$270 Million: Mega Millions lottery jackpot raised againPrevious TopicNext Topic

Everyone loves a party! Especially me! woohoo

LOL

Muuust ...Wiiiiiin..the... Lottoooo...

Omniscient

Powerball is $100 million.  What's that, chump change? 

A few comments:

• Did you all see the sweet second prize that the California 5+0 winner got?  If not, you should check out the USA Mega drawing information page. I really like those parimutuel prizes in California (at least for the higher tiers). Sometimes the winners don't get as much, but they also have a shot at a much higher amount, as happened last night.
• Hopefully those looking for after-tax amounts are checking out the Jackpot Analysis page.  Don't guess how much you'd get — look it up!
• For those who don't live in or close to a Mega Millions state, Capt Lotto nicely reminded you about the "consolation prize" available with Powerball.  You can check out the after-tax Powerball amounts for the $100 million jackpot on the Powerball Jackpot Analysis page.  (Which even provides a year-by-year analysis of Powerball's annually-increasing annuity payout.)

Todd,  Lotto Guru that you are...

I have a question that you may or may not be able to answer for me.  If three people contribute money to buy lottery tickets, can they split the winnings based on how much they contributed?  For example, a friend contributes $2, my husband and I contribute $4 each to make a purchase of 10 dollars worth of tickets.  Can we then split the winnings 20-40-40?

Thanks!

You can agree to split the prize any way you wish, but it must be in writing before the drawing.

If it's only verbal it will likely not hold up in court.

Thanks, Todd!!

Passing thru illinois,,,bought a 15 dollar dream(multi-draw)on megamillions. 

Wow! $270,000,000!! That's my lucky number!!  How sweet is it that the Mega Millions just happens to be giving away MY LUCKY NUMBER?!!  Ya'll might as well tear your numbers up now.  I got it in the bag.....

Btw, the net of taxes figure on the Analysis page is only 25% FIT.  How many of you really believe that the IRS is only going to take 25%?  My guess is 35%, so plan on forking over a few more mill to the Feds.

One question for my Mega Millions tax planning....is lottery winnings subject to FICA/Medicare?

Todd, I have a friend in washington state who sends me multi-draws for the mega millions. So YES I do have a chance!

The 25% is accurate.  You may owe additional federal income tax on April 15th, but that largely depends on how you use your money.

Some people get whipped into a frenzy at any suggestion that a jackpot winner may be able to lower their tax bill to a point that they don't owe all that much more on April 15.

Some jackpot winners will end up with a 34% total tax bill.  Some will not.  The creative ones (or the winners who hire creative managers) are usually the latter.

No, It's just that powerball hasn't been a very lucky game for me.  Lately, I have been forced to buy tickets in KY and it has proven very useless for me.  I play it all the time and would love to win that jackpot just as much as the other.  I don't know what is the matter, but I haven't so much as got the powerball right in something close to a year.   Well, Last summer I got some money.  But nothing to crack open a bottle of champagne.  (I would do that even for a few thousand dollars in winnings.  But it's never happened on powerball or mega millions.)

Last night it rolled again and all I got was one number right on all of my tickets.  No money.  No surprise.  I do way better with mega millions.  For instance, I got  1+1 and 0+1  on several tickets for the last 220 million draw.  Not much, I know, but it's winnings.   So I tend to get more excited about that game.

I've invaded South Georgia(From Jax FL) to get my winning ticket, I was wondering when I win this on Friday night who want to PARTY LIKE A ROCKSTAR.... I am excited about this I can't wait drive to Savannah and claim my prize or should I form my Dream team before claiming it.. oh well I'll make that decision when I get there 25Feb08  .... will I be the first person on LP to win the JP 270 million wow I am Pump "Party like a Rockstar"

   LIKE A Rock

I would get things in order BEFORE going to collect the prize.  There are lots of things to consider, are you giving anyone else money?  if so, let them claim their portion so you don't get stuck with their taxes and they won't get stuck with an additional gift tax.

Where are you going to park the money?  They are not going to give you that 3 foot long check and then expect you to cash it at the local bank drive-thru.  Although that would be pretty cool rolling up in a Lamborghini and trying to fit a 3 foot long check for 270 million into the tiny tube so they could cash it.  make sure to tell them "small bills please" 

You need some advice on how to minimize that first years tax burden.  paying taxes is required, but you should never overpay because you did not know some of the options for reducing your tax burden.  Find a decent tax person or investment advisor.   

If you win, plan on a little bit longer drive. Savannah has a lottery office, but jackpots can only be claimed at the lottery headquarters, in Atlanta.

No big deal if you win....right ?

I did some checking and you can claim at any Lottery district office in GA that designated on handling anything over 600.00 and savannah is about two hours vice fours to atlanta ....

like a ROCK