Cathy Posted June 6, 2013 Report Share Posted June 6, 2013 Wouldn't you just know it! An 84 year old lady won the Powerball because the person in front of her in line let the lady go ahead of her! The moral of the story is as stated in the title of this thread. Note to self: Study family ancestry to see if we have any "MacKenzie's" in the family...first thing in the morning! Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted June 6, 2013 Report Share Posted June 6, 2013 Grandma will have a whole bunch of relatives she never knew she had show up at her place! Quote Link to comment Share on other sites More sharing options...
michaelmars Posted June 6, 2013 Report Share Posted June 6, 2013 I am wondering why an 84 year old would claim this prize with the estate tax looming in the near future. She should have had one of her children claim it. Quote Link to comment Share on other sites More sharing options...
Pacun Posted June 6, 2013 Report Share Posted June 6, 2013 I am wondering why an 84 year old would claim this prize with the estate tax looming in the near future. She should have had one of her children claim it. You must be a tax preparer to think that way. When you die, do you care who will take your money? Do you really? In many instances, parents have distributed their wealth well before they die and have ended up without family, without money and other people end up helping them. Plus, when you are 84, you think you will live to 100, when you are 100, you think you will live to 110. (espacially if you just won the powerball). Quote Link to comment Share on other sites More sharing options...
jainen Posted June 6, 2013 Report Share Posted June 6, 2013 >>She should have had one of her children claim it.<< That would have triggered gift tax (video surveillance at the store, you know). According to this actuarial table http://www.ssa.gov/oact/STATS/table4c6.html she can expect seven more years. That's plenty of time to take advantage of the unlimited spousal exclusion by marrying her high school sweetheart (I mean the one who is high school now....) 4 Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted June 6, 2013 Report Share Posted June 6, 2013 Or the hunk down the street! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 6, 2013 Report Share Posted June 6, 2013 Hopefully 7 more years of comfort and enjoyment, during which she can make gifts as she desires, with charitable donations as she desires, etc. And she can now be assured that she will not be one of the 'forgotten' elderly! 1 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 6, 2013 Report Share Posted June 6, 2013 I just won $1 on Megabucks and $7 on Crossword Puzzles. 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted June 6, 2013 Report Share Posted June 6, 2013 >>She should have had one of her children claim it.<< That would have triggered gift tax (video surveillance at the store, you know). According to this actuarial table http://www.ssa.gov/oact/STATS/table4c6.html she can expect seven more years. That's plenty of time to take advantage of the unlimited spousal exclusion by marrying her high school sweetheart (I mean the one who is high school now....) the rest of you can do what you want but when I hit the big one I am utilizing Jainen's plan to avoid estate taxes. its the best tax planning I have heard of coming from this board. [of course my current wife will want her cut first - oh well] as for triggering gift tax - if she gave the ticket to a kid prior to the drawing its fmv is $1. the increase is appreciation after the gift! Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted June 6, 2013 Report Share Posted June 6, 2013 I will pay the tax for appreciated value!! Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted June 6, 2013 Report Share Posted June 6, 2013 Any tax preparers here from Tallahassee, FL who wants to prepare her tax return for this year? She took the lump sum option. At 84 she probably was not even required to file last year if all she had was social security and little other income. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 6, 2013 Report Share Posted June 6, 2013 You can never assume. I had a new client this year; a little lady of age 85 who had 2 (two) W2 forms as well as SS income. Her son had to bring her paperwork in for her as she was busy shoveling snow. She was off work while her broken leg healed. Believe me, I am not making this up. Son picked up and dropped off her signed 8879. I still have not met this lady; but she is my heroine! Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted June 6, 2013 Report Share Posted June 6, 2013 The son let his mother with a broken leg shovel snow? You got to meet this woman. May be she is the Wonderwoman? Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted June 7, 2013 Report Share Posted June 7, 2013 I doubt it was a question of "letting" her shovel snow. At her age she probably does as she pleases and her son does as she tells him. 3 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 7, 2013 Report Share Posted June 7, 2013 I doubt it was a question of "letting" her shovel snow. At her age she probably does as she pleases and her son does as she tells him. Exactly!!!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted June 7, 2013 Report Share Posted June 7, 2013 At 85 what type of jobs is she doing? Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted June 7, 2013 Report Share Posted June 7, 2013 there are many Enrolled Agents aged 80+ who are still working and very productive. One 80+ y/0 EA in Ohio just passed the US Tax Court Exam!!! Quote Link to comment Share on other sites More sharing options...
MsTabbyKats Posted June 7, 2013 Report Share Posted June 7, 2013 I'm never going to stop working. But, just as I do now....on my own terms. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 7, 2013 Report Share Posted June 7, 2013 At 85 what type of jobs is she doing? She is doing physical jobs that entail lifting and cleaning. I'm never going to stop working. But, just as I do now....on my own terms. This is my motto exactly! I pray that my mind is as sharp at 85 as my dad's was at 92. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted June 7, 2013 Report Share Posted June 7, 2013 My mom is going to be 87 this fall and still has SE income from a home based business although it is getting smaller, mostly because the customer base is slowly shrinking and not because my mother is slowing down or unable. She works as hard as ever, and she definitely has more energy than I do. I honestly am frequently amazed by her. 1 Quote Link to comment Share on other sites More sharing options...
taxxcpa Posted June 7, 2013 Report Share Posted June 7, 2013 Most 84-year-old ladies wouldn't be aware of tax implications that would affect their estate tax since most don't anticipate having much of an estate. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 7, 2013 Report Share Posted June 7, 2013 And, hopefully, she will have many years yet in which to spend it or give it away. If she is a kind and caring person, she will be able to do a lot of good works. If not, que sera! Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted June 7, 2013 Report Share Posted June 7, 2013 I hope she gives a couple million to the lady she stepped in front of. 1 Quote Link to comment Share on other sites More sharing options...
redux Posted June 7, 2013 Report Share Posted June 7, 2013 Wouldn't you just know it! An 84 year old lady won the Powerball because the person in front of her in line let the lady go ahead of her! The moral of the story is as stated in the title of this thread. Note to self: Study family ancestry to see if we have any "MacKenzie's" in the family...first thing in the morning! My question is: if the person who let the 84 yr old go first picked the correct numbers wouldn't she have won also even though she was behind the winner? Even if the 84 yr old use the auto pick, I wonder if the person behind her would have used that method OR would the auto pick have been the same set of numbers had the person not let the 84yr old go first and that person used the auto pick??? - So many questions. Quote Link to comment Share on other sites More sharing options...
JohnH Posted June 7, 2013 Report Share Posted June 7, 2013 Ah yes, that question of randomness and order. I worked with a guy when I was in the Air Force who was a perfectionist. When we would be playing cards, I'd deal left to right, and then occasionally switch during the deal and go reverse for a couple of rounds, then back to the usual. He would drive himself nuts trying to catch the cards (still face down on the table) and push them back to the "correct" person. But he had a sharp mind. After the hand was played, he could usually tell you how things "would have" turned out if I'd dealt properly. Quote Link to comment Share on other sites More sharing options...
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