Mega Millions $1.35 Billion

[fat rat]

One Point 5 Billion.

 

[Spudsbud]

Just bought $40.00 bux worth.....
ahhhhh what will I buy....... ??

 

[Spudsbud]

Are taxes paid based on where the ticket was sold
OR
where the buyer lives?
I live in Ill.
My kid lives in Fla. Full time resident, Fla drivers licenss etc............

 

[Sleek-Jet]

Are taxes paid based on where the ticket was sold
OR
where the buyer lives?
I live in Ill.
My kid lives in Fla. Full time resident, Fla drivers licenss etc............

If you win, I'm guessing you'll be able to afford a good tax attorney that can figure that out for you... LOL...

But our fat little governor will be after you either way.

 

[fat rat]

If you win, I'm guessing you'll be able to afford a good tax attorney that can figure that out for you... LOL...

But our fat little governor will be after you either way.

I heard Calif doesn’t tax it.

 

[C-Ya]

Normally I wouldn’t consider the annuity……

But the annuity starts a 1 million per month, and gradually increases each year to a maximum of 4.25 million per month, after 30 years…… after taxes.

I would have trouble spending a million a month, let alone 4 million a month. Do I really need the hassle of what to do with a lump sum of 470 mil, when I can just collect a yearly check that will give me almost double that over time. Lol. In just a few short years my bank account would be exploding with the annuity money.

I would also just rent places the rest of my life. Why hassle with ownership. I am pretty sure I can find a real nice place to rent for 300k per month…… which would be my budget. Lol

 

[beerrun]

Normally I wouldn’t consider the annuity……

But the annuity starts a 1 million per month, and gradually increases each year to a maximum of 4.25 million per month, after 30 years…… after taxes.

I would have trouble spending a million a month, let alone 4 million a month. Do I really need the hassle of what to do with a lump sum of 470 mil, when I can just collect a yearly check that will give me almost double that over time. Lol. In just a few short years my bank account would be exploding with the annuity money.

I would also just rent places the rest of my life. Why hassle with ownership. I am pretty sure I can find a real nice place to rent for 300k per month…… which would be my budget. Lol

Because do you think you have 30yrs left and from what I understand it doesn't transfer to your estate

 

[Dog]

Because do you think you have 30yrs left and from what I understand it doesn't transfer to your estate

Mega Millions FAQ

What happens to Mega Millions payments if the winner dies before collecting?
If a winner dies before receiving all annual payments, Mega Millions® will continue to pay the annual payments, as scheduled, to the winner's designated beneficiary or to the winner's estate.

Winners who choose the annuity method will receive an immediate payment followed by 29 annual Mega Millions payments. Check with your state lottery for more specific information.

I also read that it depends on state lottery commission laws and rules. So who knows.

 

[Dog]

Are taxes paid based on where the ticket was sold
OR
where the buyer lives?
I live in Ill.
My kid lives in Fla. Full time resident, Fla drivers licenss etc............

If I purchase a Mega Millions ticket in one state, can I redeem it in another?Because Mega Millions® is sold by individual lotteries, any winning tickets must be redeemed in the state in which they were purchased. Lotteries typically have a claim-by-mail option for most prize levels; you can find details on their websites.

I assume it would be taxed when you cash the ticket in. In the state where the ticket was bought.

 

[hallett21]

Normally I wouldn’t consider the annuity……

But the annuity starts a 1 million per month, and gradually increases each year to a maximum of 4.25 million per month, after 30 years…… after taxes.

I would have trouble spending a million a month, let alone 4 million a month. Do I really need the hassle of what to do with a lump sum of 470 mil, when I can just collect a yearly check that will give me almost double that over time. Lol. In just a few short years my bank account would be exploding with the annuity money.

I would also just rent places the rest of my life. Why hassle with ownership. I am pretty sure I can find a real nice place to rent for 300k per month…… which would be my budget. Lol

Bird in the hand….

 

[Englewood]

Bird in the hand….

My thoughts exactly. I like to be in control of my situation.

Investing 500m @ 5% is 2.5mil per mo in addition to your principal.

 

[C-Ya]

Because do you think you have 30yrs left and from what I understand it doesn't transfer to your estate

I guess what I was trying to say is that the yearly checks (which I broke down monthly) are more than enough to suffice me. The fact that each year I get another, then another, will still be more than I need. I doubt I would live 30 more years, so that’s actually a plus…… I know I have checks coming the rest of my life.

I am just making the argument for the annuity. I am pretty sure I’d take the lump sum payout. But I couldn’t help but go to that lottery payout website and look at the annuity breakdown. I could be comfortable with a single one of the checks, but 30, now we’re talking. In my 70’s, I would be taking in more than 24 million per year. By the time I hit my 80’s I am north of 39 mill per check. Christ…… my last check at 89 is over 52 million.

At $100,000 per week to charter a very nice yacht……. Means it’s only 5.2 million to rent it yearly. My point…… it would be extremely difficult to die penniles, even if you spent your winnings like a drunken sailor. You truly would have money to burn.

I sure would like to give it a go! Lol

 

[Dog]

I guess what I was trying to say is that the yearly checks (which I broke down monthly) are more than enough to suffice me. The fact that each year I get another, then another, will still be more than I need. I doubt I would live 30 more years, so that’s actually a plus…… I know I have checks coming the rest of my life.

I am just making the argument for the annuity. I am pretty sure I’d take the lump sum payout. But I couldn’t help but go to that lottery payout website and look at the annuity breakdown. I could be comfortable with a single one of the checks, but 30, now we’re talking. In my 70’s, I would be taking in more than 24 million per year. By the time I hit my 80’s I am north of 39 mill per check. Christ…… my last check at 89 is over 52 million.

At $100,000 per week to charter a very nice yacht……. Means it’s only 5.2 million to rent it yearly. My point…… it would be extremely difficult to die penniles, even if you spent your winnings like a drunken sailor. You truly would have money to burn.

I sure would like to give it a go! Lol

I have thought about the scenario more times than I would like to admit. All sides have there advantages and disadvantages. One thing I have thought about, we never know what the next years tax situation will be like. You are taxed on the yearly check. So if the taxes go up you could lose a substantial amount in the long run. Also The annuity is a set amount. If it makes more money then I think it goes back to the lottery. We don't know how much we could make investing the money on our own. It could be better or worse. The "cash payout" is taxed "one" time (I know this is not true but for this sake you get my point?)

Not that a few million here or there will change much in the long run just some things I have thought about as a poor guy paying the "poor man's lottery tax".

Besides a legal team for all the people that would want try to take advantage of me I think my next hire would be a tax lawyer. Or the other way around would probably be best. The .gov will probably want to take more advantage then anyone else.

 

[hallett21]

Rule of 72 says you can double your money on the S&P 500 every 7 years. So let’s double it and say 14 years. You can match the lotto payments in 14 years. In 28 you’ve 2x what they were going to pay.



Rule of 72 is dividing your return on investment percentage into 72. So 10% (S&P 500 average return) into 72 is 7.2 years.

Edit. Put another way the government knows they can do better with the lump sum so you should too lol

 

[sonicss31]

 

[fat rat]

It’s Friday the 13th….could be someone’s lucky day.

 

[DLC]

Current mega is 1.3 B

if you choose cash in LUMP SUM

only get $440 Million after penalty and tax!

so 2/3 in tax and BS !!

so 1st payment is immediately paid out then 29 additional payments ! One a year!

Thats a long ass year if you burn thru your 1st payment !

id like to give it a go..

gross $ turns out to be about $34,500,000.00 before tax. So in pocket about 17 million a year need a good numbers guy, maybe Shin would help ya!

lol

 

[aka619er]

I'm not a business owner but always hear about needing to purchase vehicles, equipment, homes ect to offset taxes every year. If someone won the lottery and did it in an LLC could they do the same with the federal tax bill? So they take the lump sum and then owe a couple hundred mil to the feds and go purchase a couple businesses for the couple hundred mil.

 

[hallett21]

I'm not a business owner but always hear about needing to purchase vehicles, equipment, homes ect to offset taxes every year. If someone won the lottery and did it in an LLC could they do the same with the federal tax bill? So they take the lump sum and then owe a couple hundred mil to the feds and go purchase a couple businesses for the couple hundred mil.

Negative. You take the earnings personally. Now future income/earnings can be done through a LLC,Corp etc.

 

[Dog]

Current mega is 1.3 B

if you choose cash in LUMP SUM

only get $440 Million after penalty and tax!

so 2/3 in tax and BS !!

so 1st payment is immediately paid out then 29 additional payments ! One a year!

Thats a long ass year if you burn thru your 1st payment !

id like to give it a go..

gross $ turns out to be about $34,500,000.00 before tax. So in pocket about 17 million a year need a good numbers guy, maybe Shin would help ya!

lol

Have you been to this site? https://www.usamega.com/mega-millions/jackpot

You can see each years payment and the lump sum and taxes. You can even set filing status: single, married, etc. by state.

 

[coolchange]

You’d think statistically there are enough people playing numbers it would hit one of them. Not sure what what the odds are but if it’s 1 in 350 million then if 350 million play then there should be a winner.

No. There is no control over which numbers are picked. That’s why they roll over. If everyone picked every conceivable combination WITHOUT the number 3, and a 3 came up, no winner.

 

[coolchange]

Normally I wouldn’t consider the annuity……

But the annuity starts a 1 million per month, and gradually increases each year to a maximum of 4.25 million per month, after 30 years…… after taxes.

I would have trouble spending a million a month, let alone 4 million a month. Do I really need the hassle of what to do with a lump sum of 470 mil, when I can just collect a yearly check that will give me almost double that over time. Lol. In just a few short years my bank account would be exploding with the annuity money.

I would also just rent places the rest of my life. Why hassle with ownership. I am pretty sure I can find a real nice place to rent for 300k per month…… which would be my budget. Lol

That’s why the rich have people for that.
Buy you ranch in Idaho, pay me a small stipend, say $150,000 a year, and I’ll live there and take care of it!

 

[92562]

Can't win if you don't play!

If I do I'm ordering a Speed Car!!!

 

[retaocleg]

i'd build a boat that would sit in my garage........would be a build for the ages, prolly have lower hours after 10 years than you fockers have in one....
27 hallett or 28 nordic twin 400 outboard, ballast tank, carbon/kevlar....... would be epic.......you dont even know.......garage candy

yes, triple axle........like a schida trailer queen
is there precedent for 4 axels?.......i kid

 

[DarkHorseRacing]

No. There is no control over which numbers are picked. That’s why they roll over. If everyone picked every conceivable combination WITHOUT the number 3, and a 3 came up, no winner.

I thought that’s what the odds were. What it would take to pick every conceivable combination of the number set available on the ticket. No?

 

[hallett21]

I thought that’s what the odds were. What it would take to pick every conceivable combination of the number set available on the ticket. No?

198 million or something to 1. Be a real bitch if you had to split it with 2 other winners lol

 

[aka619er]

I read an article the other day about why a rich group buying every combination hasn't happened. Its over 300mil combinations. So at $2 per ticket you are just under the pre tax payout. In the example they said If Wells Fargo used all 200k employees it would take 3 days worth of work at 41 tickets filled out per minute. So after ticket purchase, laber and logistics its still not profitable if won. Then there is also the risk of multiple winners.

 

[Dog]

70*69*68*67*66 = 1,452,361,680 possible white ball combinations
5*4*3*2*1 = 120 possible orders for a set of 5 numbers

Odds: 302,575,350 to 1

 

[Dog]

 

[hallett21]

70*69*68*67*66 = 1,452,361,680 possible white ball combinations
5*4*3*2*1 = 120 possible orders for a set of 5 numbers

View attachment 1188785

View attachment 1188786

Odds: 302,575,350 to 1

So you’re saying there’s a chance….

 

[Dog]

So you’re saying there’s a chance….

It only takes one. But I look at it this way. Changing your odds from 302,575,350 to 1 to 302,575,350 to 5 or 100 really isn't that worth it.

*I usually buy 10 lines however. lol

 

[RiverDave]

I bought 200 bucks and ended up winning 22.00. Not a great return

 

[Ace in the Hole]

Hit 1....1 number in 44$ in tickets.

 

[fat rat]

Haven’t checked mine yet.

 

[Ace in the Hole]

Haven’t checked mine yet.

Single winner in Maine, two match 5 in cali though...good luck RDP

 

[Orange Juice]

Ok, got my ticket for tonight.

1 billion dollars

 

[FROGMAN524]

Mystery mega millions winner steps forward to claim $1.1 billion prize

One New Jersey resident's holiday is about to get a whole lot brighter after it was revealed that they had managed to score the $1.1 billion prize being offered by Mega Millions.

www.themirror.com

 

[HNL2LHC]

Congrats to the winner……the IRS. Once again they will get the lion’s share of the cash pulled in.

 

[2Driver]

Yeah leave my money with the government and let them manage my distributions

Give me a check, and Ill be on my way.

 

[DILLIGAF]

YAHTZEE!!!!!

 

[Dog]

Mega Millions Jackpot Analysis

Hopefully someone wins it before the price of tickets go up in April.

 

[HST4ME]

Itd be nice just to win my 20 bucks back.

 

[Javajoe]

The owner of Mirage Pools Jeff Lindsey remodeled my pool like 8 years ago and like a couple weeks after he won like 480 mil on a quick pick in Menifee. Dude and his family disappeared immediately and he gave his pool company to an employee I was told. Found out last year he and his wife are in San Diego partying hard.

 

[Orange Juice]

Got one regular # and the power ball. That’s not going to do it

 

[Hardly Satisfied]

We are in every week at work and we put in extra when it’s this big

 

[Dog]

I buy at least 1 line for every drawing, it doesn't matter the amount (as long as I have the $2 or $3). You can't win if you don't buy a ticket. The odds of winning are 1 in 302,575,350, 5 or 10 or even 100 lines don't really raise your odds much. When it is your day it is your day...

 

[Activated]

https://ktla.com/news/california/california-lottery-player-nearly-hits-1-billion-jackpot/

 

[Chili Palmer]

Congrats to the winner……the IRS. Once again they will get the lion’s share of the cash pulled in.

Well, the democrats’ party is in arrears since Kama-Lama-Ding-Dong bankrupted their organization and they need to recoup their funds somehow someway and skimming off lottery winnings is perfect way to rebuild it
and nobody even questions it.

 

[RiverDave]

Well, the democrats’ party is in arrears since Kama-Lama-Ding-Dong bankrupted their organization and they need to recoup their funds somehow someway and skimming off lottery winnings is perfect way to rebuild it
and nobody even questions it.

Huh?

 

[Tank]

Current mega is 1.3 B

if you choose cash in LUMP SUM

only get $440 Million after penalty and tax!

so 2/3 in tax and BS !!

so 1st payment is immediately paid out then 29 additional payments ! One a year!

Thats a long ass year if you burn thru your 1st payment !

id like to give it a go..

gross $ turns out to be about $34,500,000.00 before tax. So in pocket about 17 million a year need a good numbers guy, maybe Shin would help ya!

lol

Never take lump sum. You can borrow against payment plan and get WAY better rate.