Lottery players in the twelve Mega Millions states will be buying tickets for the largest jackpot in seven months.
The jackpot in the multi-state Mega Millions lottery drawing was increased to $146 million.
The rollover occurred because none of the tickets sold for Tuesday night's $128 million drawing matched all five lotto numbers and the Mega Ball number. The next drawing will be Friday night.
There were 8 second-prize winners from Friday night's drawing: 1 from California, 1 from Georgia, 1 from Illinois, 1 from Maryland, 1 from Michigan, 1 from New York, 1 from Ohio, and 1 from Virginia.
Each second prize ticket matched all five lotto numbers but not the Mega Ball number to win $250,000 apiece, except for California winner, who will get $276,955.
Unlike the other eleven Mega Millions states, California has pari-mutuel payouts at every prize level, so winners are paid an amount based on ticket sales and number of winners.
Sometimes that results in prizes lower than the other Mega Millions states, but Tuesday night that meant one lucky California lottery player will get an extra $26,955 for their second-prize win.
Also, 53 players matched four of the five lotto numbers, plus the Mega Ball number. Those tickets are each worth $10,000, except for 4 California tickets, which are worth $18,883 each.
The winning numbers from Tuesday night's drawing were: 2, 17, 22, 32, and 51. The Mega Ball number was 35.
The Texas Megaplier was 4.
It might be the biggest JP in seven months but it's also 50M behind where it was last time after rolling over 12 times thanks to the weakness of the bond market. On the bright side, the cash option is only about a 20M difference between the last time (about 99M vs 119M) which certainly makes it look much more attractive.
$99 million is nothing to sneeze at.After taxes its still going to be in the $50 million range.I could really help the economy out with that kind of money at my disposal ~;)
Of course not! Just saying how they're two rolls behind the previous JPs that have made it this far due to the bonds issue and I'm willing to bet the powers that be are holding it back too to let it drag out a little longer. I round it up to 100M because it's nicer sounding and could always make it to that amount if someone wins Friday when the sales are totaled. Would be about 60M after all is said and done with the likely taxes. I think I could live on that, let alone the potential interest and dividends it could bring.
after tax you will actually end up in the 70 million range. you're about 20 million short.
After Obama & his merry band of liberals get their hands on it the winner will be lucky to walk away with $50 million of it.
Actually, that's after what they withhold, not what you will owe. It's just about guaranteed you are going to owe more. My calculation shows with max tax, living in Michigan, you are going to wind up with additional taxes of almost $8.4m, leaving you just a hair under $61.6m. With a good tax planner, it only gets better.
MaddMike, all the more reason to take the cash option.
Anyone bought tickets yet? Quick Picks for me, single tickets, multiple locations, and $15 to spend.
Bought 3 today.
Thats under the tax laws that are in effect now.After January 20th,the dems will be in a position to change the tax laws.Obama campaigned on redistributing the wealth.Translation:Steal from the rich and give to the poor.This clown actually thinks he's Robin Hood!
You can take it in 2008....or take your chances that in this recession Obama & the Dems will hold off another year before doing the Robin Hood trick.
well, your calculation is wrong. Mine is right. 70 million after tax, thats pretty good. ill still give u a doller if i win and you dont youll be happy.
Your calculation is also wrong unless you're rounding up, taking off the initial 25% Federal and the 4.35% State income taxes you'd initially end up with $69,802,200 of the 98.8M cash option. However you'll likely owe another 10% at tax time which would make it $59,992,200 (taking the 10% from the jackpot amount before initial taxes) after those taxes unless you do a lot of work on deductions and exploring tax breaks with a really good tax attorney. With whom you would probably be able to reduce that, maybe even eliminate it (but I doubt it) or even having a chance of even receiving a partial refund of the initial taxes. I'm pretty sure I'm right unless there's something else I'm missing and I'm only going by the lottery income, not whatever else you might have had.
Still 60M (rounding up, obviously) isn't bad at all.
Even if you win the lottery another 10 percent of taxes is still alot.
Actually, no, it's not wrong. Using the moneychimp tax calculator, take 98,800,000 less MI tax of 4.35% and you have a net fed taxable of $94,693,500 - plug your number in, assume single, 2008 calculator (2009 published tax brackets are pretty much the same), you get fed tax of $33,121,322, leaving you with a nice chunk of change at $61,572,178 - give or take. This doesn't take into account your personal deductions, but at $61m, that's chump change.
Don't forget that the USA Mega calculation is calculated with only the minimum required witholding of 25% federal.
Just think how good it will feel to contribute $33M to help out the Feds bail more money. Yipppeeeeeeeee! Sometimes I think the annuity may be better just for the fact that you pay taxes in smaller payments and have some time to "get used to" having that much money. You may be able to learn, manage, and invest those annual payments over time to negate the massive "lump tax payment". You can always sell the annuity if you change your mind.
I certainly could do just fine with $4M a year, invested properly, your returns could retrieve the tax losses.
jarasan, I keep thinking more and more like you. $60m is an intimidating amount of money. I think the stress of trying to manage without taking huge losses would just be too much for me. And could I trust someone else to manage it? That might be as much stress as the other.
With an annuity of $4m per year, you can live very comfortably and put money away for 26 years. At the end of 26 years, you still have quite a bit of money and you have lived well.
But then to come full circle, LOL, 2% interest per year on $60m is $1.2m. That's pretty comfortable, too.