Hypothetical Situation

Reply #7

winningdraw — Wed, 18 Feb 2004 20:11:49 GMT

giotonia:I live in NY as well, I wish the tax was still that low. I have the luxury of living near the border with Canada, so I can just cross over the border and getting the same goods less expensive, less taxed. I wish I could do the same with the lotto tickets....

Reply #6

giotonia — Wed, 18 Feb 2004 19:20:30 GMT

Ok I feel like an A. LOL. I thought the NY tax is 7.7% right. It went up.Also I should buy my tickets from NJ no tax

Reply #5

twisted — Wed, 18 Feb 2004 18:30:11 GMT

here you go giotonia. So you dont have to do the math next time.http://www.biggamelottery.com/jackpot.htm

Reply #4

giotonia — Wed, 18 Feb 2004 14:28:46 GMT

I'll do that math.Example 215 million for 2/20 215/1.685 will be the cash around 127Take the 127x.25 is 31.75127-31.75= 95.25Then what ever your state tax is NY 7.7%95/.077 is 7.31595-7= 88So if any wins in NY look forward into getting around 88mil. Probably 90mil Also If you do share it with any divide 215 by # of winner and do the rest

Reply #3

twisted — Wed, 18 Feb 2004 13:47:08 GMT

Because if both of them wanted annuity then they both would get $50 (annuatized) each. But if one person wants the cash option, the cash option is rougly 1/2 (i know its a little more than half) of the annuatized amount, so the person who wants cash, gets 1/2 of his share of the annuatized amount and hence $25 million (before taxes).

Reply #2

goose — Wed, 18 Feb 2004 12:45:06 GMT

why

Reply #1

Jake649 — Wed, 18 Feb 2004 12:14:55 GMT

They would give the first person $25 million cash and give the second person an annuity of $50 million.Good luck,Jake

Hypothetical Situation

KyngeRycharde — Wed, 18 Feb 2004 12:12:20 GMT

Let's say that a lottery jackpot has reached $100 million with a $50 million cash option. Two people pick the winning numbers and thus would share the jackpot. One chooses annuity, the other cash. What does the lottery do then? How would they determine the amounts to be paid? Can anyone enlighten?Rick