beat: $315m powerball winner now broke

[RonMexico]

Not too far from where this "dude" lives in West Virginia, you have David Edwards of Westwood, KY. LotteryBuddy.com states the following:

"David Edwards, a 46-year old divorced father who had just been laid off from his job says he is one of four winners of the U$294.8 million Powerball jackpot. The winning tickets were sold in New Hampshire, Delaware, Kentucky and Minnesota. Edwards said he had recently been laid off from his fibre optics job and was in need of back surgery. He said he purchased $8 worth of chances - seven for himself and one for his fiancee. He used birthdays and other significant numbers for his first four plays. For the fifth, which turned out to be the jackpot winner, Edwards said he decided to try something new and conjured up random numbers in his head.
Kentucky corrections officials said Edwards was convicted of robbery in 1981 and sentenced to 10 years in prison. He was paroled and returned to prison several times before serving out his sentence in 1997. He also has a conviction for possession of a firearm by a convicted felon."

Another story here with picture to boot.

[bobman0330]

http://www.straightdope.com/mailbag/mlottery.html

Key points:
-Depending on the state, the annuity or the lump sum might be preferable.
-If you have a post-winning option to take the cash as a lump sum, then you owe income tax on all of it in the year of winning.

[ASmith84]

[ QUOTE ]
If you won the lotto for $315 mill, would you take one lump sum, or payments spread out over time?

[/ QUOTE ]

I'd probably take the lump sum and invest it.. the payments over time stay the same and will be worth less and less as inflation goes up. The only downside to the lump sum is that it's like 30% less than what you'd end up with after receiving all of the payments.

[creative]

wow thats [censored] up

[JMa]

[ QUOTE ]
[ QUOTE ]
hurley?

[/ QUOTE ]
lol i was thinking the same thing

[/ QUOTE ]

[studmuffin]

[ QUOTE ]
A fool and his money are some party.

[/ QUOTE ]

FYP

[FoldEqu1ty]

[ QUOTE ]
On August 5, 2003, thieves broke into his car while it was parked at the Pink Pony, a [strip club]] in Cross Lanes, West Virginia. The thieves went away with $545,000 in cash [1][2].

[/ QUOTE ]

[ QUOTE ]
On January 25, 2004, thieves once again broke into his car, this time making off with an estimated $100,000 in cash.

[/ QUOTE ]

LOLOLOLOLOLOLOLOL. Balla

[TheGrifter]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

lol presentvalueoffuturemoneyaments

[/ QUOTE ]

[/ QUOTE ]

ALWAYS take the annuity option and not the lump sum payout when you buy a ticket. ALWAYS ALWAYS ALWAYS.

I'll be very impressed if anyone can tell me why I'm correct. There is a very good reason and it isn't what you think.

[/ QUOTE ]

Dee dee dee...you can sell your annuity to investors and get a better lump sum.

[blackjack777]

If he was losing tons of the monies at casinos after he hit the jackpot, couldn't he write off some of those losses and recoup some of the monies paid in winnings taxes?


Is that possible?

[KentuckyWildcats]

[ QUOTE ]
Not too far from where this "dude" lives in West Virginia, you have David Edwards of Westwood, KY. LotteryBuddy.com states the following:

"David Edwards, a 46-year old divorced father who had just been laid off from his job says he is one of four winners of the U$294.8 million Powerball jackpot. The winning tickets were sold in New Hampshire, Delaware, Kentucky and Minnesota. Edwards said he had recently been laid off from his fibre optics job and was in need of back surgery. He said he purchased $8 worth of chances - seven for himself and one for his fiancee. He used birthdays and other significant numbers for his first four plays. For the fifth, which turned out to be the jackpot winner, Edwards said he decided to try something new and conjured up random numbers in his head.
Kentucky corrections officials said Edwards was convicted of robbery in 1981 and sentenced to 10 years in prison. He was paroled and returned to prison several times before serving out his sentence in 1997. He also has a conviction for possession of a firearm by a convicted felon."

Another story here with picture to boot.

[/ QUOTE ]

Beat: I met that guy before he won the monies lol