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Online calculator to calculate cash

Topic closed. 10 replies. Last post 10 years ago by michiganplayer.

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Michigan
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February 27, 2004
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Posted: March 4, 2004, 9:41 pm - IP Logged

Is there an online calculator that will actually calculate the actual jackpot I take home? There used to be a site where it allows you to calculate the cash option.

 Assumiing the jackpot is US$200 million. I key in this amount and it returns the actual cash amount

    plnwebguy's avatar - binary

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    Posted: March 6, 2004, 3:38 am - IP Logged

    michiganplayer,

    I looked around the web via search engines and couldn't find any online calculator sites for Powerball and Mega Millions.  Found several sites that describe the payments for annuity vs lump sum, including at the official sites, but nothing with an online calculator.  I did see one online calculator at the Ohio lottery web site, but it looked like it was only for the Ohio lottery (lotteries have different payout years for their annuities so it would only work with a lottery with a similar structure).  Anyway, if you're referring to trying to get an idea of what the lump sum cash value amount would be for a PB or MM jackpot, one thing you could do that will give you a ballpark figure is track some draws in a row and divide the cash value amount by the jackpot amount and see what pattern develops.  Then you could take that number times a hypothetical number.  For example, Powerball has the jackpot and lump sum amounts on their web site for each drawing and right now the lump sum is running around 54% of the jackpot amount (using the numbers for 3/6/04 -  38.3 / 70 = .547).  The % will vary a little depending on the amounts and bond rates at the time but not much.  Of course, after that you have to deduct for taxes, which will depend on where you live.

    Hope that helps,

    plnwebguy

     

      hypersoniq's avatar - xls
      Pennsylvania
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      Posted: March 6, 2004, 4:12 pm - IP Logged

      For Powerball, the quick and dirty overestimated tax method...

      Cash Option... Take the advertised cash option value (less than the big number they use) and multiply by 0.65

      Annuity,,, Take the big jackpot value, multiply by 0.65 and then divide by 30

      That's it

      follow pegleg's instructions for MegaMillions

      Powerball example (using current jackpot)

      Annuity... Payment of $1,516,666.66  per year for 30 years after taxes.

      Cash.... One-Time Lump Sum payment of $24,895,000.00  after taxes

      Playing more than one ticket per game is betting against yourself.

        fja's avatar - gnome1

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        Posted: March 6, 2004, 4:55 pm - IP Logged

        also if you want you can go to Ohiolottery.com on the left hand side of the site click on "winning numbers" after that click on "Cash option value".  It will let you put in any amount of cash you think you might be winning and it will calculate annuity payments as well as lump sum values after Taxes....I know this isnt michigan but it might be what you are lokking for..hope it helps

        "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

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          Posted: March 6, 2004, 5:58 pm - IP Logged

          thanks all for the replies.


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            Posted: March 7, 2004, 2:34 am - IP Logged
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              Posted: March 7, 2004, 9:15 pm - IP Logged

              thanks plnwebguy for the detailed reply

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                Posted: March 7, 2004, 9:17 pm - IP Logged

                So, do I multiply it from (anywhere from .547 to .65)

                Which would be more precise?

                  hypersoniq's avatar - xls
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                  Posted: March 7, 2004, 9:49 pm - IP Logged

                  given that federal tax is 35% on amounts over 311,000... 0.65 is dead-on accurate. Also you will need to calculate state and local taxes, here in PA, a resident is exempt from state and local taxes when it comes to lottery winnings.

                  Playing more than one ticket per game is betting against yourself.

                    plnwebguy's avatar - binary

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                    Posted: March 7, 2004, 10:51 pm - IP Logged
                    Quote: Originally posted by michiganplayer on March 07, 2004



                    So, do I multiply it from (anywhere from .547 to .65)

                    Which would be more precise?






                    It depends:

                    If you're looking at current jackpots where the annuity and cash value amounts are known, then the 65% method hypersonig outlined is the way to go. 

                    If you don't know the cash value amount and you're just doing hypothecial calculations, then the current cash value / annuity % is the way to go.  For example, Powerball is currently $79 million and the cash value % works out to around 56%.  So if you wanted to get an idea of what Powerball's cash value will be if it goes up to $200 million this year, then take that times 56%, and that'll give you an idea of possible cash value amounts. 

                    plnwebguy

                     

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                      Michigan
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                      Posted: March 8, 2004, 12:38 am - IP Logged
                      Quote: Originally posted by hypersoniq on March 07, 2004


                      given that federal tax is 35% on amounts over 311,000... 0.65 is dead-on accurate. Also you will need to calculate state and local taxes, here in PA, a resident is exempt from state and local taxes when it comes to lottery winnings.




                      How come Federal Tax is 35%. I thought it was lower for a resident of the US.

                      If it is 35%, then the foreigner pays less at 30% is it?