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Store clerk is winner of $258.5M Powerball lottery jackpotReply
To help with calculations for when you soon win your multi-state, multi-million dollar jackpot, I thought I would notify you about the error you took away from the report. You wrote: But on the other hand a report i read said the income tax is only going to be 6 million. NO, NO, NO ... it will be apx. $48.54 million total fed and state income tax paid (figure apx. 34.9% ALWAYS for Federal tax, AND additionally, Missouri charges 4% as a state tax= 38.9%). I wasn't sure if anyone else would mentio
Apr 23, 2010, 1:17 pm - HaveABall - Lottery News

Powerball or Mega MillionsReply
which one? 1 small issue, PB cant even if it wanted to PB has a jackpot cap of 390m, atfer that, all money gets spread out to 2nd place winners its rather stupid rule, a cap on a rolling jackpot of all things and sense powerball cash jackpot is often less then 50% of the annuity , even if it made it 390m, cap only goes up 25m once hit to 415m, sure be below 200m cash! it would take 3-4 diff jackpot records to get the cap to allow above 200m cash with their annuity
Apr 22, 2010, 4:35 am - joshuacloak - Jackpot Games Forum

Multi-state lottery jackpots offer multiple $100M+ chancesNews Story
This weekend the two biggest USA multi-state lottery games remained unbeaten, with their jackpots continuing to rise. Now that most states offer tickets for both games, players around the country have the opportunity to play two lottery games, each offering a jackpot of greater than $100 million. Powerball's annuity jackpot is currently the world's largest jackpot, at $175 million, and Mega Millions has the world's second-largest jackpot, at $105 million. The lump-sum cash values of the
Apr 12, 2010, 8:41 am - Todd - Lottery News

Powerball jackpot seems very inflated.Reply
The main difference between Mega Millions and Powerball annuities is the longer-term and graduated annuity Powerball uses, which benefits the Powerball annuitized value. A casual check of Powerball jackpots shows that cash values have been near 50% for the past several months, occasionally higher than 50%. Now it seems to be consistently under 50%, but this lines up with long-term Treasury yields, which have increased in the past several months. I don't know how these annuities are funded, bu
Apr 11, 2010, 5:10 pm - Longarm - Jackpot Games Forum

$150 on MM QP's a month?Reply
I'm sure it feels worse to lose that much all at once instead of spread out over several drawings, but in many ways putting it all on one drawing makes a lot more sense. On the cycle before this one there were 10 drawings before producing a winner, so imagine playing $15 per drawing to spend (or lose) the $150. The average jackpot for those 10 drawings was 94.8 milion (annuity value). The last drawing was for 212 million. Would you rather bet $150 on winning 95 million or 212 million? There's
Apr 8, 2010, 2:23 pm - KY Floyd - Jackpot Games Forum

How are Lottery winnings taxed?Reply
You're wrong on two points. 1. As of now the highest tax bracket is still 35%. 2. As of now only taxable income over about 372k is taxed at the highest rate. The income that's taxed at a lower rate reduces your taxes by roughly 30k annually compared to paying 35% on the full amount. Considering a cash value of 50% and a 26 year annuity that would mean a tax savings of 400 thousand dollars compared to taking the lump sum.
Apr 6, 2010, 2:02 am - KY Floyd - Lottery Discussion Forum

Would You Cash Out Your Annuity?Reply
I wouldn't either! I have no idea how big a chunk these companies would take but I would explore other options such as a loan or even racking up credit cards and then paying them IN FULL when the next annuity check arrived. And there's the option of getting a job assuming I'm not working anymore. Ok a sugar daddy might work at this point hahahahaha!
Apr 2, 2010, 12:46 am - ca-dreamin* - Lottery Discussion Forum

How are Lottery winnings taxed?Reply
I think people misunderstood your question. He was asking, if the big jackpots, for example Mega, get taxed right away (about 50% in NYC), will they tax it AGAIN after putting the sum into your banking account (if you've picked the lump, gotta be crazy to take the annuity option). To answer the question, AFAIK, I don't think they tax it again after they've taken out the taxes out of the initial amount! You didn't earn it, you've won it.
Mar 28, 2010, 5:31 pm - luizgota - Lottery Discussion Forum

How are Lottery winnings taxed?Reply
you pay tax on the year you get it. so win and pay tax, then you have the money, so no more tax on the money you have, but.. you pay tax on the money that money earns. if you take annuities, you will pay tax on the money ea year you get it, and tyhe way gov is going over there it will prob be a higher tax rate very soon. but annuity is only like 1/20th of the amount so you pay what ever tax on 1/20th of the money ea year.ie only the money you get that year.
Mar 26, 2010, 2:16 pm - savagegoose - Lottery Discussion Forum

How are Lottery winnings taxed?Reply
FIFTY PERCENT?? holy lord no. As an example, Florida State lottery takes 25% immediately, no state tax. It doesn't matter if you take the annuity or lump sum it's just 25%. Then when you do your taxes of course that $$ is treated like earned income but you have paid 25%...depending on what your personal situation is you may or may not owe more. To put it in perspective, when you have a job you pay federal taxes before you ever recieve your check but then you also may owe additional taxe
Mar 25, 2010, 1:31 pm - Lucky4Life - Lottery Discussion Forum