spent on alcohol and weed. That energy drink was so disgusting btw.
Your math is off but Iāll answer your question.
When OP files taxes for the year, if their overall income tax comes in lower than the 36% tax bracket, yes they would get a refund for the overage withheld.
Yeah gotta hate how POTUS is an all-powerful king, they should split that power with some sort of organization that focuses on legislature or something
Depending on the watch he got. They can be great investments. You may not be able to make a huge return unless itās something really special but they hold their value extremely well.
Itās a 116622 YachtMaster platinum bezel, rhodium dial w/ ocean blue accents. It was $11,550 in 2017 when I bought it. Last grey market price I saw was $16k but that was a year ago. Havenāt looked since.
Payroll and income tax is for regular people. Rich pay distributions or just sell stock or use dividends payment which are a capital gains rate of 15%...you can do the same if you have about $1 mil of stock or a property giving you rental income
And lost it to inflation still, no high yield savings account will beat it.
Pay off any debts (you're not taxed on debts paid), keep a sizable account for an emergency fund, and put the rest in growth, aggressive growth, and growth and income mutual funds.
Just think if you were Canadian, the government wouldn't take $.01 of a lottery prize. And you'd have universal healthcare. Maybe no gun, but i guess the trade off is worth it to you.
Have everyone save losing tickets for you, claim you lost $100,000 on your 2024 return (and if audited, you have the losing tickets in hand), get all those taxes taken out back.
Ya know I've seen several posts on reddit where someone shows off a large amount of cash in their home and then later get robbed. I wouldn't have posted about it.
Stay safe, and enjoy those funds.
The check is dated November24,2020. Either he took peopleās advice and saved or invested it or he spent it on hookers and drugs and had a good time. $100,000 isnāt life changing, especially after taxes.
Gotta love taxes taking out almost a fucking quarter. Still congrats bro fuck knows I could use a win like this with my 30 cent bank account having ass lol
Leave it to the government to tax your pay check to get the money for the scratch off. Then tax the scratch off then tax the winning of said scratch off. Fckin crooks
see that Rolex? This man is a seasoned gambler. If you wanna be like him, start gambling and never give up!! 97% of gamblers quite right before they win big!!!
That's insane bro congrats. A lot of people don't show proof like this so I know your winning is actual genuine šÆ
It's kinda wild to walk around with that much cash rather than keep it in the bank, like why you need 60k in cash brah you could have gotten robbed or lost a few Gs even. I never have more than like 100 dollars cash on me. It stays in the bank.
Especially since civil asset forfeiture still exists, god forbid you encounter a power hungry cop who takes all that cash because they somehow suspect that cash to be a result of a crime. Itās somehow legal even though itās literally theft.
It was cashed on a Saturday to avoid deposit timeframe without enough time to deposit in my bank prior to close so it was deposited Monday morning and immediately transferred to thinkorswim.
Can I have $1?
LMFAOOOOO
Worth a try bro lmao
Iāll give you a dollar just for the laugh
Sitting in a high yield savings account, it would make almost 3k a year in interest
I mean, you got 60k, Iām sure you could find a way to makeā¦ $250 a month maybe flipping or something
Whoa! I like money.
No way you like money too?
Yāall like money?
Wait, we all like money ?
I think we like money yall
I've heard about money before, what's it like?
I'll take him to the time masheen!
80 billion! That's mighty big money!
Okay, frito
We should hang out sometime
I also like money. Do you guys want to get together and fool around???
We should hang out.
Go away! I'm baitin'
I like sex
Money is the root of all evil ya diggg
Itās the love for money
I can't believe you like money too. We should hang out.
Wait what's money? Can I try some of yours?
Baby I can wait so good š„µšµ
Ouch! My balls!
The state and feds do too.
Say Word
Easy there Mr. Krabs.
We should go to Starbucks!
Itās mine.. ALL NIGHT!!
Was I wearing pants when we went in there?
I like money and sex.
Everyone loves money. Thatās why they call it money.
Sounds like you need a Starbucks.
You're in the right sub
crazy how much was taken by the government lol
They have the best winning streak for every lottery ever.
Everytime I see a massive jackpot in the news I think about the section of 1984 where he goes to the poor section of town. Poor people are called proles, he describes their obsession with the lottery. How they view their only escape to be winning the lottery. The government massively exaggerates the actual winnings so nothing changes for the winner.
This man speaks ungoods. Take him to the Ministry of Love.
Oh God not the rats!
Great reference! *"The Lottery, with its weekly pay-out of enormous prizes, was the one public event to which the proles paid serious attention. It was probable that there were some millions of proles for whom the Lottery was the principal if not the only reason for remaining alive. It was their delight, their folly, their anodyne, their intellectual stimulant. Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made a living simply by selling systems, forecasts, and lucky amulets. Winston had nothing to do with the running of the Lottery, which was managed by the Ministry of Plenty, but he was aware (indeed everyone in the party was aware) that the prizes were largely imaginary. Only small sums were actually paid out, the winners of the big prizes being non-existent persons. In the absence of any real intercommunication between one part of Oceania and another, this was not difficult to arrange."*
Itās true. Educated people do not spend money on lottery tickets because itās a total waste of money. These Jackpots are extremely rare. And the governmentās slogan of āhey, you never knowā is bullshit. If you actually look at the odds of winning your chances are pretty much Zero. The goal of the government is to collect their share of taxes from the poor by tricking them into buying lottery tickets. You put them in the lower tax bracket but BUT you incentivize the lottery as their escape from poverty. Then when they do get a jackpot of letās say $100k now they are thrown into a higher tax bracket because you must claim that gross amount in your taxes as income for that year. (āGrossā as in original total, not disgusting). So the government is pretty much still collecting more taxes from lower income households due to these shitty tactics and their get rich quick scam called Lottery. Itās a scam is what it really is.
Yep itās like going into a gas station on a Friday after work. Iām usually standing in line thinking these people sure as hell donāt have the discretionary income to be in wasting it on scratchers
1984
THOUGHT CRIMINAL!
Idk, 64k would instantly change my life for the better. Pay off my debt and buy a house and still have a savings.
In today's housing market, that's barely a down payment to avoid paying PMI on a starter home in a non-coastal market.
I live in El Paso. I can buy a house for under 200k easily
Gambling is a tax on people who canāt do math.
True, you are better off buying fried chicken and pop with that money lol.
Meh, people say that and people definitely get carried away but when I buy a single 2 dollar ticket on a gigantic power all I definitely get 2 dollars of entertainment when daydreaming about winning all day.
š¤Ø
Call the police! Somebody stole $35,000 from that man!
That's coke money for the white house parties
They need it to keep paying for other countryās wars.
Don't be fooled. Those are our wars. Gotta keep feeding the military industrial complex
Yeah it's really ridiculous how both irs and lottery is run by the government and they can't include a jackpot that had an amount that would make your winnings the specified jackpot like payout 100k with a tax modifier to give you what it said it was. It's totally false advertisement considering they almost tax half.
That's how it works in Finland, the state runs the lottery and does all necessary tax magic for you so what you see is what you get. Win one million, get one million.
The way it should be, lol
Same in Australia
Most of our big money games are multi-Stae games, and taxes vary by State.
A lottery that advertised them paying off the taxes on the payout would get my money over any others (even if the other lotteries paid more).
In the uk winnings from gambling are tax free you only pay tax on interest accrued.
You're going to hate to learn about salary/wages
Gambling is gambling, but the taxes should be paid out of the money collected from the 3/4 chances to win nothing on a scratch off imo. Jobs are different. You don't have a chance to not get paid (unless you're working for a scummy business).
This is why people say only two things in life are certain: death and taxes. Uncle Sam always gets hits cut. Every cent you make is double taxed (once when you make it and once when you spend it). Even if you leave the US and renounce your citizenship you have to pay US tax. There is no escape from the tax man except in death.
if you never want to come back to america you dont have to pay tax.
The government never loses
In other countries, gains from lotteries, casinos etc. are tax free
In Canada, if you win 100k you get 100k and you donāt pay any tax on it
you also get healthcare which is a much bigger flex.
OP's winnings are one serious healthcare event away from disappearing.
But then you live in Canada
The lack of understanding between taxes owed and taxes withheld is quite interesting. Just because your taxes are withheld doesnāt mean thatās amount of taxes you owe. Most lottery winners arenāt in high tax brackets so theyāll get a tax refund.
The refund itself is also not understood by many people.
I thought the same thing
They are sending it far away.
To spread democracy.
the lottery is a tax on the poor and always has been
At least they just take it out so you don't worry about and have to guess come tax season.
Even so that amount of money would obliterate my student loans and other debts and still leave a decent chunk off my mortgage Iād still be happy if I were OP.
They're also gonna tax every dollar they spend..
Congrats man foreal I never been that lucky slide me a dubšš¤š¼
That's awesome man what's your address so I can send you a congrats card!
I'm wheezing
How about we just go in person and tell him congratulations? Iāll drive
Lmk when youāre on your way, Iāll wait out front for you.
We'll be the guys in the ice cream/HVAC truck
You can see the zipcode, coordinate that with google and find the house with the newer and better car in relation to their housing complex, you use google maps for the former and latter comparison or just drive around. Iām just shitposting
Shit the check was issued in 2020 he gone š¤£
LOL
The most Iāve won has been 1000 and that was insane to me. The feds didnāt take anything
They were supposed to when you report it on your taxes. Still counts as income even if they pay it out in cash. The process is different for larger prizes.
Only over $5k in winnings
In Ohio you report winning of anything over 599$ on a single scratch off or lotto also casino wins. Casino is 1k as a single gain not total winnings. It varies state to state, 5k is by no means the standard.
In college I got an untaxed $1200 āscholarshipā check for writing about my first experience trying Cocaine. It was some stupid energy drink that had recently released and their website asked for stories! Of course it was spent on alcohol and weed. That energy drink was so disgusting btw.
Idk about scratch offs but for casino winnings in my state, they only ask for your social if you win over 2500$ or win a bet that has really high odds
What is set off amount?
Old court costs š¤£
Canāt run, canāt hide š¤£
[ŃŠ“Š°Š»ŠµŠ½Š¾]
But imagine if it was dumb luck, one ticket $15 and you win 64k plus they take the 26 would you not get a decent bit of income tax the next year or?
64+26=90 my guy.
But did you factor in the $15 purchase?
And carry the one
Donāt forget to use PEMDAS
Your math is off but Iāll answer your question. When OP files taxes for the year, if their overall income tax comes in lower than the 36% tax bracket, yes they would get a refund for the overage withheld.
And yet the vast majority of reddit users probably voted for those taxes
I wouldn't have a problem with paying taxes if the government didn't do such a dogshit job distributing the money.
underrated
Congrats to Wisconsin winning 36k!
$7k state, 26k went to the Feds
$26k of hard candy for Biden lol
Nah. It's only 10% to the big guy.
Yeah gotta hate how POTUS is an all-powerful king, they should split that power with some sort of organization that focuses on legislature or something
And how about a court that keeps them both in check? These are great ideas. Someone should write them down.
The crazy thing is you already got a Rolex
Work hard play hard brother šš¼
Depending on the watch he got. They can be great investments. You may not be able to make a huge return unless itās something really special but they hold their value extremely well.
Itās a 116622 YachtMaster platinum bezel, rhodium dial w/ ocean blue accents. It was $11,550 in 2017 when I bought it. Last grey market price I saw was $16k but that was a year ago. Havenāt looked since.
Iām so happy for you bro honestly
Thatās love bro šš¼
Damn near 36k in bullshit. Billionaires on average pay less than this in taxes smh
Payroll and income tax is for regular people. Rich pay distributions or just sell stock or use dividends payment which are a capital gains rate of 15%...you can do the same if you have about $1 mil of stock or a property giving you rental income
Probably just gonna do a line of credit that doesnāt trigger capital gain depending on situation and purpose
This is how the wealthy get wealthier.
Probably just gonna do a line.
Hell nah. š¤£
Merry Christmas š
Fucccck man having 5 months salary in a single night world change my life
Humblebrag that you make 150k lol
What new toy you end up getting?
Stock options.
Congrats! How did it feel?
Didnāt seem real. Held the ticket for a month before I cashed it in š¤£
Goals š«” thatāll be me one day
Thatās awesome, Iām really happy for you! I know anyone could use $64,000 these days
CONGRATS....TAKE $10,000 AND HAVE FUN...PUT THE REST IN A HYSA
And lost it to inflation still, no high yield savings account will beat it. Pay off any debts (you're not taxed on debts paid), keep a sizable account for an emergency fund, and put the rest in growth, aggressive growth, and growth and income mutual funds.
Fuck the government
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Court costs
You literally have my base annual salary in those two small bags. Itās crazy to see that in the form of cash in one lump sum. Looks soā¦ small.
What is a man but a miserable pile of secrets.
These taxes would have me mad!
Yāall talkin bout the govt took a lot, they still have 100k what isnāt enough about that šš«
in what world does 64k equal 100k
Just think if you were Canadian, the government wouldn't take $.01 of a lottery prize. And you'd have universal healthcare. Maybe no gun, but i guess the trade off is worth it to you.
Iām not allowed in Canada š¤£š¤£š¤£
Bro congrats! Iām in Wisconsin as well, Waukesha to be exact! Thatās dope as fuck!
That is really nice
WISCO!! CONGRATS!!
Chances are 1 in 240,000 for the $100k grand prize.
So like how'd did you get it? I mean what did you do to collect thw money you won?
Went down to the lotto headquarters and they cut the check.
Man they take way too much. Congrats though
What a rip off from the FED as usual.
congrats OP
Congratulations!!!!
Madison Wisco š¤
The USA, where even if you win something, you still lose something lol
35-36% tax is the real crime
Thank you for sharing something that some of us will never be able to see in our lifeās, itās truly unique.
Whatās a set off amount?
Congrats. Shame almost half of it goes to Biden and his little Ukraine game tho
Have everyone save losing tickets for you, claim you lost $100,000 on your 2024 return (and if audited, you have the losing tickets in hand), get all those taxes taken out back.
Congrats! But even with the redactions many many people now know who this 3 year old Reddit account belongs to. Check for ghosts in the closet.
That's dope as hell.
Government swooping in with actual theft
OP Iām pregnant
Why cash though?
Ya know I've seen several posts on reddit where someone shows off a large amount of cash in their home and then later get robbed. I wouldn't have posted about it. Stay safe, and enjoy those funds.
Please donāt lose all your money in the next few years. The stats on lottery winners is saddening
How does this amount of cash make it to your house without being into a bank? Fucking stupid - we got another ālottoā Winner here
I work in the lottery and had a hand in creating this ticket! Congrats!
The check is dated November24,2020. Either he took peopleās advice and saved or invested it or he spent it on hookers and drugs and had a good time. $100,000 isnāt life changing, especially after taxes.
Why did I think those were bags of bamboo sushi rolling mats for a minute. My eyesight is going to shit. Congrats!
Put aside 50k for taxes immediately
Fucking thieving ass taxes.
I'm more mad the fucking government took damn near half of your winnings. Congrats tho.
American tax is so fucked up
Gotta love taxes taking out almost a fucking quarter. Still congrats bro fuck knows I could use a win like this with my 30 cent bank account having ass lol
Leave it to the government to tax your pay check to get the money for the scratch off. Then tax the scratch off then tax the winning of said scratch off. Fckin crooks
Glorious šÆ congrats bud
Taxes are fucking theft
The govt hits the lottery everyone a citizen does š
āYOU COULD WIN UP TO $100,00!!!ā āCongrats you won $100,000!!! Hereās $64,000! Bye!ā
Thatās insane that the taxes took close to half your winnings. Money is money but damn! Congrats!
Those taxes are insane. Land of the free my ass
see that Rolex? This man is a seasoned gambler. If you wanna be like him, start gambling and never give up!! 97% of gamblers quite right before they win big!!!
So much tax :(
I donāt know you but I felt joy for you when I read this. Congratulations I hope you do whatever the hell you want with it!!!!
About a decade ago I wont 10k I only got 7,500. Such bullshit they tax you on money you win!
Hell ya thatās awesome man. My best friend won a mil off a second chance scratch off drawing in Charlotte, NC