Big Game Jackpot Analysis

Reply #8

Todd — Thu, 21 Feb 2002 10:47:51 GMT

I think you're best off living in New Jersey! ;-)-Todd

Reply #7

Guest — Thu, 21 Feb 2002 10:33:11 GMT

Thanks, Todd...nice feature. It looks to me like your better off taking the lump sum. What do you think?Rick G.

Reply #6

Todd — Thu, 21 Feb 2002 07:15:32 GMT

Again, I see your point, but the problem with using a 38.6% calculation is that nobody would be actually paying that amount either. Hopefully the jackpot winner would have enough sense to hire a good accountant and tax attorney in order to minimize the tax burden. -Todd

Reply #5

Guest — Wed, 20 Feb 2002 23:19:53 GMT

Since Lottery winnings are considered along with normal income it falls under the regular Federal Tax Laws. So if you win a lottery and take the cash amount you are figuring your taxes for that year if earnings (both regular income and lottery income) exceed $302,050.00 you fall into the highest tax bracket for income which is 38.6% under current tax tables. If the lottery earnings are taken at the annuity level you divide the amount by 26. That is the amount you are taxed on for that year. Fede... [ More ]

Reply #4

Todd — Wed, 20 Feb 2002 22:13:39 GMT

Dennis,That's a good point, that the taxes withheld by the lottery are not necessarily what the final result will be. I put that in a note at the bottom of the page.Where did you get the 38.6% number from? Is it just some number you threw out there, or did you actually see some kind of statistic on it? My thinking is that if there is some more realistic average number that I could apply, then I could show the 27% that they are mandated to take out, and then maybe a realistic number based on an... [ More ]

Reply #3

Guest — Wed, 20 Feb 2002 21:22:56 GMT

ToddNice addition to the site, however if an individual takes the lump sum let's be perfectly honest the tax for federal is more like 38.6% vice 27%. The Lottery Commission does not take out the proper taxes, which will leave people to believe that only 27% is all the tax that has to be paid. This is a bad practice.

Reply #2

Todd — Wed, 20 Feb 2002 15:35:30 GMT

Lucky,Thanks, and I'm looking forward to your state getting the Big Game as well. It's always more interesting when your money is on your picks! :-)-Todd

Reply #1

Lucky — Wed, 20 Feb 2002 15:25:07 GMT

Very nice feature you added Todd, Thanks. I can`t wait till this spring for Ohio to start. I`m working on a 5 play card that will have, 4 hot numbers, 4 cold numbers and 4 due numbers. My picks are from The Big Game Lottery Statistics Page for the last 40 draws.4 hot numbers... 21-29-32-384 cold numbers.. 02-18-27-434 due numbers... 14-36-44-50Big Money Balls Are:2 hot numbers... 23-361 cold numbers.. 33 2 due numbers... 11-18 My plays:02 14 21 29 38 (11) 02 27 32 38 43 (23) 14 18 29 32 44 (33)1... [ More ]

Big Game Jackpot Analysis

Todd — Wed, 20 Feb 2002 13:16:44 GMT

I've added a new feature at biggamelottery.com that shows you what you would win if you hit The Big Game jackpot for both Annuity and Cash options, listed by state. I've also included New York and Ohio, both of which will be participating in The Big Game starting this Spring.To check it out, go to www.biggamelottery.com (click link below) and select Jackpot Analysis.-Todd