Mega Millions lottery jackpot rolls to $120 million

Comment #35

GamerMom — Wed, 25 Feb 2009 18:38:29 GMT

Or legalize marijuana and place a $50 tax on an ounce. Problem solved

Comment #34

Piaceri — Wed, 25 Feb 2009 18:27:51 GMT

Death and taxes, right?

Personally, I think there is too much double taxation. Taxes on monetary gifts where the money had most likely already been taxed on the giver, and inheritance taxes where taxes have already been paid on earnings being inherited.

Abolish the IRS and establish flat tax 10%, or a national consumption tax.

Comment #33

GamerMom — Wed, 25 Feb 2009 17:29:43 GMT

Thank you very much Uff!! I really appreciate you taking the time to type all of that out. Boy the IRS will get you any way they can, right

Comment #32

MaddMike51 — Wed, 25 Feb 2009 17:29:35 GMT

I realize that law and logic don't always go hand in hand,but why should the giver of a gift be taxed on that gift.It would,at least in my my mind ,make more sense for the recipiant of the gift to pay the taxes on it.

Comment #31

Uff Da! — Wed, 25 Feb 2009 16:29:33 GMT

As soon as the drawing takes place, the winning ticket is worth the amount of the winnings. Anything you do with ownership after that moment is subject to the gift tax laws.

Only one person will have physically purchased a lottery ticket. The IRS will expect that any ownership other than that of the one individual will need to be proven and that any transfer between people happened before, not after, the drawing to avoid gift taxes. When millions of dollars in tax revenue are at stake, the I... [ More ]

Comment #30

GamerMom — Wed, 25 Feb 2009 12:33:56 GMT

How is it giving it away if all parties both sign it and claim it together? I'm confused on how this is considered a gift.

Comment #29

time*treat — Wed, 25 Feb 2009 03:48:59 GMT

Woman 'hiding lottery win from husband' - www.lotterypost.com/news/126952

Comment #28

Uff Da! — Mon, 23 Feb 2009 19:29:40 GMT

If you did this, the IRS would almost certainly rule that the entire amount you gave to others was a gift subject to gift taxes. The amount you owed in gift taxes might be more than the amount of money you had left!

Any arrangement between individuals to share the winnings of a lottery ticket need to be made before the ticket wins, not after. Otherwise it is a gift. You would need to be able to verify the date of the arrangement, so the arrangement should be in writing and perhaps notarized.

Comment #27

DelmarvaChick — Sun, 22 Feb 2009 17:47:03 GMT

GamerMom it's not being stingy....it's being smart. Your choice to give or not give is one thing, but you have to think... Do I want to give it all away and feel good even though I'm broke orrrrrrrrr would you rather say I want to give for the rest of my life and beyond, setting up a legacy that will have an impact on society, the things I find important within it and my family

Me personally, I would give some away but I wouldn't go broke doing it. NOBODY would know that I've won except the... [ More ]

Comment #26

GamerMom — Sun, 22 Feb 2009 17:13:31 GMT

i just can't understand why anyone would be stingy with $150 million. I think if I won the pb i would have my sig other, his mom and my mom sign the ticket with me. that would be about $15 million after taxes each (assuming $80 million payout as previous poster stated). I do think you are right, we would have to move but I would keep my current house. i'm sure in a few years it would all blow over and i could come back. or not. You are right, though I would have to learn to say no more often... [ More ]

Comment #25

Piaceri — Sun, 22 Feb 2009 15:50:10 GMT

GamerMom, you are going to have to learn to say no if you don't want to end up giving it all away and winding up with none for you and your kids. Either that, or find a way to get around it. Protect yourself, protect your winnings - these are important if you want that money to last.

With this size of lottery and you finding the word no hard to say, you will have to move or they will be at your door day and night. That is step one (after hiring a lawyer and finance advisor). You buy a new hou... [ More ]

Comment #24

MaddMike51 — Sun, 22 Feb 2009 05:15:58 GMT

Powerball rolled over.Wednesdays jackpot will be 150 million dollars.80 million dollars cash option.1 person in Florida hit five numbers w/o the powerplay option.Someone in Iowa (not me) hit 5 numbers with the powerplay option for 1 million dollars.Hope it was someone that I know.I'm happy for them even if I don't know them.Its been awhile since an Iowan won a second prize,even longer since an Iowan won the jackpot.

Comment #23

GamerMom — Sun, 22 Feb 2009 04:58:42 GMT

ok, thanks

Comment #22

MaddMike51 — Sun, 22 Feb 2009 04:57:21 GMT

Thats because it takes a couple of hours for all Powerball states to report in with the results.

Comment #21

GamerMom — Sun, 22 Feb 2009 04:40:20 GMT

they have the numbers up but not if it is a rollover or not

Comment #20

MaddMike51 — Sun, 22 Feb 2009 04:36:32 GMT

It generaly takes a couple of hours before the results are posted.USA MEGA/Lottery Post is usually one of the first websites to post the results.

Comment #19

GamerMom — Sun, 22 Feb 2009 04:29:27 GMT

does anybody know if the PB is a rollover? the FLA Lottery website is slooow

Comment #18

Halle99 — Sat, 21 Feb 2009 22:23:00 GMT

I hear you. For me I will take the annuity and work with little annual amount and invest in this economy I don't want to take everything and invest it with some company that who knows when they are going to go downhill....I trust the lottery more on that. As for my family and friends(extended included)...I will give them all a portion of my winnings and wish them good luck in managing their money....If anybody becomes greedy NO will be the answer and asta la vista....I have already told them and... [ More ]

Comment #17

LottoLin — Sat, 21 Feb 2009 17:58:58 GMT

Me and my husband wouldn't have a problem saying NO. When we have our Big Win we will have our financial advisor set up a limited liabiltiy Corp.

investment group named xyzou. This way no body will know we won the lottery except for one or two people we tell. But they would be a part of this so they wouldn't be telling everyone any way. I would take the cash so I could have the investor invest it the way I see fit. The lottery puts the money in government bonds that are secure I could do tha... [ More ]

Comment #16

JWBlue — Sat, 21 Feb 2009 02:28:57 GMT

Agree.

If they bitched about not getting any money. My response no matter who it was or how long I knew them:

Nice knowing you.

Comment #15

GamerMom — Fri, 20 Feb 2009 23:07:00 GMT

I really do, i'm afraid of bad karma. If I had $125 million dollars I would probably not refuse to pay anyone's crippling medical bills (tax break!!!) but personal gifts would be hard for me to say no to without feeling guilty yet sooner or later I would happen upon the dreaded gift tax and then kick myself in the butt for doing it.

Comment #14

ThatScaryChick — Fri, 20 Feb 2009 19:08:21 GMT

I am guessing because some people have a hard time saying no.

Comment #13

time*treat — Fri, 20 Feb 2009 14:43:55 GMT

...you have a better excuse not to pony up the money to everyone who asks.

Why would you need an excuse

Comment #12

ambelamba — Fri, 20 Feb 2009 06:04:46 GMT

Well, my birthday is this Saturday. Winning a MM will make my day.

Comment #11

KY Floyd — Thu, 19 Feb 2009 19:13:59 GMT

MM and PB both keep 50% and both put almost exactly the same amountinto the jackpot. PB just pays the annuity over a longer period, andthe payments are smaller at the beginning.

Comment #10

GamerMom — Thu, 19 Feb 2009 17:38:35 GMT

I'm assuming you are talking about the cash payout amount before taxes? Personally on that much $$$ i would take the annuity because I don't know where in the H E double hockey sticks i would put 68 million dollars!! Plus I think if you get the annuity you have a better excuse not to pony up the money to everyone who asks. right now with PB annuity you would take home about 3 million a year after taxes and that suits me just fine. I love my house and have no plans to move or sell it and with onl... [ More ]

Comment #9

LottoLin — Thu, 19 Feb 2009 17:29:57 GMT

Just a thought I don't know if a lot of people know the difference between Mega Millions and Power Ball. When the JackPot in Mega Millions is at 120 million before taxes is 80 million and then they take off if any in the respective state taxes.

Now in Power Ball the Jack Pot is at 125 Million yet the before tax amount is only 68,900,000.00. Why such a difference in the amounts of the before tax amounts? Power Ball seems to be keeping more of the money than giving it to the comsumer. I've noti... [ More ]

Comment #8

GamerMom — Thu, 19 Feb 2009 17:10:10 GMT

I'm so excited! I'm going to get 50 PB QP tomorrow

Comment #7

dpoly1 — Thu, 19 Feb 2009 16:44:58 GMT

Powerball $125,000,000

Comment #6

diamondpalace — Thu, 19 Feb 2009 04:23:13 GMT

+20 millions increase after one draw, nice. Slow start going up on the roller-coaster, now here comes the big dip, followed by few loops, side-to-side actions, before it is over. Put your hands up and enjoy the ride

Comment #5

GamerMom — Thu, 19 Feb 2009 04:18:16 GMT

Congratulations to the winner

Comment #4

Texas Joey — Thu, 19 Feb 2009 03:59:06 GMT

Some one here in Katy, TX won 5 of the 6 numbers....I'm not say who.

Comment #3

Halle99 — Wed, 18 Feb 2009 19:51:02 GMT

I am really eyeing the Mega Million. I have had numerous dreams of winning the jackpot. Wow I believe this is my blessings from GOD amen. Good luck to all powerball players and for Mega million players too.

Comment #2

GamerMom — Wed, 18 Feb 2009 18:33:09 GMT

Got my numbers in...good luck to all my fellow LP PB players

Comment #1

Captain Lotto — Wed, 18 Feb 2009 15:39:41 GMT

Don't forget, Powerball is $105 million for tonight.

Mega Millions lottery jackpot rolls to $120 million

Lottery Post — Wed, 18 Feb 2009 13:54:58 GMT

The jackpot in the multi-state Mega Millions lottery drawing was raised to $120 million.

The rollover occurred because none of the tickets sold for Tuesday night's $103 million drawing matched all five lotto numbers and the Mega Ball number. The next drawing will be Friday night.

There were five second-prize winners from Tuesday night's drawing: 1 from California, 1 from Georgia, 1 from New York, 1 from Texas, and 1 from Washington. Each second prize ticket matched all five lotto numbers b... [ More ]