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$550 MILLION: Mega Millions holiday bonanza!

Topic closed. 220 replies. Last post 3 years ago by Viking Orayk.

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Saylorgirl's avatar - Lottery-065.jpg
Indiana
United States
Member #129225
June 13, 2012
546 Posts
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Posted: December 16, 2013, 9:56 am - IP Logged

The main stream media is the WORST.  It's funny listening to them give out wrong cash value amounts and flashing 30 million dollar jets and 100 million dollar real estate...as a possibility with a 550 million dollar jackpot.  After taxes if you bought a 100 million dollar home and a 30 million dollar jet you would be on Lotterys Biggest Losers in a few years.....

You wouldn't have enough left to turn on the electricity in the house or to fill up the jet with jet fuel.

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    Portland, OR
    United States
    Member #145973
    August 20, 2013
    226 Posts
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    Posted: December 16, 2013, 10:01 am - IP Logged

    Highly, highly, highly Unlikely!!!! Sales might plateau but certainly not fall precipitously. Remember, most tickets sold this time around were a mere $1 or $2. If it gets to that prize range those people will up it to $5 or $10 dollars. Furthermore, people won't "run out" of money for the lottery, the darn thing cost a buck to get in on the action. Worst case scenario they'll simply skip the friday night movie, skip the dinner date, give lottery tickets as gifts, have lottery parties, join big and bigger pools at work, with friends or with family etc. If and when it gets to a $1 Billion plus, i guarantee you, no such thing as fatigue. Just more and more purchases with new innovative ways of getting in on the action. Believe that!!!

    That's what I was thinking.  With a bigger jackpot, people will spend more heavily and more people will get in on the action.  And being constantly on the news now...  Most people that will be buying tickets this week wouldn't recognize a T-bone about MM's odds, the MM rules or even know that the MM rules have been changed.  They are just buying a piece of paper with a chance to win big money.  Fatigue?  That's a joke.

    I'm sure the MM willl be $800m before Tuesday's drawing and a $1B+ before Friday.  The big rollers are getting in now.  Crazy!

    "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                              Robert Greene

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      md
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      April 20, 2005
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      Posted: December 16, 2013, 10:29 am - IP Logged

      Anybody have a guess how high this will be on Tuesday!?

      I think it will be $620,000,000 by tuesday night at the drawing time.......

        Jill34786's avatar - Lottery-006.jpg
        Windermere, FL/Franklin, TN
        United States
        Member #50210
        March 1, 2007
        843 Posts
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        Posted: December 16, 2013, 11:33 am - IP Logged

        I just heard on the radio that this jackpot could set a new record when MUSL issures a jackpot update later today which could be well over $600M.

        Even if the annuity got bumped up to $685 million it would still be 4th overall in terms of cash value.

        ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

          Jill34786's avatar - Lottery-006.jpg
          Windermere, FL/Franklin, TN
          United States
          Member #50210
          March 1, 2007
          843 Posts
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          Posted: December 16, 2013, 11:48 am - IP Logged

          The main stream media is the WORST.  It's funny listening to them give out wrong cash value amounts and flashing 30 million dollar jets and 100 million dollar real estate...as a possibility with a 550 million dollar jackpot.  After taxes if you bought a 100 million dollar home and a 30 million dollar jet you would be on Lotterys Biggest Losers in a few years.....

          I Agree! Even worse is mentioning giving $450 million away to family and friends and keeping just a $100 million for themselves. What these people don't realize is that the cash value ($295.3M) after all Federal tax obligations are paid would only net roughly $178 million. If their state has an income tax and they happen to reside in NY city the burden would be another $35 million in taxes due. 

          The broadcast I saw was from NY and it might be kind of hard giving away $450 million especially when you only netted $150 million.

          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

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            New Member

            United States
            Member #149995
            December 14, 2013
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            Posted: December 16, 2013, 11:57 am - IP Logged

            Breaking news.  Cnn said Jackpot is now 586 million dollars now

              Kumo's avatar - ebDWVf6 jpg?1

              United States
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              January 27, 2012
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              Posted: December 16, 2013, 12:09 pm - IP Logged

              Not to mention unless someone wants to use up their lifetime gift tax exclusion of $5,250,000, only the first $14,000 ($28,000) of a gift per person, is nontaxable each year (2013 rates). Everything you give a single person over that amount per year, may be taxed at up to 40% by the IRS.

              This is another area where big lottery winners quickly fall into trouble.

              Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

              "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

              "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                Jill34786's avatar - Lottery-006.jpg
                Windermere, FL/Franklin, TN
                United States
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                March 1, 2007
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                Posted: December 16, 2013, 12:15 pm - IP Logged

                Breaking news.  Cnn said Jackpot is now 586 million dollars now

                Cash value is now $316 million.

                ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                  Kumo's avatar - ebDWVf6 jpg?1

                  United States
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                  January 27, 2012
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                  Posted: December 16, 2013, 12:43 pm - IP Logged

                  Not to mention unless someone wants to use up their lifetime gift tax exclusion of $5,250,000, only the first $14,000 ($28,000) of a gift per person, is nontaxable each year (2013 rates). Everything you give a single person over that amount per year, may be taxed at up to 40% by the IRS.

                  This is another area where big lottery winners quickly fall into trouble.

                  Sorry for the error. The $28,000 figure is for the max nontaxable gift given by a married couple.

                  Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

                  "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

                  "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                    Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
                    SW Florida
                    United States
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                    August 11, 2013
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                    Posted: December 16, 2013, 1:06 pm - IP Logged

                    Not to mention unless someone wants to use up their lifetime gift tax exclusion of $5,250,000, only the first $14,000 ($28,000) of a gift per person, is nontaxable each year (2013 rates). Everything you give a single person over that amount per year, may be taxed at up to 40% by the IRS.

                    This is another area where big lottery winners quickly fall into trouble.

                    Valuable info, thank you.  So if you go around thinking you can make all your family and many of your friends millionaires themselves, you end up with a whacking big tax bill the next year?  What's the best way around this? Or how to minimize the tax hit?

                      LottoMetro's avatar - Lottery-024.jpg
                      Happyland
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                      September 1, 2013
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                      Posted: December 16, 2013, 1:09 pm - IP Logged

                      Just an update. The jackpot increase is both a result of last Friday's sales and tomorrow night's projected sales.

                      Last Friday they projected about 104 million in sales (lol)....turned out to be 168 million.

                      For tomorrow night they had projected about 206 million in sales.....now they are projected nearly 242 million.

                      No word yet on the prospective rollover jackpot, I will have that tomorrow afternoon as usual Wink

                      If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                      If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                      2016: -48.28% (13 tickets) ||
                      P&L % = Total Win($)/Total Wager($) - 1

                        mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
                        Los Angeles, California
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                        December 2, 2013
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                        Posted: December 16, 2013, 1:27 pm - IP Logged

                        Sorry for the error. The $28,000 figure is for the max nontaxable gift given by a married couple.

                        Are these limits for straight cash gifts?  What if you pay off their student loans, mortgages, credit card bills, etc.?

                          Kumo's avatar - ebDWVf6 jpg?1

                          United States
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                          January 27, 2012
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                          Posted: December 16, 2013, 1:30 pm - IP Logged

                          Valuable info, thank you.  So if you go around thinking you can make all your family and many of your friends millionaires themselves, you end up with a whacking big tax bill the next year?  What's the best way around this? Or how to minimize the tax hit?

                          You're welcome. 

                          One way to get around it is to split it at the beginning with family, if your state allows it, have the lottery commision write you folks multiple smaller checks instead of the big one.

                          In my state of Texas we are not allowed to do this as they have the one claimant per ticket rule, but there is a loophole. You may enter into a legally binding lottery pool (entity) with family and friends and have the document with all the members names and signatures notarized. This must be done before you buy your ticket(s).

                          or...

                          Just don't go over the annual limits of $14,000 per person if you are single or $28,000 ($14,000 from each) if you are a married couple. If you and your spouse each give 100 people $14,000 each, you could easily give $2.8 Million away a year and not take the tax hit.

                          Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

                          "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

                          "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                            Kumo's avatar - ebDWVf6 jpg?1

                            United States
                            Member #122235
                            January 27, 2012
                            172 Posts
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                            Posted: December 16, 2013, 1:41 pm - IP Logged

                            Are these limits for straight cash gifts?  What if you pay off their student loans, mortgages, credit card bills, etc.?

                            I am not sure about this, perhaps there is a CPA or Tax Attorney on these forums that might be able to go into more detail.

                            One thing I do know is that you run the very real risk of having them audited by the IRS. It will raise a red flag with them if they see that the recipient suddenly got a large chunk of money.

                            Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

                            "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

                            "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                              LottoLucy's avatar - hereslucy header.jpg

                              United States
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                              August 14, 2012
                              171 Posts
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                              Posted: December 16, 2013, 1:43 pm - IP Logged

                              Are these limits for straight cash gifts?  What if you pay off their student loans, mortgages, credit card bills, etc.?

                              Paying off loans like that still counts against the annual exclusion amount of $14,000 ($28,000 married couple).  The only way around that is to pay for someone's medical or education expenses and the catch there is you have to make payment directly to the institution or provider.

                              Some good news is that while the $14,000 annual exclusion stays the same in 2014 the life time exclusion raises to $5.34 million on January 1st.  Double that if you are a married couple and agree to do what is called gift splitting.

                               

                              Lotto Lucy

                                 
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