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Eastern Time (GMT-5:00) | $241 MILLION: Mega Millions lottery frenzy ramps upUrbandale, IA United States Member #8788 November 11, 2004 114 Posts Offline | | Posted: March 18, 2012, 5:37 pm - IP Logged | |
My question isn't really about whether annuity is better than cash option . My question is about whether a state can tax you on the INTEREST that is earned after you leave the state when you choose the annuity option. There are all kinds of things that go into picking an annuity over a cash option including factoring in the unknown future...my question pertains to just one aspect of making that choice. Thus I didn't need that poster to pontificate to me about what other lottery winners have done. Their choices are not relevant. I just wanted to know if anyone had the answer about the interest and one that is not just a guess. The answer is that you are not getting "interest". You are getting a cash payment from the lottery as a part of the annuity stream. It is not "interest" to you. The payments are taxed as ordinary income. The state making the payments can tax you. Your state of residence will tax you. But there tax reciprocity agreements in place between states so that you don't get double-taxed. | | |
Chicago United States Member #122774 February 7, 2012 41 Posts Offline | | Posted: March 18, 2012, 7:07 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? | | |
S.E.Iowa United States Member #120520 December 21, 2011 534 Posts Offline | | Posted: March 18, 2012, 7:29 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? It will be astronomical if nobody wins Tuesday,but not to worry,because I intend to win! When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow There ought to be one day - just one - when there is open season on senators. ~Will Rogers | | |
PA United States Member #66644 October 16, 2008 1280 Posts Offline | | Posted: March 18, 2012, 7:36 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? It will be enjoyable & will put you into the class of people that libs demonize. But in reality you will be in the class of people that invest and grow the economy!
Good luck to all of my LP friends, may each one of you realize your dreams! dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! - Eschew Poverty ........... Vote Conservative! | | |
United States Member #103816 January 5, 2011 308 Posts Offline | | Posted: March 18, 2012, 8:57 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? I'm guessing around 310 million... | | |
WV United States Member #107205 March 2, 2011 51 Posts Offline | | Posted: March 18, 2012, 9:15 pm - IP Logged | |
Yes $241 million dollars is alot of money, however we all know because the lottery is rigged they will have 1 winning ticket in either california or ny. You mean its rigged so that the winner is from either NY or Calif ? Who riggs it and how do they do it so that its either from Calif or NY? Who do thet rig it for and how is the person picked that its rigged for? Also how do you figure that its rigged for 1 of those 2 states? | | |
mid-Ohio United States Member #9 March 24, 2001 15966 Posts Online | | Posted: March 18, 2012, 9:26 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? It will be in the range that PB was hoping to be in by now with its $2 tickets. I suspect PB players will abandon PB and start putting all their money on MM. * The fundamentals of winning a lottery jackpot *
* play a lottery you can win *
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WV United States Member #107205 March 2, 2011 51 Posts Offline | | Posted: March 18, 2012, 9:26 pm - IP Logged | |
241 annuity or 171 cash. I dont care which one it is. Either way its more than ill be able to spend either way | | |
KS United States Member #103035 December 29, 2010 108 Posts Offline | | Posted: March 18, 2012, 9:26 pm - IP Logged | |
I usually only spend $1 on a QP but for some reason i told the lady a $3 QP instead hmmmm maybe my mind was trying to tell me something and i bought the winning ticket lol Good Luck everyone and I have always been an annuity kind of person but with the economy and the way the debt and tax talks are going i am becoming a "give me my cash" kinda person. DREAMS DO COME TRUE!!!!!!!!! | | |
nc United States Member #99550 October 26, 2010 192 Posts Offline | | Posted: March 18, 2012, 9:36 pm - IP Logged | |
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mid-Ohio United States Member #9 March 24, 2001 15966 Posts Online | | Posted: March 18, 2012, 9:39 pm - IP Logged | |
241 annuity or 171 cash. I dont care which one it is. Either way its more than ill be able to spend either way Don't worry, there would be plenty of people you don't even know beating on your door to help you spend it. They would probably be your biggest problem if you ever won that much. * The fundamentals of winning a lottery jackpot *
* play a lottery you can win *
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WV United States Member #107205 March 2, 2011 51 Posts Offline | | Posted: March 18, 2012, 10:10 pm - IP Logged | |
If nobody wins Tuesday how will the jackpot be Friday? Last 3 with similar jackpots that rolled . Aug 2009 252 went to 336. Mar 2011 244 went to 319. Dec 2010 went from 242 to 380. Idont know why the last one had such a big jump compared to the other 2 but it did | | |
S.E.Iowa United States Member #120520 December 21, 2011 534 Posts Offline | | Posted: March 18, 2012, 10:17 pm - IP Logged | |
Last 3 with similar jackpots that rolled . Aug 2009 252 went to 336. Mar 2011 244 went to 319. Dec 2010 went from 242 to 380. Idont know why the last one had such a big jump compared to the other 2 but it did Christmas.People were buying lottery tickets to use as stocking stuffers.Just a guess,mind you. When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow There ought to be one day - just one - when there is open season on senators. ~Will Rogers | | |
Bahamas
Member #114704
August 5, 2011
422 Posts
Offline
| | Posted: March 18, 2012, 10:22 pm - IP Logged | |
Christmas.People were buying lottery tickets to use as stocking stuffers.Just a guess,mind you. I agree! So it covered the hundreds of people who don't typically play the game. "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!" | | |
WV United States Member #107205 March 2, 2011 51 Posts Offline | | Posted: March 18, 2012, 10:22 pm - IP Logged | |
Don't worry, there would be plenty of people you don't even know beating on your door to help you spend it. They would probably be your biggest problem if you ever won that much. Yea im sure your right about that. Id give a good potion to my immediate family and some to some charity. Id help out some friends that arent well up a little. As for strangers and and that sort id ask tham a couple questions like how did you help me whan i was down on my luck for a period of time and how much did you contribute to the the winning ticket i bought. Both answers would be none so thats what im giving tham in return. Id set up my winnings in some sort of fund so my name wouldnt be published if your able to do that in WV. | | |
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