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$241 MILLION: Mega Millions lottery frenzy ramps up

Topic closed. 241 replies. Last post 5 years ago by faber98.

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Urbandale, IA
United States
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November 11, 2004
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Posted: March 18, 2012, 5:37 pm - IP Logged

My question isn't really about whether annuity is better than cash option . My question is about whether a state can tax you on the INTEREST that is earned after you leave the state when you choose the annuity option. There are all kinds of things that go into picking an annuity over a cash option including factoring in the unknown future...my question pertains to just one aspect of making that choice.

Thus I didn't need that poster to pontificate to me about what other lottery winners have done. Their choices are not relevant.

 

I just wanted to know if anyone had the answer about the interest and one that is not just a guess.

The answer is that you are not getting "interest".  You are getting a cash payment from the lottery as a part of the annuity stream.  It is not "interest" to you.  The payments are taxed as ordinary income.  The state making the payments can tax you.  Your state of residence will tax you.  But there tax reciprocity agreements in place between states so that you don't get double-taxed.

    BBLL's avatar - audi r8-wallpaper-bla
    Chicago
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    February 7, 2012
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    Posted: March 18, 2012, 7:07 pm - IP Logged

    If nobody wins Tuesday how will the jackpot be Friday?

      Cletu$2's avatar - Lottery-050.jpg
      S.E.Iowa
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      December 21, 2011
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      Posted: March 18, 2012, 7:29 pm - IP Logged

      If nobody wins Tuesday how will the jackpot be Friday?

      It will be astronomical if nobody wins Tuesday,but not to worry,because I intend to win!

      When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow

      There ought to be one day - just one - when there is open season on senators. ~Will Rogers

        dpoly1's avatar - driver
        PA
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        October 16, 2008
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        Posted: March 18, 2012, 7:36 pm - IP Logged

        If nobody wins Tuesday how will the jackpot be Friday?

        It will be enjoyable & will put you into the class of people that libs demonize. But in reality you will be in the class of people that invest and grow the economy!
        Good luck to all of my LP friends, may each one of you realize your dreams!

        dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

         

        Eschew Poverty ........... Vote Conservative!

          mightwin's avatar - questns

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          Posted: March 18, 2012, 8:57 pm - IP Logged

          If nobody wins Tuesday how will the jackpot be Friday?

          I'm guessing around 310 million...

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            WV
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            March 2, 2011
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            Posted: March 18, 2012, 9:15 pm - IP Logged

            Yes $241 million dollars is alot of money, however we all know because the lottery is rigged they will have 1 winning ticket in either california or ny.

            You mean its rigged so that the winner is from either NY or Calif ?

            Who riggs it and how do they do it so that its either from Calif or NY? Who do thet rig it for and how is the person picked that its rigged for? Also how do you figure that its rigged for 1 of those 2 states?

              RJOh's avatar - chipmunk
              mid-Ohio
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              Posted: March 18, 2012, 9:26 pm - IP Logged

              If nobody wins Tuesday how will the jackpot be Friday?

              It will be in the range that PB was hoping to be in by now with its $2 tickets.  I suspect PB players will abandon PB and start putting all their money on MM.

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

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                WV
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                Posted: March 18, 2012, 9:26 pm - IP Logged

                241 annuity or 171 cash. I dont care which one it is. Either way its more than ill be able to spend either way

                  KSplayer's avatar - lightening
                  KS
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                  Posted: March 18, 2012, 9:26 pm - IP Logged

                  I usually only spend $1 on a QP but for some reason i told the lady a $3 QP instead hmmmm maybe my mind was trying to tell me something and i bought the winning ticket lol

                   

                  Good Luck everyone and I have always been an annuity kind of person but with the economy and the way the debt and tax talks are going i am becoming a "give me my cash" kinda person.

                  DREAMS DO COME TRUE!!!!!!!!!Blue Angel

                    zinniagirl's avatar - flower avatar_0026.jpg
                    nc
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                    Posted: March 18, 2012, 9:36 pm - IP Logged

                    Good luck to everyone.

                      RJOh's avatar - chipmunk
                      mid-Ohio
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                      Posted: March 18, 2012, 9:39 pm - IP Logged

                      241 annuity or 171 cash. I dont care which one it is. Either way its more than ill be able to spend either way

                      Don't worry, there would be plenty of people you don't even know beating on your door to help you spend it.  They would probably be your biggest problem if you ever won that much.

                       * you don't need to buy more tickets, just buy a winning ticket * 
                         
                                   Evil Looking       

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                        WV
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                        Posted: March 18, 2012, 10:10 pm - IP Logged

                        If nobody wins Tuesday how will the jackpot be Friday?

                         Last 3 with similar jackpots that rolled .  Aug 2009 252 went to 336.  Mar 2011 244 went to 319. Dec 2010 went from 242 to  380. Idont know why the last one had such a big jump compared to the other 2 but it did

                          Cletu$2's avatar - Lottery-050.jpg
                          S.E.Iowa
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                          Posted: March 18, 2012, 10:17 pm - IP Logged

                           Last 3 with similar jackpots that rolled .  Aug 2009 252 went to 336.  Mar 2011 244 went to 319. Dec 2010 went from 242 to  380. Idont know why the last one had such a big jump compared to the other 2 but it did

                          Christmas.People were buying lottery tickets to use as stocking stuffers.Just a guess,mind you.

                          When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow

                          There ought to be one day - just one - when there is open season on senators. ~Will Rogers


                            Bahamas
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                            Posted: March 18, 2012, 10:22 pm - IP Logged

                            Christmas.People were buying lottery tickets to use as stocking stuffers.Just a guess,mind you.

                            I agree!

                             

                            So it covered the hundreds of people who don't typically play the game.

                            "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!"

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                              WV
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                              Posted: March 18, 2012, 10:22 pm - IP Logged

                              Don't worry, there would be plenty of people you don't even know beating on your door to help you spend it.  They would probably be your biggest problem if you ever won that much.

                              Yea im sure your right about that. Id give a good potion to my immediate family and some to some charity. Id help out some friends that arent well up a little. As for strangers and and that sort id ask tham a couple questions like how did you help me whan i was down on my luck for a period of time and how much did you contribute to the the winning ticket i bought. Both answers would be none so thats what im giving tham in return. Id set up my winnings in some sort of fund so my name wouldnt be published if your able to do that in WV.

                                 
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