Question about MM/PB 2nd Prize amount

Reply #6

Stack47 — Sat, 14 Dec 2019 04:17:32 GMT

The New York Lottery website doesn't say the prize for matching five numbers without the bonus is an annuity or payments. And neither does the Powerball website, but trust me, it's a cash payout with 24% Federal taxes withheld and possible state taxes depending where you live or the state where you buy the tickets.

From the Mega Millions site:

If you are a Mega Millions jackpot winner, you will have the choice of a Cash Option or an Annual Payout. Annuity option: Provides for an initial an... [ More ]

Reply #5

Cmoore50 — Fri, 13 Dec 2019 14:59:45 GMT

I said 50% seems high. I addressed the tax issue more than the other posts. I hope you win and don t lplay the extra dollar per ticket. Leave the million on the table.

Reply #4

NY10 — Fri, 13 Dec 2019 05:10:45 GMT

You didn t answer the question

You decided to write an advise

Reply #3

Stack47 — Fri, 13 Dec 2019 04:28:59 GMT

If you're going after the million, you might as well play the power play for an extra buck per ticket and get 2 million dollars.

and good advice.

Reply #2

rcbbuckeye — Fri, 13 Dec 2019 04:16:44 GMT

MM and PB second prize is lump sum only, whether it's 1 million or higher with the multipliers.

The jackpot can be paid as an annuity or as lump sum cash, whichever the winner chooses. The cash prize is actually the amount that would be needed to buy the annuity to be paid over the life of the annuity.

Reply #1

Cmoore50 — Thu, 12 Dec 2019 21:29:14 GMT

If you're going after the million, you might as well play the power play for an extra buck per ticket and get 2 million dollars. Also 4 of 5 with the powerball number would be a minimum of 100k up to 250k. 500k if jackpot is under 150 million. The 10x multiplier is taken out after the jackpot grows over 150 million. Your taxes seem a little high. But 50% seems to be worse case. Living in Ohio, I'd pay less. In due time I'll find out.

Question about MM/PB 2nd Prize amount

NY10 — Thu, 12 Dec 2019 19:20:54 GMT

I want to know if someone wins 1 million on a second prize on MM or PB is it lump sum payment only ?

After federal,state and NYC taxes from my calculation it is $500K approximately...Which includes the 12 percent fed tax after 1 year of win...Is this the correct amount