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(NBC News)   Greedy old person cashes out retirement saving to join a get rich scheme, gets ripped off, and then is shocked, SHOCKED, she has to still pay the tax penalty for clearing out her IRA   (nbcnews.com) divider line 111
    More: Dumbass, Ponzi schemes, IRA, Franchise Tax Board, rate of returns, retirement, United States Department of the Treasury, credit bureaus  
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10822 clicks; posted to Main » on 04 Aug 2013 at 5:40 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



111 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2013-08-04 02:00:43 PM
You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.
 
2013-08-04 02:07:11 PM
"For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.
 
2013-08-04 02:11:46 PM

rumpelstiltskin: "For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.


Monies is the plural of money, and is used correctly in that sentence.
 
2013-08-04 02:20:37 PM

gilgigamesh: rumpelstiltskin: "For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.

Monies is the plural of money, and is used correctly in that sentence.


When Pa Kettle points to the Brooklyn Bridge and asks, "How much does that bridge cost?", he's not making a grammatical error.
 
2013-08-04 02:20:57 PM
Even if it weren't a scam, should would have owed more than 25% in taxes by cashing out her IRA. A fool and her money...
 
2013-08-04 02:24:44 PM
Bay area resident burned by taxes? Isn't that like saying rural Texan burned by religion?

She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.
 
2013-08-04 02:51:14 PM
When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.
 
2013-08-04 03:05:08 PM
She says: Tingle feels like she was victimized twice: "Even if I live to be as old as my mother, I will never be able to meet that tax bill obligation," she said.

And yet: Of the two federal and state tax bills that Tingle received, almost 85 percent of her federal tax liability was forgiven as it was considered a "theft loss."

Her tax bill was 25% of 1.3 million and 15% of that is under $50k.  I mean, that is a pretty good deal on taking out $1.3 million.  People could just start cashing out their retirements and saying they got scammed
 
vpb [TotalFark]
2013-08-04 03:43:08 PM

gilgigamesh: Monies is the plural of money, and is used correctly in that sentence.


Money is an uncountable noun.  There would need to be different types or sources of money for it to be monies, like different currencies or something.
 
2013-08-04 03:44:21 PM

Mrbogey: Others less fortunate than her need that money.


Lockheed Martin?
 
2013-08-04 04:00:31 PM
The IRS doesn't have shiat on the CA Franchise Tax Board. They've stolen about $5k from me over the last 4 or 5 years.

"Yes sir... that money we took from your account/pay check? It's for... back registration on that car you sold in 1998 that was never re-registered... or the one you took with you when you moved out of State... or the mileage deductions on your return that we denied... etc"

I farking hate California.
 
2013-08-04 04:13:48 PM
Don't fark with the IRA. They'll blow your shiat up.
 
2013-08-04 04:15:31 PM

Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.


I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.
 
2013-08-04 04:28:28 PM

Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.


Meh. Screw you guys. I'm going to put my money into the real SAFE investments. Like helping restore the riches of Nigerian royalty!
 
vpb [TotalFark]
2013-08-04 04:46:29 PM
I think most of the people who move to Texas are moving there so they can give their money to con-men without having to pay taxes on it.

I mean, you would have to be that bright to WANT to move to Texas right?
 
vpb [TotalFark]
2013-08-04 04:48:06 PM
Mrbogey:

She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.

Con-men apparently.
 
2013-08-04 05:43:30 PM
I need new business cards that say "CEO of Billionaire Catt Entertainment."
 
2013-08-04 05:44:49 PM

SnakeLee: She says: Tingle feels like she was victimized twice: "Even if I live to be as old as my mother, I will never be able to meet that tax bill obligation," she said.

And yet: Of the two federal and state tax bills that Tingle received, almost 85 percent of her federal tax liability was forgiven as it was considered a "theft loss."

Her tax bill was 25% of 1.3 million and 15% of that is under $50k.  I mean, that is a pretty good deal on taking out $1.3 million.  People could just start cashing out their retirements and saying they got scammed


I think it's the state tax obligation she's freaking out over. The feds forgave 85% of the liability, but TFA makes it sound like California has refused to forgive any of it.
 
2013-08-04 05:46:32 PM
Succesful RAP concert promoter. Well gee lady, there is where you went wrong. dumbass.
 
2013-08-04 05:47:52 PM
Should have invested in bitcoins. They are only going UP! UP! UP!
 
2013-08-04 05:51:12 PM
How did this lady manage to get as much money as she did without learning that someone promising huge returns on an investment is full of shiat?
 
2013-08-04 05:52:09 PM
Pissing away money in the hopes of getting rich quick and then whining when the government has any sort of say about it?  What's the problem?  This is about as American as it gets, folks.
 
2013-08-04 05:55:22 PM

dragonchild: Pissing away money in the hopes of getting rich quick and then whining when the government has any sort of say about it?  What's the problem?  This is about as American as it gets, folks.


She needs to sue the government to be american, after all we sue everyone we can when the slightest accident happens. Half the time its trying to scam someone (slip and fall) to get rich.

USA! USA!
 
2013-08-04 05:55:29 PM

Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.


What was ingenious, was Mr. McCant called his sham company "Billionaire CATT Entertainment" not "Billionaire DAWG Entertainment," which would've obviously raised suspicions.
 
2013-08-04 05:58:47 PM

EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.


This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.
 
2013-08-04 05:59:23 PM

The Pope of Manwich Village: Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.

What was ingenious, was Mr. McCant called his sham company "Billionaire CATT Entertainment" not "Billionaire DAWG Entertainment," which would've obviously raised suspicions.


Yo Dawg, I heard your investments return millions!
t0.gstatic.com
 
2013-08-04 06:00:23 PM
Who the hell retires at 45 anymore?
 
2013-08-04 06:03:05 PM
You don't understand... the word "Billionaire" was in the company name... and this dude was the CEO... so he obviously MUST be a billionaire himself... which is why he needed other people to invest in his "rap concert promotion business"
 
2013-08-04 06:04:04 PM
Yeah, you can't take IRA money out without a 10% penalty until you are 59.5 years old. And even then the money is taxed as income.

And anyone good enough with money to save a million by age 45 would probably know this.

Scammer must have been really good at it
 
2013-08-04 06:07:34 PM

ByOwlLight: Who the hell retires at 45 anymore?


The one on the left.

msnbcmedia1.msn.com
 
2013-08-04 06:08:40 PM
A Republican screwing another Republican again? No?
 
2013-08-04 06:09:11 PM
a rap concert promotion business

Oh lady... just... WTF?

I mean... a million bucks? To rap promoter? Really?

Pay your moron tax and STFU.
 
2013-08-04 06:11:59 PM
joebrower.com
 
2013-08-04 06:13:03 PM
Geezer was greedy. Geezer got what she deserved.

Cry me a river, Broomhilda!
 
2013-08-04 06:14:28 PM

The_Original_Roxtar: You don't understand... the word "Billionaire" was in the company name... and this dude was the CEO... so he obviously MUST be a billionaire himself... which is why he needed other people to invest in his "rap concert promotion business"


The final clincher was the Chrysler Sebring to Bentley conversion kit - first thing he bought with the $387.47 from early investors. This guy knew how to rope em in.
 
2013-08-04 06:17:55 PM
She wasn't old. The new Doctor is older than her.
 
2013-08-04 06:19:23 PM
If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.
 
2013-08-04 06:20:18 PM

EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.


If everybody thought that way there'd be a lot fewer successful frauds being committed.
 
2013-08-04 06:21:20 PM
Broke-arse Farkers spew hate against successful person.  News at 10!
 
2013-08-04 06:21:57 PM

Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.


You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.
 
2013-08-04 06:23:15 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.  News at 10!


Losing $1M USD on a scam is successful?  Ok.
 
2013-08-04 06:24:38 PM

madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.


So have mine.  I bet you're not invested in a rap promoter either though.
 
2013-08-04 06:25:06 PM

Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.


Sounds like the guys that wanted me to invest in their club years ago. But they were not as classy they told me that just by talking to them I owed them $20k.
 
2013-08-04 06:26:38 PM
I can get her all of her money back, but first I would need a nominal wealth-transference fee.

If I got this woman's email address and sent her that, do you think she'd send me a money order? I bet she would.

/not doing this. Something about ripping off little old ladies just doesn't sit right on my conscience.
 
2013-08-04 06:28:35 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.


Indubitably!

She was a SOPHISTICATED INVESTOR, the man who happened to lose ALL her money is not at fault.
 
2013-08-04 06:37:46 PM
Bernice, someone with your qualifications would have no trouble finding a top-flight job in either the food service or housekeeping industries.
 
2013-08-04 06:39:20 PM
i.imgur.com

She must have been watching the wrong TV channel.
 
2013-08-04 06:39:46 PM

atomic-age: If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.


Just because she's smart in one area does not mean she's a criminal or stupid. My father in the 70s and 80s bought up a crapload of rental property, thing about rental property is you have to buy and maintain it for many years before you sell on it. Rental property however makes aboslutely no money, you just hope the cost of property rises, thus is when you sell and enjoy your retirement. He sold all of it and invested the money, sure enough when the economy tanked he got a bunch back in foreclosure.

He acquired over a million in retirement, and invested it back into mortgages on grounds if they foreclose, he gets the property. It worked out for him, not me however now I'm stuck with over 15 houses and 30 apartments.

It seemed smart investing on his part, problem is I gotta take care of houses that are up to 200 miles away. And you can't sell them if theres a mortgage on them or you walk away with nothing, even worse if the housing market hasn't gone up.
 
2013-08-04 06:40:51 PM

Erebus1954: Yeah, you can't take IRA money out without a 10% penalty until you are 59.5 years old. And even then the money is taxed as income.

And anyone good enough with money to save a million by age 45 would probably know this.


Well, here is my guess:   She had just over a million in her IRA and "other savings" by the time she was 45 in 1991.     IRA contribution limits were around 2000 dollars annually when she retired, so it is highly improbably that accumulated a million dollars in an IRA by age 45.  My bet is that the "other savings" wasn't the result of hard-earned and disciplined savings habits, buts rather inherited money, insurance settlement, a lottery prize, or some such thing that allowed her to retire at 45.    Indeed,  consider that she still had the same net worth (i.e., just over a million dollars) more than 16 years later.  During the same time, the Dow Jones average went from around 3,000 to around 10,000.   Perhaps this is because she had blown through all of the savings she had been living on, the IRA was now worth a million, but she was now starting to take withdraws and she was finding it hard to support her lifestyle.  That made her vulnerable to a get-rich quick scheme.  What also doesn't make sense is that if she was 45 in 1991, then she was 61 the year she met this guy.  After age 59 1/2 there shouldn't have been any penalties.  Taxes? Yes. Penalties? No.  There's no way the IRS should have given her a break on those taxes.
 
2013-08-04 06:51:32 PM

Bashar and Asma's Infinite Playlist: I need new business cards that say "CEO of Billionaire Catt Entertainment."


Be sure to check your spelling.
 
2013-08-04 06:52:00 PM
She should have invested in Beanie Babies.
 
2013-08-04 06:53:07 PM
and promised to deliver more than 25 percent returns by investing in his company.

How do you diligently save $1M and then fall for a claim like that?
 
2013-08-04 06:57:34 PM
The only thing that can make this better is an investigation into how this idiot accrued 1.3 mil in the first place.
 
2013-08-04 06:57:42 PM

madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.




You guys sound like amateur investors.

On the Internet I make a 50% return every year.
 
2013-08-04 06:59:09 PM
She can always go on Welfare.
 
2013-08-04 07:00:19 PM
haha!

stupid greedy low-esteem coont
 
2013-08-04 07:00:47 PM
She would have been better off cashing out and playing Powerball
 
2013-08-04 07:01:32 PM
Here she is a couple years ago on an infomercial for a self-help book:  http://www.youtube.com/watch?v=bkAdeus1AMI .    Assuming this is the same lady, she retired from Pacific Bell as a project manager.   http://bernicetingle.com/
 
2013-08-04 07:05:06 PM
msnbcmedia1.msn.comfs02.androidpit.info
 
2013-08-04 07:07:34 PM
Free market!
 
2013-08-04 07:17:42 PM

Lachwen: How did this lady manage to get as much money as she did without learning that someone promising huge returns on an investment is full of shiat?


Wondered that myself. And you'd think $1.3 million would be enough to scrape by on for two people.
 
2013-08-04 07:23:36 PM

fusillade762: Lachwen: How did this lady manage to get as much money as she did without learning that someone promising huge returns on an investment is full of shiat?

Wondered that myself. And you'd think $1.3 million would be enough to scrape by on for two people.


It depends on your living expenses and expectations of living. If you are used to blowing money left and right going out for dinner, taking vacations often then you can burn through money mighty fast. If you set a budget for yourself at the start of the money and actually document everything that comes and goes, you'd be mighty surprised how much you spend.

/for example its my birthday tomarrow, wife wants to take me out to a seafood restaurant for king crab, I am waiting to see what the price of king crab is at the local seafood market. If its over $20 a pound, I will probably just get a case of beer and two dozen oysters instead. I really just don't want to give restaurants money I worked for just so they can cook and charge me 500%.
 
2013-08-04 07:26:36 PM

Misconduc: atomic-age: If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.

Just because she's smart in one area does not mean she's a criminal or stupid. My father in the 70s and 80s bought up a crapload of rental property, thing about rental property is you have to buy and maintain it for many years before you sell on it. Rental property however makes aboslutely no money, you just hope the cost of property rises, thus is when you sell and enjoy your retirement. He sold all of it and invested the money, sure enough when the economy tanked he got a bunch back in foreclosure.

He acquired over a million in retirement, and invested it back into mortgages on grounds if they foreclose, he gets the property. It worked out for him, not me however now I'm stuck with over 15 houses and 30 apartments.

It seemed smart investing on his part, problem is I gotta take care of houses that are up to 200 miles away. And you can't sell them if theres a mortgage on them or you walk away with nothing, even worse if the housing market hasn't gone up.


Wanna trade for the waterlogged 6.6 acres in Hickistan, Alabama that I haven't fully inherited yet? (It's still in probate.) There's a gun toting redneck whose trailer is across the property line, half the trees are beetle-killed, and the redneck neighbor's been using the land for free for 40 years.

I didn't think so.
 
2013-08-04 07:33:19 PM

atomic-age: Misconduc: atomic-age: If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.

Just because she's smart in one area does not mean she's a criminal or stupid. My father in the 70s and 80s bought up a crapload of rental property, thing about rental property is you have to buy and maintain it for many years before you sell on it. Rental property however makes aboslutely no money, you just hope the cost of property rises, thus is when you sell and enjoy your retirement. He sold all of it and invested the money, sure enough when the economy tanked he got a bunch back in foreclosure.

He acquired over a million in retirement, and invested it back into mortgages on grounds if they foreclose, he gets the property. It worked out for him, not me however now I'm stuck with over 15 houses and 30 apartments.

It seemed smart investing on his part, problem is I gotta take care of houses that are up to 200 miles away. And you can't sell them if theres a mortgage on them or you walk away with nothing, even worse if the housing market hasn't gone up.

Wanna trade for the waterlogged 6.6 acres in Hickistan, Alabama that I haven't fully inherited yet? (It's still in probate.) There's a gun toting redneck whose trailer is across the property line, half the trees are beetle-killed, and the redneck neighbor's been using the land for free for 40 years.

I didn't think so.


Honestly I'd be interested in getting out of florida, I am looking to trade up some houses for land. I haven't set my eyes on anything in particular but I want the fark out of florida. I did have an offer once that temped me, 17 acres in Montana, boat and trailer with a House, I almost took the offer but frankly I was actually losing on the deal and backed out (if he had 50k in cash as well I would of accepted). Guy wanted to trade his ranch so his kid could have a business, I would stay 6 months to train him up and hand it over. We just ran short on evening out the deal.
 
2013-08-04 07:33:41 PM
Mrbogey (farkied: More like Mrbogus): She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.

1) FTFA:  "she retired at age 45 in 1991".  That makes her about 67 now, above the minimum age (59 1/2) needed to cash out an IRA without paying the 10 percent penalty.

2) So the tax she owes is the ordinary income tax on the disbursements.

3) She did not pay tax on the money she put into the account.  So she owes tax on what she takes out.  That's the deal.  That's how an IRA works.  It is mathematically equivalent to paying tax when you contribute and getting the investment income tax free.

4) How do you wingnuts plan to pay for the War on Terra, for rounding up the wetbacks and for building the Great Wall of Texas, if not with taxes?  Do you expect the Pentagon and the Vaterlandssicherheitsdepartment to hold a bake sale?
 
2013-08-04 07:36:45 PM
"Get rich quick scheme" AKA gold. LOL
 
2013-08-04 07:45:01 PM
Why is it acceptable to pay a penalty to get one's own money?
 
2013-08-04 07:46:03 PM

rumpelstiltskin: "For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.


andys-backing-tracks.webs.com
 
2013-08-04 07:47:35 PM
i183.photobucket.com
 
2013-08-04 07:48:50 PM
when you've experienced many relatives aging you'll see first hand they are no longer as sharp as they were in their younger day. as honest and helpful as you may want to be there is no helping someone who is convinced they know better.

normal every day senior citizens being conned out of every penny is nothing new. since this does not happen to the wealthy powerful families who own corporate/government it's going to be a really long time before honest relatives and overseers are tasked with making sure the aging do not fall victim to scumbags.

my mom pissed away three inheritances that amounted to a fortune. she's as mad as a hatter (mental illness runs heavy in the family) but her being a sole surviving niece saw $$$, houses and property come her way three times. her 4 adult children had no legal standing to make certain she was not a victim of her own doing.

thanks a lot, Obama. 'murica can always count on their leaders to make certain the population is taken care of.
 
2013-08-04 07:50:24 PM
Always not surprised to see the fark liberals celebrate an old person / retiree getting scammed, lose everything, then get stuck with a huge tax bill. The same douche-bag 47% who pay nothing in federal income tax, who demand every imaginable service, and who contribute absolute jack sh*t to the common good. F*cking scum of the Earth.
 
2013-08-04 07:55:58 PM

WhoopAssWayne: Always not surprised to see the fark liberals celebrate an old person / retiree getting scammed, lose everything, then get stuck with a huge tax bill. The same douche-bag 47% who pay nothing in federal income tax, who demand every imaginable service, and who contribute absolute jack sh*t to the common good. F*cking scum of the Earth.


0/10.  Free market theory states that a fool and his(her) money are soon parted.
 
2013-08-04 08:00:31 PM

WhoopAssWayne: Always not surprised to see the fark liberals celebrate an old person / retiree getting scammed, lose everything, then get stuck with a huge tax bill. The same douche-bag 47% who pay nothing in federal income tax, who demand every imaginable service, and who contribute absolute jack sh*t to the common good. F*cking scum of the Earth.


This also made me LiberaLOL. Good job, Comrade.
 
2013-08-04 08:02:43 PM
Sounds like she was very smart with her money, right up until she wasn't.
 
2013-08-04 08:05:32 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.  News at 10!


I'm really not sure that word applies to the subject of TFA.
 
2013-08-04 08:08:11 PM

HempHead: madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.

You guys sound like amateur investors.

On the Internet I make a 50% return every year.


You're all amateurs. MY investments make over 150% per year tax free, and provide a side benefit of new BMWs and gorgeous women once a month.

/Typical Fark Investor
 
2013-08-04 08:11:21 PM

Eapoe6: Why is it acceptable to pay a penalty to get one's own money?


It counts as income once you take it out to use it.
 
2013-08-04 08:11:53 PM
People are inclined to trust other people.  That's how scam artists work.  It's not a matter of her having sat down and crunched the numbers and not been discerning enough.  It was a matter of her disregarding her suspicions because a schemingly charismatic actor made sure to constantly reassure her, play off her better nature and vulnerabilities, and entice her to do something she wouldn't normally do.

As far as being taxed on it, I don't see why she should be, assuming it was all directly lost to the scam.  Taxes are not a punishment meant to befall anyone who dares to touch our sacred green pieces of paper.  The theory is supposed to be "Oh, you have a lot of money, you can certainly afford to spare a portion  to support the society in which you live."  If you got really drunk and won $50 billion from Bill Gates in a bar bet, then immediately lost it back, would it make sense that you leave the bar owing $50 million for the initial transaction, even though you don't have any more money than when you arrived?  If the government doesn't want to risk losing their cut of the IRA withdrawal, they should collect it at the time of withdrawal, or annually from the interest itself.
 
2013-08-04 08:12:23 PM

vincentfox: YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.

Indubitably!

She was a SOPHISTICATED INVESTOR, the man who happened to lose ALL her money is not at fault.


Didn't say it is not her fault.  And didn't say that we should expect a different set of rules for her instead of having to pay the early withdrawal taxes.

But nothing here says that the woman did anything wrong (like making her million by dishonest means) other than fall for a scam.  If someone had done the same with $10k being their full retirement, there would be much less envy and hate here.
 
2013-08-04 08:13:18 PM

stiletto_the_wise: HempHead: madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.

You guys sound like amateur investors.

On the Internet I make a 50% return every year.

You're all amateurs. MY investments make over 150% per year tax free, and provide a side benefit of new BMWs and gorgeous women once a month.

/Typical Fark Investor


and once I withdraw it, the IRS will give me money.
 
2013-08-04 08:16:53 PM

Lee Jackson Beauregard: Mrbogey (farkied: More like Mrbogus): She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.

1) FTFA:  "she retired at age 45 in 1991".  That makes her about 67 now, above the minimum age (59 1/2) needed to cash out an IRA without paying the 10 percent penalty.

2) So the tax she owes is the ordinary income tax on the disbursements.

3) She did not pay tax on the money she put into the account.  So she owes tax on what she takes out.  That's the deal.  That's how an IRA works.  It is mathematically equivalent to paying tax when you contribute and getting the investment income tax free.

4) How do you wingnuts plan to pay for the War on Terra, for rounding up the wetbacks and for building the Great Wall of Texas, if not with taxes?  Do you expect the Pentagon and the Vaterlandssicherheitsdepartment to hold a bake sale?


I'm agreeing with you that this fat cat needs to pay her damn fair share and society shouldn't suffer because she made a mistake.
 
2013-08-04 08:23:04 PM

KrispyKritter: when you've experienced many relatives aging you'll see first hand they are no longer as sharp as they were in their younger day. as honest and helpful as you may want to be there is no helping someone who is convinced they know better.


I've had to help out an older relative several times, and she kept saying, "You'll get that back when you inherit the house." Not that I relied on it, but that's already worked out to nothing because she took out a second mortgage during the boom and "invested it" in something another relative pushed her into, which is of course now worth nothing. If she's lucky, she'll get to keep the house...

People get old and not as sharp, and do stupid crap.
 
2013-08-04 08:29:27 PM

YouFarkingIdiot: If someone had done the same with $10k being their full retirement, there would be much less envy and hate here.


There would be exactly as much mocking, which is what we're doing to this, *cough* successful person here.

/don't envy her idiocy
//certainly don't hate her for it
 
2013-08-04 08:36:48 PM

Eapoe6: Why is it acceptable to pay a penalty to get one's own money?


That's the other part of the deal you make when you use pre-tax money for your IRA.
 
2013-08-04 08:40:14 PM
how the hell do you retire at 45 on a million? that would give her 20k per year if she planned to live as long as her mommy-do. granted, you can live on the high hog nowadays on 20k, but think of how much it will be worth in 50 years....

and the feds let her off the hook for 85% of the tax bill, so she should be partly grateful...
 
2013-08-04 08:47:30 PM

madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.


Yes, your investment(s). You didn't give it all to me and take my word for it.
 
2013-08-04 08:59:54 PM

proteus_b: how the hell do you retire at 45 on a million? that would give her 20k per year if she planned to live as long as her mommy-do. granted, you can live on the high hog nowadays on 20k, but think of how much it will be worth in 50 years....

and the feds let her off the hook for 85% of the tax bill, so she should be partly grateful...


I know a woman who bought my fathers rental property a decade ago. Story goes like this - one of her relatives got ran over by an 18 wheeler and her family sued the trucking company and she got 2.3 million dollars inherited. She was a paralegal and her husband owned an automotive repair shop.
She jumped into the high class society right off the bat and bought a bunch of rental property without a single clue how to operate them. Fast forward to a few years ago, she foreclosed on the property and gave it back to us instead of going to court. She lives in a $750,000 house (with chickens in the back yard might i add) and drives a bran new $70,000 Lexus suv which she just bought before she handed over the property to us. Far as I know quite a few of her other rental investments fell through, but reality is my dad worked over 35 years to sell and walk away with $3,000 a month, and she struck it rich with family dying.

Rather then be smart about it, she spread that money faster then butter on a biscuit.
 
2013-08-04 09:19:57 PM

EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.


I wonder if they had had a romantic relationship.  If so, she may have trusted that guy more than she otherwise would have.
 
2013-08-04 09:28:33 PM

HempHead: madgonad: 

You guys sound like amateur investors.

On the Internet I make a 50% return every year.


I make more than $21,000 a week working from home on my computer, and so can you.  I thought it was a scam, too, until I saw the money rolling in.  Just PM me and I'll send you the details on how you can have a successful, part-time at-home business.
 
2013-08-04 09:36:22 PM
You can't cheat an honest man.

That is all.
 
2013-08-04 09:46:52 PM

SnakeLee: She says: Tingle feels like she was victimized twice: "Even if I live to be as old as my mother, I will never be able to meet that tax bill obligation," she said.

And yet: Of the two federal and state tax bills that Tingle received, almost 85 percent of her federal tax liability was forgiven as it was considered a "theft loss."

Her tax bill was 25% of 1.3 million and 15% of that is under $50k.  I mean, that is a pretty good deal on taking out $1.3 million.  People could just start cashing out their retirements and saying they got scammed


Except for one small fact you seem to have overlooked. They have to prove they were scammed. IE someone has to be convicted for the scam.
 
2013-08-04 09:56:51 PM
What "old person"? Her mother didn't get scammed; she did.
 
2013-08-04 10:03:23 PM

madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.


See what you wrote there? That's the difference between you and the investor in the article. She got a great return for a year, then threw ALL of her money into ONE investment. That is where she went wrong. Even if he had scammed her out of only half of her investment savings, she'd be ... OK, she'd be only half as screwed/stupid as she is now.

She should have known better to invest all of her money into one venture.
 
2013-08-04 10:06:17 PM
... *She should have known better  than to invest all of her money ...

/tired
 
2013-08-04 10:10:15 PM

MadAzza: What "old person"? Her mother didn't get scammed; she did.


She was 61 in 2007 when she met the guy.
 
2013-08-04 10:55:18 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person another broke person.  News at 10!


ftfy
 
2013-08-04 11:22:07 PM

Saul T. Balzac: HempHead: madgonad: 

You guys sound like amateur investors.

On the Internet I make a 50% return every year.

I make more than $21,000 a week working from home on my computer, and so can you.  I thought it was a scam, too, until I saw the money rolling in.  Just PM me and I'll send you the details on how you can have a successful, part-time at-home business.


Nice try, but there weren't enough misspelled words.
 
2013-08-04 11:25:30 PM

DrBrownCow: MadAzza: What "old person"? Her mother didn't get scammed; she did.

She was 61 in 2007 when she met the guy.


Ah, I didn't notice that before, but she's still only 67. Apparently, that's astounding in the bubble-world Subby lives in.

I sound old.
 
2013-08-04 11:34:54 PM

rindeee: You can't cheat an honest man.

That is all.


Oh...Wrong!. I was forced to cash out my IRA by divorce decree and pay for my ex-'s lawyer AND had to pay the tax penalty.

/she also got half my government pension
//so you Can cheat an honest person
/// lawyers do it all the time
 
2013-08-05 12:35:32 AM

Mikeyworld: rindeee: You can't cheat an honest man.

That is all.

Oh...Wrong!. I was forced to cash out my IRA by divorce decree and pay for my ex-'s lawyer AND had to pay the tax penalty.

/she also got half my government pension
//so you Can cheat an honest person
/// lawyers do it all the time


 Divorce is expensive because it is worth it.
 
2013-08-05 01:32:35 AM
If you rip someone off, that's on you. Yes, they fell for it, but you're the one who did something wrong, you're the one who should bear the consequences. Taking advantage of people doesn't become okay just because you know something they don't or you convince them of a lie.
 
2013-08-05 01:41:06 AM
I'm pretty sure that money lost due to fraud, theft, etc is a tax write off so maybe the tax bill won't be as bad as she thought.

/Don't be greedy
 
2013-08-05 01:53:02 AM

vpb: I think most of the people who move to Texas are moving there so they can give their money to con-men without having to pay taxes on it.

I mean, you would have to be that bright to WANT to move to Texas right?


What do you do for a living?
 
2013-08-05 05:37:08 AM

Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.


THANKS RAPBAMA!
 
2013-08-05 10:07:00 AM

atomic-age: You can't scam an honest person.


Less true words have rarely been typed. Honest people are more likely to falsely believe that others are honest.
 
2013-08-05 11:15:35 AM
Yo yo yo, let me show you how I'm sustainin'
b.vimeocdn.com
 
2013-08-05 03:10:39 PM

FormatSlacker: People are inclined to trust other people.  That's how scam artists work.  It's not a matter of her having sat down and crunched the numbers and not been discerning enough.  It was a matter of her disregarding her suspicions because a schemingly charismatic actor made sure to constantly reassure her, play off her better nature and vulnerabilities, and entice her to do something she wouldn't normally do.

As far as being taxed on it, I don't see why she should be, assuming it was all directly lost to the scam.  Taxes are not a punishment meant to befall anyone who dares to touch our sacred green pieces of paper.  The theory is supposed to be "Oh, you have a lot of money, you can certainly afford to spare a portion  to support the society in which you live."  If you got really drunk and won $50 billion from Bill Gates in a bar bet, then immediately lost it back, would it make sense that you leave the bar owing $50 million for the initial transaction, even though you don't have any more money than when you arrived?  If the government doesn't want to risk losing their cut of the IRA withdrawal, they should collect it at the time of withdrawal, or annually from the interest itself.


She should be taxed on it because she didn't pay taxes on it originally. So she wasn't paying taxes on her contributions for years before, and now wants to NEVER pay taxes on them, simply because she fell for a scammer. This isn't about being punitive towards someone who got scammed; it's about her paying her deferred taxes. And you KNOW that you're going to be responsible for those when you withdraw from a traditional IRA...that's the whole point of an IRA.  I don't have a lot of sympathy for someone who was too dumb to even set aside the money she KNEW she would owe in taxes that same year rather than "investing" in a high-risk scheme. I'd have a lot more sympathy if she had lost all of the IRA money in some sort of scam investment WITHIN her IRA (and preventing that is part of why there are rules about what you can invest IRA funds in). I DO have sympathy for her as a scam victim, but I don't really have sympathy for her not setting aside the money she would soon owe in taxes. That's basic money management that she should have known regardless of what she thought she was investing in.

The IRS was already more than generous to her, forgiving a huge portion of the debt, but she wants it ALL forgiven, and I don't support that. Reason: I think there needs to be SOME penalty for greedily risking even the money you need to pay your taxes. Otherwise, you create a huge moral hazard that encourages people to just not care about taking that kind of risk (since if it pays off, they'll be able to pay the taxes, and if it doesn't, they can get them forgiven). I'm fine with them giving her a break, and they did. But she shouldn't get off owing nothing.
 
2013-08-05 03:12:29 PM
Also, she should go after the scammer guy and HIS assets in a civil suit rather than expecting the IRS and the state to bail her out. He's the one who has her money, after all.
 
2013-08-05 09:41:59 PM
I have all my money in Solera!1  Hope and change baby Hope and change
 
2013-08-05 10:51:03 PM

CMYK and PMS: I have all my money in Solera!1  Hope and change baby Hope and change


Ladies and gentlemen: Republican "humor".
 
2013-08-06 05:22:15 AM

Pangea: atomic-age: You can't scam an honest person.

Less true words have rarely been typed. Honest people are more likely to falsely believe that others are honest.


"Because I'm dishonest, and a dishonest man you can always trust to be dishonest.  Honestly, it's the honest ones you want to watch out for, because you never know when they're going to do something incredibly...stupid."
 
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