Shocking take home Lottery Winnings after taxes and fees you have heard of? O.O

Reply #13

Stack47 — Thu, 02 Dec 2021 20:23:36 GMT

At first, I found the one digit away draws kind of amusing

The Florida Lottery offers pick-3 front and back pair wagers and that would solve your problem.

Reply #12

Karen Nathan — Thu, 02 Dec 2021 12:07:44 GMT

To the Posters confused on why I said, Fees, I actually meant Federal Taxes.

Reply #11

steve1863 — Thu, 18 Nov 2021 16:14:02 GMT

Jack Whittaker won the December 25, 2002 Powerball. He chose the lump sum, which according to Usamega was $170.5 million. The 315 million number is only theoretical; pay it no mind. Even if he held up a 315 million dollar check, that's not what he won.

His win was taxable income for 2002. At the time the highest marginal federal tax rate was 35%. While everyone's tax bill is different, the vast majority of Whittaker's win was taxed at this marginal rate.

West Virginia's highest marginal in... [ More ]

Reply #10

garyo1954 — Fri, 12 Nov 2021 17:22:38 GMT

I ain't got a clue either.

Figure its one of those, Don't believe everything you read or hear on the internet until you double check it.

No matter how many times its disproved, it still on the internet and people will still see and believe it.

G

Reply #9

Karen Nathan — Fri, 12 Nov 2021 07:20:47 GMT

Hmm. Roughly 113 Million sounds a lot better than 80 Million. The Lottery News I watched said the wrong amount then, only 80 Million when he actually won about 113 Million. I had a feeling that 80 Million was too low, but was going by what the Lottery News video said.

Reply #8

KY Floyd — Fri, 12 Nov 2021 06:25:55 GMT

I just don't get the Fees part...

AFAIK, the only time a lottery winner has to pay fees is when they've won a lottery they didn't enter.

Reply #7

ddude003 — Fri, 12 Nov 2021 04:01:47 GMT

Hey Gary, I get the state and fed taxes (those snip s)... I just don't get the Fees part...

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

Reply #6

garyo1954 — Fri, 12 Nov 2021 03:06:18 GMT

Taxes.

Tomorrow's Mega is $53 million if you choose the annuity.

It's 38.5 million if you choose cash option.

The feds will automatically take 24% either way.

Since you'll only get $1,766,667 on the annuity the feds take $424,000 and you'll still owe $193,739 to make up the 37% tax difference.

If you take the cash option ($38.5 million), the feds take $9,240,000 and you owe $4,969,072 at the end of the year to make 37%.

Annuity banks $1,148,929.

Cash option banks $2... [ More ]

Reply #5

ddude003 — Fri, 12 Nov 2021 02:35:44 GMT

What fees for where? Please be specific...

Reply #4

rdgrnr — Thu, 11 Nov 2021 23:39:53 GMT

Sad to say but Jack and his family would have been much better off if someone else had won that particular jackpot.

Reply #3

Stack47 — Thu, 11 Nov 2021 22:48:06 GMT

Your figure of $113,386,407 after taxes makes more sense than Karen's $80 million and changes the take home percentage to 36%.

Reply #2

Stack47 — Thu, 11 Nov 2021 22:42:31 GMT

After every PB and MM drawing USA Mega updates their current jackpot status including the cash value. For instance the before tax cash value of PB is $48 million less than the advertised take payments over 29 years jackpot. And according to Mega's jackpot analysis a West Virginia PB winner will net payoff of $70,660,928 after taxes or about 40.9% of the advertised jackpot. If the winner chooses the annuity, they'll net $98,822,820 after 30 payments.

I used WVA because that's where Jack Whitta... [ More ]

Reply #1

garyo1954 — Thu, 11 Nov 2021 21:55:29 GMT

Wiki has a different take......

Whittaker already had a net worth of over $17 million before his windfall.[4] On Christmas Eve 2002, Whittaker purchased the winning Quick Pick ticket at a supermarket in Hurricane, West Virginia, where he had stopped for a deli breakfast sandwich and to get fuel for his vehicle.[5] He was not a regular lottery player but bought $100 in tickets because the jackpot was so high. He played the lottery only when it reached $100 million.[3]

The jackpot that... [ More ]

Shocking take home Lottery Winnings after taxes and fees you have heard of? O.O

Karen Nathan — Thu, 11 Nov 2021 21:01:22 GMT

Jack Whittaker won the sole 315 Million Jackpot in 2002. He chose the Lump Sum.... And got 80 Million in take home Winnings. My mouth dropped open in shock at how LOW 80 Million seems from a Jackpot of 315 Million. Even for a Lump Sum. At least one Lottery News Watcher was like, That's why I don't play the Lottery. Win 315 Million, get 80 Million in take home Winnings. 235 Million went to Taxes and Fees! Legal Highway Robbery! A Poster replied, It's because he chose the Lump Sum. Lump Sums have... [ More ]