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Showing content with the highest reputation on 10/23/2018 in Posts
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8 points
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Personally, the last thing I won was a cakewalk when I was eleven years old. But...I always enjoy it when the "poor guys" win instead of the well-off (doctors, lawyers, etc.). I once saw a Missouri boy who hit one for half a million bucks or so interviewed on TV. He was a factory "hand" in jeans and baseball cap; humble and unpretentious. Asked what he was going to do with it, he said "Well, first thing I'm going to pay off my truck; then I need to catch up on some electric bills. Next, I'm going to get my teeth fixed and I have to help out my mama." "And then?" the reporter asked. He grinned and said "We're all going to Disneyland!" I know such remarks seem sort of simple given the enormity and magnitude of the situation, but it was his good character that was impressive. He was sincere.8 points
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I would announce I had won, throw a huge party, pay my church's debt on our new construction, and then enter the witness protection program - surely with that much money I can bribe my way in.7 points
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And now, you can donate 60%! I did buy some tickets, and that's unusual for me. What would you do if you won? If money wasn't a factor, what would you love to do most? Don't say "travel" and don't say, "charity." Be specific. I'd fly everybody to Rita's, just to freak her out. Then, I'd buy a nice place in Gatlinburg big enough for my family to gather but not to live. Then, I'd buy my PITA sibling a home of her own to be sure she never had to live with me. Then, I'd find a way to change Social Services so that no child flies under the radar to be abused or neglected. I'd create a non-profit full of surrogate grandparents to watch over at-risk families and work with CASA to keep children safe. Maybe not in that order. Don't judge. We all have "that sibling." I'd probably buy her house first.7 points
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My kids and I were talking about this Sunday afternoon. Erin is going to make sure our church debt is paid. That was sweet then it went downhill from there because I warned her she has to spread the tithe around to lots of organizations and hide out the rest of her life because - you know - it would be awful with all the moochers coming out of the woodwork. We'd all have to move and change our identities. I don't know why you think I'd freak out Donna...6 points
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I'd hire someone on this board to do handle all of my taxes. One of the younger ones.4 points
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Depending on circumstances of the win, at least 20-25% will go to charity. The Family Foundation gets it, and then we distribute it. Rotary would get a nice chunk. I would spend some money on proper golf lessons, so I could go to great golf courses and not embarrass myself... My Wife would start a Horse Rescue operation. And ride a lot more. We would travel, and as my Wife and I discussed last night, stay there long enough to get bored and come back to the new house. I would probably go the "Net-Jets" route instead of First Class. We would set up Trust funds for the various family members. Let them buy new houses or pay off their existing ones with that money. I have that "sibling" that I want to keep at arms length. Really, in many respects, we would do what we are doing now.... only "more" of it. It would be a gift, and I would share. Rich .4 points
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I am going to fund an endowment for Boykin Spaniel Rescue with a portion of the proceeds. The rest is going into savings. I don't need a new car (my 2007 Volvo wagon is still going strong). My house is inherited and paid for. I will splurge on first class airfare when the situation calls for it (overseas flights for example). I will set up an annual gifting program to my sons, grandchildren, nieces and great niece and great nephew.4 points
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And in some states you have up to a year to claim lottery prizes, which should give you plenty of time. I think the least amount of time is 90 days. Make people wonder who won.3 points
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Well, I never thought of this because I haven't bought a lottery ticket in ages, but after reading all your posts and all the good intentions I will buy a ticket. If I do win it is because of all of you. So since I know how to find you I will give to all those who posted here. I have a close family member with Parkinson's so a good amount of the money will go for research. Animal Rescues too. I will keep a large sum handy to help me with care giving because I know winter is coming. And oh yes, that one sibling....he gets 15K a year towards a house if at least 3,000 miles away. I'm not paying any gift tax so he gets off easy. Now I better go buy a ticket.2 points
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I received a spreadsheet from Singapore this morning. It answered some questions and raised others.2 points
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If that happens we should quickly apply for 501(c)(3) status for our Association for Prevention of Cruelty to Tax Practitioners.2 points
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You set up the Family Foundation, and contribute cash to that. Then you pay out of your Foundation to those charities you wish to support without the rush. Even supports the annuity option with this method.2 points
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I put in $4. One Mega and one PowerBall ticket. So, I am up to $8 a week. And I don' buy them every week. Lets say, I buy them for 40 weeks. That is $320 a year. Whatever I hit? Will beat whatever returns I have ever gotten in my SEP plan.... And yes, I will pay to fly everyone here to the next social get together....2 points
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That's why I love living in the "boonies". I have a yearly paper bonfire. Tried my shredder but too many staples. The fire is beautiful also especially when the weather cools down.2 points
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My wife and all of her co-workers buy tickets in a pool. I'm bothered more by losing than I am by missing the opportunity so I don't actively participate. If she wins I will participate in the spending.2 points
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You can still write down some numbers and check them against the winning pick, though. That way you can still experience the thrill of participation and the disappointment of not winning, but without paying for it.2 points
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I've always followed the theory that my odds of wining the lottery are roughly the same whether I buy a ticket or not.2 points
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Good luck, @FDNY! I would step up my current giving to various missions, humanitarian groups (especially those working to rescue/rehabilitate trafficked girls in Asia and elsewhere), and churches. Veteran help groups. Some medical research organizations. I would also set up an active gifting program for my girls, in ways they can get to but with effort. For example, one step would be to fully fund their Roth IRA's every year. Basically, any group I would otherwise leave an amount to on my death, I'd rather give over time while I'm alive. That way, as organizations change, I can change my giving too. Which reminds me - @Eric is there a way to set up recurring donations to the forum?1 point
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A client dropped off his info this afternoon.1 point
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I would hate to win late in the year because my plan would be to give most of it away to charities. I would definitely hit the 50% limit in donations and have carryover for future income.1 point
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I don't think IRS does direct deposit for amended returns. In fact, there isn't even a space to put bank information on the X. An ID thief would be looking for a refund of course, and an amended return won't get them one so stop worrying about ID theft. Perhaps a real person amended his/her return and wrote sloppy or mixed up their own SS number, and the IRS sent the letter to the person and address on record with that number (your client). A few years ago I efiled an extension and it went through just fine but when I filed the real return it rejected because one had already been filed. That one puzzled me. Do scammers really file after the deadline?1 point
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1 point
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I do have to say the renewal process is very easy. I liked the ability to exclude myself from the public list, although I question how comprehensive the exclusion may be.1 point
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I follow the same principle and I buy tickets constantly. I have always known the outcome and I have not been proven wrong. OUTCOME= I lose my investments.1 point
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I don't mind about my refund but it was nice to go on line and renew my PTIN without paying anything.1 point
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Thanks for helping out my wife Judy. Appreciate you very much. I was at a software conference and did not have the time or access to do the research for Patty. I told her if she posted here she would get some help. Tom Modesto, CA1 point
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I suspect it will happen eventually, but with TCJA looming, it's probably a low priority. Also the administration of the PTIN was subcontracted out to a third party, so the refunds will be dependent on how long the subcontracting and funding of the refund process takes ? Case in point: My largest client is an ALE under ACA definitions so they are subject to the penalties for not providing health insurance. They did not receive their proposed penalties for 2015 until June 2018. They have yet to receive any correspondence regarding 2016 penalties.1 point
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I worked for Block back then, but it was an IRS e-News/Alert/whatever in my email box at home that told me about the new PTIN. I jumped right on it and applied. Then I received a letter from Block that they would help us/make sure we all applied -- don't remember much, because I'd already done it for me. But, Block did make sure we were no longer using our SSNs.1 point
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I don't know if my CAF ever had a hyphen, but it has always had a space and an R at the end. I was divorced in 1987, so know that I don't have any returns from 1986 back. I kept everything from 1987 forward, because ex bugged me with custody and other issues for years.1 point
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Here is where it all began. https://www.irs.gov/pub/irs-news/ir-99-72.pdf Wikipedia says IRS issued 1 million PTIN's in the first year. I assume the numbers were issued on a first come/first served basis.1 point
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I think that H&R Block worked with IRS to establish the PTIN system. Many of their preparers, especially those in shady neighborhoods, were uncomfortable putting their SS#s on returns for all the world to see (and this was in the days before identity theft was as common as shoplifting). So don't feel bad if your number isn't ultra low--Block preparers probably got to register first. I did work at Block back then, and mine starts with 000, then a 4.1 point
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Over 50 posts! Beats out the topic entitled "CPE recommendations"and second only to "1040 Postcard" that takes the prize.1 point
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I was just offered to go in with two others for $10 each. But the times I bought a ticket I've never had even 1 number, so I would probably jinx them. I still have time, I need to think about this. Not that I'm cheap, but I adhere to Arnold Rothstein's method of betting, "I don't bet unless I know the outcome." With the odds I think in the trillions that $10 will buy me one of Abby's or Judy's martinis, if I throw in a few extra bucks, and I would consider myself a winner having one of my simple pleasures.1 point