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One Michigan lottery ticket wins $842.4 million Powerball jackpotReply
Blame the public. The United States is the only nation on earth that taxes lottery winners and lets Lotteries advertise a false amount of prize (loophole being lump sum cash vs amount) but people are sooo convinced they live in the greatest free country in the universe they can't even see when they are being screwed.
Jan 4, 2024, 10:01 pm - thaencyder - Lottery News

2024 tax rates now published at USA Mega
Both the federal tax rate brackets and the state income tax rates used for the Powerball Jackpot Analysis and Mega Millions Jackpot Analysis pages at USA Mega have been updated to the latest 2024 rates. Federal tax bracket changes happen every year, with the IRS adjusting each bracket upwards slightly to account for inflation. For a lottery jackpot winner claiming millions in income this results in a minuscule change in taxes paid, but the adjustment at USA Mega does make it exact. For s
Jan 1, 2024, 10:56 am - Todd - Lottery Discussion Forum

Spain's El Gordo dishes out €2.6 billion in annual Christmas lotteryReply
I like the x200 top prize amount. What's the payout percentage? The State of Spain wins from the taxes, even with 100% payout.
Dec 23, 2023, 8:18 pm - Wavepack - Lottery News

Maryland man wins $57,777 after dreaming of father gifting him a lottery ticketReply
So after taxes he got about 39,000.00. Ok, not bad but not life changing for sure. Prizes for this 5.00 scratch ticket seem a little low to me. Wonder how many they distributed. Don't quite get the #7 reference though as being very significant. He has been playing these for years so he is at least even now.
Dec 12, 2023, 1:41 pm - billybucks - Lottery News

Texas Lottery pays out largest jackpot in state history with $360 million Mega Millions claimReply
Yup. Generations trusts, privacy, low yearly maintenance fees, etc... The winner(s) might also be from out of state. Having the trust in SD also means that they avoid yearly state level taxes on any money the trust earns. They will have to pay when they take a payout.
Nov 17, 2023, 9:48 am - SCnational - Lottery News

Single mother who won $6 million in lottery opens up about the good and bad of winning millionsReply
Castro won over $600 million after taxes and she got about $2 million. The article doesn't mention her net worth seven years later, but she is probably living off her investments.
Oct 31, 2023, 2:57 pm - Stack47 - Lottery News

Editorial: Study of lottery winners still receiving food stamps is flawed but raises good pointsNews Story
Independent group finds that more than 65,000 lottery winners stayed on food stamps after their wins By Kate Northrop An independent group surveyed government data and found that over 65,000 individuals who won significant lottery prizes have continued collecting food stamps. A think tank called the Foundation for Government Accountability (FGA) submitted Freedom of Information Act requests to all 50 U.S. states for data on lottery winners collecting food stamps since 2019 and found
Oct 23, 2023, 6:01 pm - Todd - Lottery News

Alabama man wins $150,000 a year for life in Florida LotteryReply
That's great. But he'll still have to pay his taxes in Alabama. Good for him, Florida won't tax him.
Oct 17, 2023, 9:00 pm - sdw1000 - Lottery News

$1.725 BILLION: Powerball jackpot now 2nd-largest of all timeReply
I looked into this number combination once. Approximately 10k people play these numbers for every draw. It would actually be hilarious to see the jackpot split that many ways with each winner only receiving $70k or so before taxes.
Oct 10, 2023, 12:23 pm - DDBagger519 - Lottery News

$1.4 BILLION: Powerball jackpot juggernaut keeps rollingReply
yup, after taxes that is 238,169,000 million dollars, still an amazing amount of money to have. The other option is to go with the annuity payout for 1.4 bill which is 70 mill for 20 years. But a lot can happen in 20 years so most take the cash,
Oct 5, 2023, 10:42 am - lottoman626 - Lottery News