Welcome Guest
Log In | Register )
The time is now 10:13 am
You last visited September 22, 2014, 10:12 am
All times shown are
Eastern Time (GMT-5:00)

Question about Cash or Annuity

Topic closed. 20 replies. Last post 3 years ago by KY Floyd.

Page 1 of 2
PrintE-mailLink
Avatar
NH
United States
Member #83352
December 5, 2009
186 Posts
Offline
Posted: March 9, 2012, 6:59 pm - IP Logged

My question is about the cash option and the annuity option in say Powerball. If I was lucky enough to win the jackpot and I bought two seperate tickets of the exact set of numbers which won, can I pick the cash option for one of the tickets and the annunity on the other? I thought about this when the Powerball got over 300 million. Obviously each ticket would only be half of the Jackpot if I was the only two winners...


    United States
    Member #111446
    May 25, 2011
    6323 Posts
    Offline
    Posted: March 9, 2012, 7:09 pm - IP Logged

    My question is about the cash option and the annuity option in say Powerball. If I was lucky enough to win the jackpot and I bought two seperate tickets of the exact set of numbers which won, can I pick the cash option for one of the tickets and the annunity on the other? I thought about this when the Powerball got over 300 million. Obviously each ticket would only be half of the Jackpot if I was the only two winners...

    If you were lucky enough to pull that off, only ONE jackpot to a customer. Whether it was two different people or just one individual.

    In the situation you propose, you can only do one of two things: Take the lump sum, or take the annuity.

     

    Why don't you flip a coin and decide now?    Cheers

      haymaker's avatar - Lottery-012.jpg
      egg harbor twp.south jersey shore
      United States
      Member #112972
      June 29, 2011
      3121 Posts
      Offline
      Posted: March 9, 2012, 7:09 pm - IP Logged

      never thought about this, my guess is yes, you could, each ticket would be treated as a seperate ennity,

      if i was lucky enough to have one of your tix. how you choose to receive your prize would not effect mine.

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

        haymaker's avatar - Lottery-012.jpg
        egg harbor twp.south jersey shore
        United States
        Member #112972
        June 29, 2011
        3121 Posts
        Offline
        Posted: March 9, 2012, 7:14 pm - IP Logged

        @ Mc56, each ticket is entitled to half the JP. why does the lottery care that the tickets are held by the same person ?

        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


          United States
          Member #111446
          May 25, 2011
          6323 Posts
          Offline
          Posted: March 9, 2012, 7:26 pm - IP Logged

          @ Mc56, each ticket is entitled to half the JP. why does the lottery care that the tickets are held by the same person ?

          I think I stand corrected haymaker. Previously I was under the impression that if multiple Jackpot tickets were presented by the same person,

          only one ticket would be honored and paid out. As I continue to ponder this scenario, perhaps the lottery would split this into a

          annuity and lump sum payment?   Unhappy

            Avatar
            NH
            United States
            Member #83352
            December 5, 2009
            186 Posts
            Offline
            Posted: March 9, 2012, 7:37 pm - IP Logged

            I'm not sure about the tax ramifications but wouldn't the ultimate senerio for someone who is nervous about Wallstreet love to be able to split such a huge jackpot in half with annunity and cash? And the way around it is with two winning tickets of the same drawing...


              United States
              Member #111446
              May 25, 2011
              6323 Posts
              Offline
              Posted: March 9, 2012, 7:54 pm - IP Logged

              I'm not sure about the tax ramifications but wouldn't the ultimate senerio for someone who is nervous about Wallstreet love to be able to split such a huge jackpot in half with annunity and cash? And the way around it is with two winning tickets of the same drawing...

              GYM, your presenting a lot of hypothetical scenarios here. For credible tax advice, you would do best by consulting a competent CPA or 

              accounting firm who specializes in this area.   Type

                haymaker's avatar - Lottery-012.jpg
                egg harbor twp.south jersey shore
                United States
                Member #112972
                June 29, 2011
                3121 Posts
                Offline
                Posted: March 9, 2012, 7:57 pm - IP Logged

                I think I stand corrected haymaker. Previously I was under the impression that if multiple Jackpot tickets were presented by the same person,

                only one ticket would be honored and paid out. As I continue to ponder this scenario, perhaps the lottery would split this into a

                annuity and lump sum payment?   Unhappy

                 Cheers hey cheer up guy, thats just my guess, not stated as fact.

                still interesting ? though, as i never heard of this happening.

                Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


                  United States
                  Member #111446
                  May 25, 2011
                  6323 Posts
                  Offline
                  Posted: March 9, 2012, 8:13 pm - IP Logged

                   Cheers hey cheer up guy, thats just my guess, not stated as fact.

                  still interesting ? though, as i never heard of this happening.

                  I'm already cheering up! Big Smile Someone will be responding to this post and come to our rescue soon? Stack47 would be my guess, he's good!  Wink

                    Avatar
                    NH
                    United States
                    Member #83352
                    December 5, 2009
                    186 Posts
                    Offline
                    Posted: March 9, 2012, 8:18 pm - IP Logged

                    GYM, your presenting a lot of hypothetical scenarios here. For credible tax advice, you would do best by consulting a competent CPA or 

                    accounting firm who specializes in this area.   Type

                    McG---What fun would that beWink


                      United States
                      Member #111446
                      May 25, 2011
                      6323 Posts
                      Offline
                      Posted: March 9, 2012, 8:27 pm - IP Logged

                      That would not be fun GYM.  Crying     So my advice would be to win those two duplicate jackpot tickets, and throw caution to the wind!

                      Heck, why not get 10 duplicate winning jackpot tickets and throw everyone and everything into a teasing tizzy?   Crazy

                       

                      I'm with you on this one GYM.   Cheers

                        savagegoose's avatar - ProfilePho
                        adelaide sa
                        Australia
                        Member #37136
                        April 11, 2006
                        2790 Posts
                        Offline
                        Posted: March 9, 2012, 11:55 pm - IP Logged

                        claim one in a trust, and another in another trust., then you will get 2x seperate payouyts. they are 2 seperate legal entities

                        2014 winnings

                        JAN -$48.50;  FEB  -$77.5; MAR -$18.05;  APR -$96.05 MAY -$61.10; JUN $-85; JUL $-88.9;AUG -$144.10

                        yearly grand totalspent = 938.05won= 318.8-$619.25


                          Avatar
                          NY
                          United States
                          Member #23835
                          October 16, 2005
                          2829 Posts
                          Offline
                          Posted: March 10, 2012, 12:05 am - IP Logged

                          I think I stand corrected haymaker. Previously I was under the impression that if multiple Jackpot tickets were presented by the same person,

                          only one ticket would be honored and paid out. As I continue to ponder this scenario, perhaps the lottery would split this into a

                          annuity and lump sum payment?   Unhappy

                          Maybe you're thinking about the disclaimer in the rules that says that you can only win one prize per game played.

                          That should be obvious in a game like PB where you only play one combination, but some games give you two combinations for the cost of the bet. NY lotto is one example. Suppose the winning combination was 3 4 5 6 7 8 and the two combinations you had played were 1 2 3 4 5 6 and 1 2 3 4 5 7.  In that case you'd collect the prize for matching 4 numbers, but not a prize for matching 3 numbers with the 2nd line. You can still win multiple prizes on one ticket if the ticket has multiple bets.

                          As for one person having two jackpot winning tickets for PB, MM or another jackpot game, imagine that another person also had a winning ticket. How much would you expect each person to get? It should be pretty obvious that the 3 winning tickets each win 1/3, so one winners gets 1/3 of the jackpot and the other gets 1/3 for each winning ticket, for a total of 2/3 of the jackpot. To the lottery each jackpot winning ticket is a separate prize, regardless of who the prize is paid to, so there would be no problem taking cash on one and annuity on the other.

                            mediabrat's avatar - 18z0typ
                            upstate NY
                            United States
                            Member #108795
                            March 31, 2011
                            540 Posts
                            Offline
                            Posted: March 10, 2012, 3:34 am - IP Logged

                            Maybe you're thinking about the disclaimer in the rules that says that you can only win one prize per game played.

                            That should be obvious in a game like PB where you only play one combination, but some games give you two combinations for the cost of the bet. NY lotto is one example. Suppose the winning combination was 3 4 5 6 7 8 and the two combinations you had played were 1 2 3 4 5 6 and 1 2 3 4 5 7.  In that case you'd collect the prize for matching 4 numbers, but not a prize for matching 3 numbers with the 2nd line. You can still win multiple prizes on one ticket if the ticket has multiple bets.

                            As for one person having two jackpot winning tickets for PB, MM or another jackpot game, imagine that another person also had a winning ticket. How much would you expect each person to get? It should be pretty obvious that the 3 winning tickets each win 1/3, so one winners gets 1/3 of the jackpot and the other gets 1/3 for each winning ticket, for a total of 2/3 of the jackpot. To the lottery each jackpot winning ticket is a separate prize, regardless of who the prize is paid to, so there would be no problem taking cash on one and annuity on the other.

                            You lost me. Your example shows two lines, both of which match 4 numbers. (3-4-5-6 on the first line, 3-4-5-7 on the second.)  Why would you not win two Match 4 prizes?

                              Bigheadnick's avatar - badluck
                              Taunton, Ma
                              United States
                              Member #123010
                              February 11, 2012
                              136 Posts
                              Offline
                              Posted: March 10, 2012, 3:51 am - IP Logged

                              My question is about the cash option and the annuity option in say Powerball. If I was lucky enough to win the jackpot and I bought two seperate tickets of the exact set of numbers which won, can I pick the cash option for one of the tickets and the annunity on the other? I thought about this when the Powerball got over 300 million. Obviously each ticket would only be half of the Jackpot if I was the only two winners...

                               I will answer your question with one of my own., Why would you even want the annuity? As inflation continues each dollar is worth less and less. You should always take the lump sum and put that money to work !! Smash