Question about Cash or Annuity

Reply #20

KY Floyd — Tue, 13 Mar 2012 05:07:04 GMT

NY lotto costs $1 for one bet that gives you one chance of winning one prize. Your one chance is in having either of two combinations match enough winning numbers to win a prize.

Reply #19

rdgrnr — Mon, 12 Mar 2012 18:30:10 GMT

Roger that plus I would add real estate at this particular time.

Away from big cities.

Reply #18

CDanaT — Sun, 11 Mar 2012 16:15:51 GMT

G.R. Great question you posed. Wouldn't it be nice to be confronted by that particular scenario ?.....2 or 3 or 4 winning tickets always mean a split from all rules I have read. Wouldnt that be similar to when a group wins a lotto and the option split into cash and annuities by each member? I realize its not 2 seperate tickets but it is seperate winners and each person or group is represented by that winning ticket.....After all, those vets that had the 7 winning tix from W.V. claimed their 14 m... [ More ]

Reply #17

Stack47 — Sun, 11 Mar 2012 15:52:08 GMT

but not a prize for matching 3 numbers with the 2nd line. You can still win multiple prizes on one ticket if the ticket has multiple bets.

There probably are people that believe if they match 4 numbers, they should win the four 3 number prizes too so the lotteries made it clear in their rules only the top prize will be paid or something like that.

The rules of the game say if there are more than one jackpot winning ticket, the jackpot will be split by that number. If there are two jackpot... [ More ]

Reply #16

GYM RICE — Sat, 10 Mar 2012 15:52:53 GMT

I agree that you will make more money with the cash option if and only if you have the right people in place putting your money to work and you don't go on too many wild spending sprees. But we've all seen time and time again that people who win large amounts of money and don't really know what to do with it, lose it quick. Wouldn't my senerio on a very large jackpot bring some peace of mind to someone who has no idea what to do with a large sum of money

Reply #15

HiFi — Sat, 10 Mar 2012 12:41:47 GMT

listen , never ever take the annuity, unless you lack the confidence in yourself to hold onto your money. u are way better at having the lump sum invested even at the bare minimum u would make 4 percent on municipal bonds, u could live off this interest or grow your money way better than that 26 year annuity. and who knows what the dollar will be worth 26 years from now. just take the cash option.

Reply #14

Bigheadnick — Sat, 10 Mar 2012 08:51:04 GMT

I will answer your question with one of my own., Why would you even want the annuity? As inflation continues each dollar is worth less and less. You should always take the lump sum and put that money to work

Reply #13

mediabrat — Sat, 10 Mar 2012 08:34:29 GMT

You lost me. Your example shows two lines, both of which match 4 numbers. (3-4-5-6 on the first line, 3-4-5-7 on the second.) Why would you not win two Match 4 prizes

Reply #12

KY Floyd — Sat, 10 Mar 2012 05:05:25 GMT

Maybe you're thinking about the disclaimer in the rules that says that you can only win one prize per game played.

That should be obvious in a game like PB where you only play one combination, but some games give you two combinations for the cost of the bet. NY lotto is one example. Suppose the winning combination was 3 4 5 6 7 8 and the two combinations you had played were 1 2 3 4 5 6 and 1 2 3 4 5 7. In that case you'd collect the prize for matching 4 numbers, but not a prize for matching 3... [ More ]

Reply #11

savagegoose — Sat, 10 Mar 2012 04:55:41 GMT

claim one in a trust, and another in another trust., then you will get 2x seperate payouyts. they are 2 seperate legal entities

Reply #10

mcginnin56 — Sat, 10 Mar 2012 01:27:27 GMT

That would not be fun GYM. So my advice would be to win those two duplicate jackpot tickets, and throw caution to the wind!

Heck, why not get 10 duplicate winning jackpot tickets and throw everyone and everything into a teasing tizzy?

I'm with you on this one GYM.

Reply #9

GYM RICE — Sat, 10 Mar 2012 01:18:36 GMT

McG---What fun would that be

Reply #8

mcginnin56 — Sat, 10 Mar 2012 01:13:32 GMT

I'm already cheering up! Someone will be responding to this post and come to our rescue soon? Stack47 would be my guess, he's good

Reply #7

haymaker — Sat, 10 Mar 2012 00:57:59 GMT

hey cheer up guy, thats just my guess, not stated as fact.

still interesting ? though, as i never heard of this happening.

Reply #6

mcginnin56 — Sat, 10 Mar 2012 00:54:13 GMT

GYM, your presenting a lot of hypothetical scenarios here. For credible tax advice, you would do best by consulting a competent CPA or

accounting firm who specializes in this area.

Reply #5

GYM RICE — Sat, 10 Mar 2012 00:37:20 GMT

I'm not sure about the tax ramifications but wouldn't the ultimate senerio for someone who is nervous about Wallstreet love to be able to split such a huge jackpot in half with annunity and cash? And the way around it is with two winning tickets of the same drawing...

Reply #4

mcginnin56 — Sat, 10 Mar 2012 00:26:11 GMT

I think I stand corrected haymaker. Previously I was under the impression that if multiple Jackpot tickets were presented by the same person,

only one ticket would be honored and paid out. As I continue to ponder this scenario, perhaps the lottery would split this into a

annuity and lump sum payment

Reply #3

haymaker — Sat, 10 Mar 2012 00:14:02 GMT

@ Mc56, each ticket is entitled to half the JP. why does the lottery care that the tickets are held by the same person

Reply #2

haymaker — Sat, 10 Mar 2012 00:09:26 GMT

never thought about this, my guess is yes, you could, each ticket would be treated as a seperate ennity,

if i was lucky enough to have one of your tix. how you choose to receive your prize would not effect mine.

Reply #1

mcginnin56 — Sat, 10 Mar 2012 00:09:25 GMT

If you were lucky enough to pull that off, only ONE jackpot to a customer. Whether it was two different people or just one individual.

In the situation you propose, you can only do one of two things: Take the lump sum, or take the annuity.

Why don't you flip a coin and decide now

Question about Cash or Annuity

GYM RICE — Fri, 09 Mar 2012 23:59:18 GMT

My question is about the cash option and the annuity option in say Powerball. If I was lucky enough to win the jackpot and I bought two seperate tickets of the exact set of numbers which won, can I pick the cash option for one of the tickets and the annunity on the other? I thought about this when the Powerball got over 300 million. Obviously each ticket would only be half of the Jackpot if I was the only two winners...