payout/jackpot question

Reply #4

justxploring — Mon, 16 Jun 2008 05:44:59 GMT

I doubt if any jackpot or lump sum is ever advertised as after tax for the simple reason that everyone will have a different tax obligation.

From your example (an $8.5M payout for a $15M jackpot) I'm assuming that no taxes are being considered at all. After all, that's almost 57% of the estimated jackpot. If you are talking about a jackpot that a state is advertising, as I first said, the federal and state taxes are never deducted. For example, how would they know in advance how many winners... [ More ]

Reply #3

guesser — Mon, 16 Jun 2008 05:23:49 GMT

a 360 (380?) mill jackpot in Neb was split between 8 players, who went in on the ticket together, and each one took home about 15.4 mill.

Go figure...

I understand if you were to win 15 mill, you would get about 45-48% of that amount.

It may depend on the State you are in...

Reply #2

djklaugh — Mon, 16 Jun 2008 04:04:35 GMT

Blackblue

There are two ways to collect most jackpots (ie MegaMillions or Powerball and most state lotteries) - either by taking it as an annuity that pays out over a certain number of years (25 years for Megamillions and 30 for Powerball - check your own state's lottery website to see what their deal is). Or you can take a cash option which pays you the amount of money the lottery organization would put into an annuity to generate the payouts over their particular time span. It is not exact... [ More ]

Reply #1

ptcruiser70 — Mon, 16 Jun 2008 02:37:48 GMT

hay blackblue thats just the offer before taxes so would walk away with about 5million 700 000

payout/jackpot question

blackblue — Mon, 16 Jun 2008 02:34:04 GMT

if the JACKPOT is 15,000,000.00 and it says the PAYOUT is 8,500,000.00 does that mean payout after taxes? and how much would they take out if you take the lump sum? those are two things i never did understand.