PA LOTTERY: Westmoreland County Man Wins 2012 Ford Mustang GT

[Troll]

OK, does anybody know this guy? And, what am I missing here???

Superstition holds true for Joshua Thomas of Mount Pleasant, Westmoreland County. Joshua, a Mustang aficionado, was a July 2011 winner in the Pennsylvania Lottery’s Mustang instant game, winning one of the game’s 10 Mustang prizes, less 25-percent federal withholding.

Joshua stopped at the Exxon on Main Street, Westmoreland County to use the ATM. While doing so, he noticed the Mustang instant game and decided to play based on his love of Mustangs. Joshua purchased two tickets, which is his lucky strategy, and it’s a good thing he did because the second ticket was the winner.

As an infrequent scratch-off player, Joshua only buys an instant ticket when it appeals to his interests, such as sports tickets. Joshua opted for the cash option instead of the car so he plans to invest part of his winnings and enjoy the rest.

link: http://www.palottery.state.pa.us/story.aspx?id=144501

[Ares]

Sometimes you have to take the cash. I have raffle tickets for the Vette from Zelionople VFD. I'd sell it in a heart beat if won and it's a sweet looking car.

[Martin0660]

Tough deal on the tax on a scratch off. For the Youngwood VFD Mustang tickets, we play the numbers for that day. Figure keep the car and use lottery cash for incidentals.

[blizzard]

i'd hate to hafta come up with tax $ to keep a car i won.. give it to ed rendell?? :(

[GOT SVT]

i would say he is not really a mustang fan. what mustang fan would take cash over a car, even it was 25% federal withholding.

[Troll]

i would say he is not really a mustang fan. what mustang fan would take cash over a car, even it was 25% federal withholding.

that's my point! why make all those references about loving Mustangs and not take the car?

and, why buy that ticket? there are many other scratch-offs with much higher cash values. :yes:

[Mark Aubele]

i would say he is not really a mustang fan. what mustang fan would take cash over a car, even it was 25% federal withholding.

I love Mustangs, and I would take the cash in a second. What if it was an auto, or had a glass roof, or some other gayness. Maybe he wanted something else.

[Martin0660]

that's my point! why make all those references about loving Mustangs and not take the car?

and, why buy that ticket? there are many other scratch-offs with much higher cash values. :yes:

LOL, most people don't think of the tax implications when buying a lottery ticket ... All of a sudden you actually win and are faced with 25% of the cars value ... or 75% of the cash ... Yep, cash in hand wins.

And quit trying to rationalize peoples impulse buys :highfive:

[Troll]

LOL, most people don't think of the tax implications when buying a lottery ticket ... All of a sudden you actually win and are faced with 25% of the cars value ... or 75% of the cash ... Yep, cash in hand wins.

And quit trying to rationalize peoples impulse buys :highfive:

NO! Why make all the "loving" Mustangs references?

OK, it would make sense if he said, "I took the money to put into the 1,2,3,4, etc. Mustangs that I already own" or "hells yeah, now I can take 1/2 that cash and put a s/c, turbo, built rear-end in my 19xx, 2,xxx Mustang"

OR, if you want to rationalize, he could have taken the car ($30,000?), paid the tax ($7,500?) and still sold the car for more than ($25,000?). Even after paying for insurance for a month while he advertised it for sale, he'd still be $2K farther ahead than he is now.

:sticktonge:

[Martin0660]

NO!

Damn ... okay, you win at the internet :twothumbsup:

[PaxtonShelby]

The 25% withholding is not all that you owe. It is just the government's way of getting SOME of what you will ultimately owe on your tax returns. Lots of people have debt - so you can keep the car, pay federal, state, and local taxes on the MSRP, plus sales tax on the MSRP, and be in more debt than when you started. Open up your TurboTax and punch in $30k of additional income with zero withholding and see what it does to your tax liability. You can take the car and sell it if you want, same as above, but then you have to sell what is technically a used car. Expect not to get MSRP when you sell it. Or you can take the cash. Granted, you still owe income tax on the cash, but you won't owe sales tax, you don't have to sell the cash at a discount, and you don't have to go into additional debt to take the cash.

[Silverhatch]

The 25% withholding is not all that you owe. It is just the government's way of getting SOME of what you will ultimately owe on your tax returns. Lots of people have debt - so you can keep the car, pay federal, state, and local taxes on the MSRP, plus sales tax on the MSRP, and be in more debt than when you started. Open up your TurboTax and punch in $30k of additional income with zero withholding and see what it does to your tax liability. You can take the car and sell it if you want, same as above, but then you have to sell what is technically a used car. Expect not to get MSRP when you sell it. Or you can take the cash. Granted, you still owe income tax on the cash, but you won't owe sales tax, you don't have to sell the cash at a discount, and you don't have to go into additional debt to take the cash.
Exactly. I do agree though, for the price of the ticket, why not buy something with a higher prize amount.

[Troll]

Lots of people have debt

I understand everybody's argument about taking the cash. It just makes no sense to me to make the "loving" Mustangs comments. Just take the money and shut your face --- that makes sense to me.

He says at the end "going to invest some of the money and enjoy the rest".

Not "I'm going to pay off all my 'ole lady's credit card debt".

:rofl: :rofl: :rofl:

[Donstang86]

Tough deal on the tax on a scratch off. For the Youngwood VFD Mustang tickets, we play the numbers for that day. Figure keep the car and use lottery cash for incidentals.

My niece won a Cadillac STS in Atlantic City years ago. They did not give her an option for cash. She ended up getting a loan on the car to pay the taxes. My feeling are when someone wins something it should be theres with NO TAXES! Government always needs to stick their hands in our wallets

[PaxtonShelby]

I hear ya, but income is income. Uncle Sam doesn't care how you get it...cuz he is going to tax it no matter what. It sucks, but that's the way it is.

[torchred v6]

My niece won a Cadillac STS in Atlantic City years ago. They did not give her an option for cash. She ended up getting a loan on the car to pay the taxes. My feeling are when someone wins something it should be theres with NO TAXES! Government always needs to stick their hands in our wallets

I think I would have refused it, not going to finance something that I was supposed to win.

[Steve-0]

I don't blame him for taking the money but, he shoulda kept his mouth shut about mustangs. Who says all that and then takes the money? What a J/O.

[95riosnake]

I love mustangs too, but the last thing I want is another one. Owning one is enough strain on my bank account and my sanity sometimes, I can't leave anything stock and I don't need another money pit. I'd take the cash too. :awsome:

[PaxtonShelby]

Owning one is enough strain on my bank account and my sanity sometimes, I can't leave anything stock and I don't need another money pit. I'd take the cash too. :awsome:

Yeah - use the money for more mods!!! :woot1:

[Terminated]

Take the cash and buy a Terminator! :twothumbsup: