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$270 Million: Mega Millions lottery jackpot raised again

Topic closed. 60 replies. Last post 9 years ago by Captain Lotto.

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Omniscient's avatar - Lottery-017.jpg
Florida
United States
Member #46570
September 14, 2006
558 Posts
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Posted: February 20, 2008, 1:47 pm - IP Logged

 'I owe, I owe and off to work I go..(whistles)'

 

Green laughI'd like to see you at a party!

Everyone loves a party! Especially me! woohoo

PartyPartyGuitarCheers Thumbs Up

LOL

 

Muuust ...Wiiiiiin..the... Lottoooo...

Omniscient

 See full size image                                               

 Don't Play more, Play Smarter!

    Captain Lotto's avatar - CaptLotto
    Jefferson City, MO
    United States
    Member #55250
    September 20, 2007
    97 Posts
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    Posted: February 20, 2008, 2:21 pm - IP Logged

    Powerball is $100 million.  What's that, chump change? 

    Captain Lotto

    "Every day is a good day!"

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
      23275 Posts
      Online
      Posted: February 20, 2008, 3:07 pm - IP Logged

      A few comments:

      • Did you all see the sweet second prize that the California 5+0 winner got?  If not, you should check out the USA Mega drawing information page. I really like those parimutuel prizes in California (at least for the higher tiers). Sometimes the winners don't get as much, but they also have a shot at a much higher amount, as happened last night.
      • Hopefully those looking for after-tax amounts are checking out the Jackpot Analysis page.  Don't guess how much you'd get — look it up!
      • For those who don't live in or close to a Mega Millions state, Capt Lotto nicely reminded you about the "consolation prize" available with Powerball.  You can check out the after-tax Powerball amounts for the $100 million jackpot on the Powerball Jackpot Analysis page.  (Which even provides a year-by-year analysis of Powerball's annually-increasing annuity payout.)

       

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

       

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

        One2Adore's avatar - butterfly2
        Maryland
        United States
        Member #50566
        March 8, 2007
        88 Posts
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        Posted: February 20, 2008, 7:35 pm - IP Logged

        A few comments:

        • Did you all see the sweet second prize that the California 5+0 winner got?  If not, you should check out the USA Mega drawing information page. I really like those parimutuel prizes in California (at least for the higher tiers). Sometimes the winners don't get as much, but they also have a shot at a much higher amount, as happened last night.
        • Hopefully those looking for after-tax amounts are checking out the Jackpot Analysis page.  Don't guess how much you'd get — look it up!
        • For those who don't live in or close to a Mega Millions state, Capt Lotto nicely reminded you about the "consolation prize" available with Powerball.  You can check out the after-tax Powerball amounts for the $100 million jackpot on the Powerball Jackpot Analysis page.  (Which even provides a year-by-year analysis of Powerball's annually-increasing annuity payout.)

        Todd,  Lotto Guru that you are...

        I have a question that you may or may not be able to answer for me.  If three people contribute money to buy lottery tickets, can they split the winnings based on how much they contributed?  For example, a friend contributes $2, my husband and I contribute $4 each to make a purchase of 10 dollars worth of tickets.  Can we then split the winnings 20-40-40?

        Thanks!

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
          23275 Posts
          Online
          Posted: February 20, 2008, 7:41 pm - IP Logged

          Todd,  Lotto Guru that you are...

          I have a question that you may or may not be able to answer for me.  If three people contribute money to buy lottery tickets, can they split the winnings based on how much they contributed?  For example, a friend contributes $2, my husband and I contribute $4 each to make a purchase of 10 dollars worth of tickets.  Can we then split the winnings 20-40-40?

          Thanks!

          You can agree to split the prize any way you wish, but it must be in writing before the drawing.

          If it's only verbal it will likely not hold up in court.

           

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

           

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

            One2Adore's avatar - butterfly2
            Maryland
            United States
            Member #50566
            March 8, 2007
            88 Posts
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            Posted: February 20, 2008, 7:46 pm - IP Logged

            You can agree to split the prize any way you wish, but it must be in writing before the drawing.

            If it's only verbal it will likely not hold up in court.

            Thanks, Todd!!

              awwcrap's avatar - moon
              ky
              United States
              Member #37768
              April 19, 2006
              90 Posts
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              Posted: February 20, 2008, 8:15 pm - IP Logged

              Passing thru illinois,,,bought a 15 dollar dream(multi-draw)Hyperon megamillions. 

                Avatar
                Republic of Texas
                United States
                Member #57557
                January 9, 2008
                1095 Posts
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                Posted: February 21, 2008, 12:58 am - IP Logged

                Wow! $270,000,000!! That's my lucky number!!  How sweet is it that the Mega Millions just happens to be giving away MY LUCKY NUMBER?!!  Ya'll might as well tear your numbers up now.  I got it in the bag..... Hurray!

                 Sun Smiley

                Btw, the net of taxes figure on the Analysis page is only 25% FIT.  How many of you really believe that the IRS is only going to take 25%?  My guess is 35%, so plan on forking over a few more mill to the Feds.

                 

                One question for my Mega Millions tax planning....is lottery winnings subject to FICA/Medicare?

                  s5thomps's avatar - Lottery-033.jpg
                  Hard Luck, Ak
                  United States
                  Member #23472
                  October 13, 2005
                  275 Posts
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                  Posted: February 21, 2008, 1:09 am - IP Logged

                  That would be difficult, seeing as they don't even have a state lottery in Alaska, let alone Mega Millions!

                  Todd, I have a friend in washington state who sends me multi-draws for the mega millions. So YES I do have a chance!

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
                    New Jersey
                    United States
                    Member #1
                    May 31, 2000
                    23275 Posts
                    Online
                    Posted: February 21, 2008, 1:24 am - IP Logged

                    Wow! $270,000,000!! That's my lucky number!!  How sweet is it that the Mega Millions just happens to be giving away MY LUCKY NUMBER?!!  Ya'll might as well tear your numbers up now.  I got it in the bag..... Hurray!

                     Sun Smiley

                    Btw, the net of taxes figure on the Analysis page is only 25% FIT.  How many of you really believe that the IRS is only going to take 25%?  My guess is 35%, so plan on forking over a few more mill to the Feds.

                     

                    One question for my Mega Millions tax planning....is lottery winnings subject to FICA/Medicare?

                    The 25% is accurate.  You may owe additional federal income tax on April 15th, but that largely depends on how you use your money.

                    Some people get whipped into a frenzy at any suggestion that a jackpot winner may be able to lower their tax bill to a point that they don't owe all that much more on April 15.

                    Some jackpot winners will end up with a 34% total tax bill.  Some will not.  The creative ones (or the winners who hire creative managers) are usually the latter.

                     

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

                     

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

                      spy153's avatar - maren

                      United States
                      Member #28409
                      December 15, 2005
                      1198 Posts
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                      Posted: February 21, 2008, 7:42 am - IP Logged

                      Powerball is $100 million.  What's that, chump change? 

                      No, It's just that powerball hasn't been a very lucky game for me.  Lately, I have been forced to buy tickets in KY and it has proven very useless for me.  I play it all the time and would love to win that jackpot just as much as the other.  I don't know what is the matter, but I haven't so much as got the powerball right in something close to a year.   Well, Last summer I got some money.  But nothing to crack open a bottle of champagne.  (I would do that even for a few thousand dollars in winnings.  But it's never happened on powerball or mega millions.)

                      Last night it rolled again and all I got was one number right on all of my tickets.  No money.  No surprise.  I do way better with mega millions.  For instance, I got  1+1 and 0+1  on several tickets for the last 220 million draw.  Not much, I know, but it's winnings.   So I tend to get more excited about that game.

                      voir-vous dans mes reves!Cool

                        mken32's avatar - Lottery-062.jpg
                        I dont know where
                        United States
                        Member #1702
                        June 18, 2003
                        103 Posts
                        Offline
                        Posted: February 21, 2008, 8:22 am - IP Logged

                        Well, it looks like it's time to go across the Columbia river and buy some MM tickets

                        I've invaded South Georgia(From Jax FL) to get my winning ticket, I was wondering when I win this on Friday night who want to PARTY LIKE A ROCKSTAR.... I am excited about this I can't wait drive to Savannah and claim my prize or should I form my Dream team before claiming it.. oh well I'll make that decision when I get there 25Feb08  .... will I be the first person on LP to win the JP 270 million wow I am Pump "Party like a Rockstar"

                         Party  LIKE A RockStar

                          Avatar
                          New Member
                          Andover NJ
                          United States
                          Member #55168
                          September 15, 2007
                          5 Posts
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                          Posted: February 21, 2008, 10:44 am - IP Logged

                          I would get things in order BEFORE going to collect the prize.  There are lots of things to consider, are you giving anyone else money?  if so, let them claim their portion so you don't get stuck with their taxes and they won't get stuck with an additional gift tax.

                          Where are you going to park the money?  They are not going to give you that 3 foot long check and then expect you to cash it at the local bank drive-thru.  Although that would be pretty cool rolling up in a Lamborghini and trying to fit a 3 foot long check for 270 million into the tiny tube so they could cash it.  make sure to tell them "small bills please" 

                          You need some advice on how to minimize that first years tax burden.  paying taxes is required, but you should never overpay because you did not know some of the options for reducing your tax burden.  Find a decent tax person or investment advisor.   

                            Avatar
                            Coastal Georgia
                            United States
                            Member #2653
                            October 30, 2003
                            1866 Posts
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                            Posted: February 21, 2008, 2:49 pm - IP Logged

                            I've invaded South Georgia(From Jax FL) to get my winning ticket, I was wondering when I win this on Friday night who want to PARTY LIKE A ROCKSTAR.... I am excited about this I can't wait drive to Savannah and claim my prize or should I form my Dream team before claiming it.. oh well I'll make that decision when I get there 25Feb08  .... will I be the first person on LP to win the JP 270 million wow I am Pump "Party like a Rockstar"

                             Party  LIKE A RockStar

                            If you win, plan on a little bit longer drive. Savannah has a lottery office, but jackpots can only be claimed at the lottery headquarters, in Atlanta.

                            No big deal if you win....right ?

                             

                                                           

                                          

                             

                             

                              mken32's avatar - Lottery-062.jpg
                              I dont know where
                              United States
                              Member #1702
                              June 18, 2003
                              103 Posts
                              Offline
                              Posted: February 21, 2008, 5:40 pm - IP Logged

                              I did some checking and you can claim at any Lottery district office in GA that designated on handling anything over 600.00 and savannah is about two hours vice fours to atlanta ....

                              Partylike a ROCKStar