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Powerball lottery jackpot hits record $365 million

Topic closed. 49 replies. Last post 11 years ago by libra926.

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United States
Member #379
June 5, 2002
11296 Posts
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Posted: February 20, 2006, 12:46 pm - IP Logged

Only NY and Texas require the cash/annuity choice to be made when you play on its games.

Try across the creek - NJ requires a choice up front also. MM & Pick 6.

The choice in NY and Texas is binding. NJ allows a winner to change their mind.

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    Sparta, NJ
    United States
    Member #18331
    July 9, 2005
    1977 Posts
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    Posted: February 20, 2006, 1:09 pm - IP Logged

    Only NY and Texas require the cash/annuity choice to be made when you play on its games.

    Try across the creek - NJ requires a choice up front also. MM & Pick 6.

    The choice in NY and Texas is binding. NJ allows a winner to change their mind.

    Actually, technically, no.  You get only what you checked off; cash option or annuity option.  Assuming you won.

    If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity).  If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves.   Their "help" is a list of registered institutes they have dealt with in the past.  There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance.   I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?

    You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process.  I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything.  Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner?  Can't be that many.

    Wrote and received an email on this specific subject. 

     

     

    Cheers

    |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

    I only trust myself - and that's a questionable choice


      United States
      Member #379
      June 5, 2002
      11296 Posts
      Offline
      Posted: February 20, 2006, 1:12 pm - IP Logged

      Only NY and Texas require the cash/annuity choice to be made when you play on its games.

      Try across the creek - NJ requires a choice up front also. MM & Pick 6.

      The choice in NY and Texas is binding. NJ allows a winner to change their mind.

      Actually, technically, no.  You get only what you checked off; cash option or annuity option.  Assuming you won.

      If you choose the cash optioin, they will not switch the cash choice to annuity (yeah, I know you would never do that, and yeah, I know you can buy your own annuity).  If you choose the annuity option, they will "help" you sell the annuity, but they will not switch the annuity to cash themselves.   Their "help" is a list of registered institutes they have dealt with in the past.  There is a clause in the state law that prevents them becoming directly involved, or providing financial guidance.   I like the fact that a list from the state would be something you can reasonably trust. I would assume, all states will do the same thing. Why not?

      You can also get a list of financial institutes (banks) they have dealt with, so you can begin the cash transfer process.  I asked for the list of financial institutes (banks) and they said it keeps changing - come back when you win! Some times you can't pre-plan everything.  Then again, how many financial institutes can support a major tranfer of millions of dollars for a lottery winner?  Can't be that many.

      Wrote and received an email on this specific subject. 

       

       

      I would tell that to Todd. AFAIK be believes you can change your mind in NJ.

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        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
        1977 Posts
        Offline
        Posted: February 20, 2006, 1:53 pm - IP Logged

        Cash5: 

        The more I thought about the earlier thread, the less confident my memory was true to the facts.  I was not correct earlier.  I went back and read my initial email with the state.  I have attached it, so every one will know the exact positon.  For obvious reasons, I changed the name in the email.  I also didn't include follow-up email.

        From: xxxxxxxxx [mailto:xxxxxxxxx@xxxxx.com]
        Sent: Wednesday, September 14, 2005 11:39 PM
        To: Public Info
        Subject: Mega Millions - Cash or Annuity

        When purchasing my MM ticket, I am required to choose cash or annuity.
        Do I have the option to switch when I win?
        I chose cash, when I win, can I revise that to annuity? Or am I stuck
        with my initial choice?
         
        xxxxxxxx
        Sparta, NJ

          _____ 

        From: "Public Info" <Publicinfo@lottery.state.nj.us>
        To: <xxxxx
        @xxxxxx.com>
        Subject: RE: Mega Millions - Cash or Annuity
        Date: Thursday, September 29, 2005 10:17 AM

        Should you hold the winning ticket and it has been purchased as an
        annuity ticket, the NJ Lottery will immediately purchase the annuity at
        the rate available.  You do have the option of requesting that the NJ
        Lottery sell that annuity on your behalf within 60 days, however, the
        sale will be governed by the market rates at the time of sale.
        Therefore, you could possibly lose money or increase your winnings based
        on the rates at the time of sale.

        * Cash V. Annuity

        The cash prize is simply the total money available for the top tier
        prize. This is paid less the Applicable Federal tax, currently 25%. The
        annuity amount is determined by the cash available and the current
        interest rate for government securities. The annuity is paid over 26
        payments, an initial check followed by 25 annual installments. These
        payments are also subject to the Federal withholding rates. New Jersey
        Lottery advises winners to seek tax advice from either IRS or a tax
        advisor, as New Jersey Lottery is not permitted to provide tax advice.

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice

          Avatar
          Bethesda, Maryland
          United States
          Member #16901
          June 6, 2005
          446 Posts
          Offline
          Posted: February 21, 2006, 5:11 pm - IP Logged

          I'm ready to be the new record holder !!!!!!!!!!!!

          DD

          HAPPY FRIDAY "DD"....

          No Pity! and now, where have I heard that before..?????lololololololoolollolll

          hey look, I'll be nice to you, because I'm still waiting for your Acccount Number...lololoolloll

          And a very happy Friday to you Libra !!! 

          Hey, I might just shock you one of these days !!

          You know, the power of positive thinking.......

          I already gave you the account # , but just in case here it is again:

          *** *** *** ****

          Good luck!!!!

          DD 

           

          HAPPY  POWERBALL DAY.."DD".....2/18/2006

          IT MUST BE A GREAT DAY....No Snow(but you've never seen that before anyway)..No Rain, No Sleet, No Hurricanes or Typhoons....and minnie me is going down to the border of the Nations Capitol to purchase PB Tickets, today......that's right, I have no excuses today....the weather is good, cold, but good just the same....and I am using my personal number series for the.........

          ...BIG EVENT$$$$$$$$$$$36500000000, like a Sexy Man, I can't  resist this time. And, I am proud of my number series too. I really worked on it, NO "QP" for me, only originals....

          ohhhh.thanx again for the Account Number, but if I WIN BIG TONIGHT...I may not need it..LOLLO

          Hey Libra, whazzup ?????

          Well,

          I spent some time today on the border getting me some tickets.

          I also spent me some time getting in the mood with some of them scratchers (aka paper slot machines)... 

          It was a good day until I checked the PB tix.

          ARGHHHHH

          Well, maybe next time.

          DD

          2/21/2006

          HAPPY TUESDAY....ANYWAY..."DD"

          only one ticket matched all the numbers...lololololol......wowowow....unreal, but Congrats to the winner.....they were meant to win, and did.  Stay on the line,  your #'s  are coming up......and for that matter, mine are too.....

          See Ya!