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Lottery officials forsee $500 million Mega Millions jackpots

Mega MillionsMega Millions: Lottery officials forsee $500 million Mega Millions jackpots

California, the Golden State, will bring a lot of green to the Mega Millions Lottery jackpots when the state joins the multistate game next month. That's green as in greenbacks.

Mega Millions Lottery officials expect jackpots, under the right circumstances, to reach a staggering half of a billion dollars, said Michigan Lottery Commissioner Gary Peters.

"With California in, the computer model says there is a high probability of a $500 million Mega Millions jackpot," Peters said. The largest Mega Millions jackpot was $362 million in May 2000. Shelby Township swimming pool cleaner Larry Ross won half of the pot, $181 million.

California will become the 12th state to join Mega Millions on June 22, with the first drawing under the new alignment on June 24.

California's population of 35 million is one reason for the projected mammoth jackpots. Adding four more numbers, from 52 to 56 to the main field, is another reason. That will increase the odds of hitting the jackpot from one in 135 million to one in 178 million, Peters said.

"That means jackpots will grow bigger and faster," Peters said. "We will see more $200 million jackpots like the $208 million jackpot (won by a Michigan couple) we just had."

Mount Clemens business broker Chris Kelly of Utica doesn't like the new arrangement.

"That's insane," said Kelley, a regular lottery player. "It's getting out of hand. Only one person will win the big jackpot like that. They should divide up the big jackpots."

Even the consolation prizes will hit mega proportions under the new format, Peters said. Second-place money will be increased from $175,000 to $250,000 and third-prize money from $5,000 to $10,000.

Clinton Township used car dealer Bob Bartolomucci likes the bigger secondary prizes.

"That's the only reason I play Mega Millions -- to win the second-place money," he said.

Detroit News

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29 comments. Last comment 12 years ago by sergiou2.
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fxdwg's avatar - animal bear.jpg

United States
Member #2870
November 25, 2003
76 Posts
Offline
Posted: May 8, 2005, 8:34 am - IP Logged

I have a question for the more knowledgeable lottery players than I.

Occasionally I will slip into Indiana to play power ball.

 My question is if I was ever so lucky to hit a taxable prize would I be required to pay Indiana taxes as well as my own states?

I do see that Arizona has a non resident tax of 6% but nothing is said of the other states?

  I find that the lure of the power play is strong enough for me to try my luck---- a 100k with a power play would be a good prize

    Thomas Covenant's avatar - money
    South Carolina
    United States
    Member #491
    July 16, 2002
    837 Posts
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    Posted: May 8, 2005, 9:20 am - IP Logged

    You will have to pay a withholding tax when you pick up your lottery check, but you will be credited that amount when you pay your state tax.


    Okay, now I believe you can predict lottery numbers

      Avatar

      United States
      Member #434
      June 30, 2002
      675 Posts
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      Posted: May 8, 2005, 9:27 am - IP Logged

      Yeah and Mega Millions was supposed to have $400 Million jackpots the last time they changed the matrix.

        Avatar
        Redmond WA
        United States
        Member #5966
        July 29, 2004
        71 Posts
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        Posted: May 8, 2005, 12:42 pm - IP Logged

        Now all Mega Millions needs to do is focus on getting Florida to join.

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
          23260 Posts
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          Posted: May 8, 2005, 1:16 pm - IP Logged

          My guess is that Fla would join Powerball instead of MM.  The Mega Millions group mentioned a while ago that after signing up their next "major state" (which ended up being California), that they would not be looking to expand further.

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!


            United States
            Member #379
            June 5, 2002
            11296 Posts
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            Posted: May 8, 2005, 1:21 pm - IP Logged

            FL won't go multi-state under Jeb Bush.

              fxdwg's avatar - animal bear.jpg

              United States
              Member #2870
              November 25, 2003
              76 Posts
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              Posted: May 8, 2005, 1:39 pm - IP Logged


              You will have to pay a withholding tax when you pick up your lottery check, but you will be credited that amount when you pay your state tax.



              Thanks for the info:

               Not that I really have any expectations of ever hitting a large prize. I do enjoy the game of what if.

                Tnplayer805's avatar - G 14_v78828750_Small.JPG
                North Dakota
                United States
                Member #13397
                April 5, 2005
                1623 Posts
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                Posted: May 8, 2005, 2:21 pm - IP Logged

                I wish FL would join Powerball. 

                  dvdiva's avatar - 8ball

                  United States
                  Member #2338
                  September 17, 2003
                  2063 Posts
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                  Posted: May 8, 2005, 2:28 pm - IP Logged

                  They would have to change the matrix again if Florida joined. Plus Powerball has the incredibly lame rule regarding limits to a record pot. The only lottery that even has a chance at 400+ is Mega. Good thing I live in a Mega state that is also income tax free :)

                    Avatar
                    Redmond WA
                    United States
                    Member #5966
                    July 29, 2004
                    71 Posts
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                    Posted: May 8, 2005, 2:56 pm - IP Logged

                    I think once the MM jackpot goes to $400 or $500 million and half the state of Florida is driving to Georgia to buy MM tickets somebody in Florida is going to start to ask to get MM in the state.

                    They can hold out for awhile longer but, I think the people of Florida would like to get Mega Millions in their state.

                    It's the right thing to do.

                     

                    Mike

                      weshar75's avatar - Lottery-042.jpg
                      Mcminnville, Oregon
                      United States
                      Member #3013
                      December 13, 2003
                      3047 Posts
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                      Posted: May 8, 2005, 3:21 pm - IP Logged

                      It will be really interesting and exciting to see a 500 million jackpot for mega millions if it does happen in the next year.

                        Avatar
                        Morrison, IL
                        United States
                        Member #4657
                        May 13, 2004
                        1884 Posts
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                        Posted: May 8, 2005, 4:48 pm - IP Logged

                          Powerball needs Florida more than Mega Millions does.  Especially since Powerball is increasing their matrix as well, they need more states to support higher rollovers.  It is totally bogus to increase the matrix without higher rollovers to compensate for it.

                          LOTTOMIKE's avatar - cash money.jpg
                          Tennessee
                          United States
                          Member #7853
                          October 15, 2004
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                          Posted: May 8, 2005, 5:25 pm - IP Logged

                          i've been doing a poll on if there will be a 500 million jackpot these past weeks......

                            Avatar
                            Baton Rouge, LA
                            United States
                            Member #4602
                            May 7, 2004
                            699 Posts
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                            Posted: May 8, 2005, 7:03 pm - IP Logged


                            I have a question for the more knowledgeable lottery players than I.

                            Occasionally I will slip into Indiana to play power ball.

                             My question is if I was ever so lucky to hit a taxable prize would I be required to pay Indiana taxes as well as my own states?

                            I do see that Arizona has a non resident tax of 6% but nothing is said of the other states?

                              I find that the lure of the power play is strong enough for me to try my luck---- a 100k with a power play would be a good prize



                            Interesting question which doesn't have a definite answer because it will depend on the states involved.  If you were to win in another state which has a state income tax, they will withhold federal and state income taxes from your winnings.  What you would probably have to do is file a non-resident tax return in that state for those winnings.  How nonresident income is taxed varies from state to state, so check the websites of the taxation departments of the states you are wondering about(the one you live in and the state of Indiana in your case) to get a definitive answer.  In most situations, that state will only tax you on the income you received from them, and not other income you receive.

                            How your own state will tax you also varies.  My state figures taxable income based on what is on the federal tax forms, so I'd have to pay my state's taxes on the income.  In my state, if someone lives in the state for the entire year and pays income taxes to another state, the taxes can be deducted from the state income tax.

                            It's a complicated question that would require alot of research of all states involved and possibly the feds.

                            PrisonerSix