Online calculator to calculate cash

Reply #10

michiganplayer — Mon, 08 Mar 2004 05:38:40 GMT

Quote: Originally posted by hypersoniq on March 07, 2004 given that federal tax is 35% on amounts over 311,000... 0.65 is dead-on accurate. Also you will need to calculate state and local taxes, here in PA, a resident is exempt from state and local taxes when it comes to lottery winnings. How come Federal Tax is 35%. I thought it was lower for a resident of the US.If it is 35%, then the foreigner pays less at 30% is it

Reply #9

plnwebguy — Mon, 08 Mar 2004 03:51:07 GMT

Quote: Originally posted by michiganplayer on March 07, 2004 So, do I multiply it from (anywhere from .547 to .65)Which would be more precise?It depends:If you're looking at current jackpots where the annuity and cash value amounts are known, then the 65% method hypersonig outlined is the way to go. If you don't know the cash value amount and you're just doing hypothecial calculations, then the current cash value / annuity % is the way to go. For example, Powerball is currently $79 million and... [ More ]

Reply #8

hypersoniq — Mon, 08 Mar 2004 02:49:33 GMT

given that federal tax is 35% on amounts over 311,000... 0.65 is dead-on accurate. Also you will need to calculate state and local taxes, here in PA, a resident is exempt from state and local taxes when it comes to lottery winnings.

Reply #7

michiganplayer — Mon, 08 Mar 2004 02:17:06 GMT

So, do I multiply it from (anywhere from .547 to .65)Which would be more precise

Reply #6

michiganplayer — Mon, 08 Mar 2004 02:15:07 GMT

thanks plnwebguy for the detailed reply

Reply #5

goose — Sun, 07 Mar 2004 07:34:57 GMT

http://www.odlumsoftware.com/invcal/icsinfo.htmltry this onegoose

Reply #4

michiganplayer — Sat, 06 Mar 2004 22:58:55 GMT

thanks all for the replies.

Reply #3

fja — Sat, 06 Mar 2004 21:55:08 GMT

also if you want you can go to Ohiolottery.com on the left hand side of the site click on winning numbers after that click on Cash option value . It will let you put in any amount of cash you think you might be winning and it will calculate annuity payments as well as lump sum values after Taxes....I know this isnt michigan but it might be what you are lokking for..hope it helps

Reply #2

hypersoniq — Sat, 06 Mar 2004 21:12:22 GMT

For Powerball, the quick and dirty overestimated tax method...Cash Option... Take the advertised cash option value (less than the big number they use) and multiply by 0.65Annuity,,, Take the big jackpot value, multiply by 0.65 and then divide by 30That's itfollow pegleg's instructions for MegaMillionsPowerball example (using current jackpot)Annuity... Payment of $1,516,666.66 per year for 30 years after taxes.Cash.... One-Time Lump Sum payment of $24,895,000.00 after taxes

Reply #1

plnwebguy — Sat, 06 Mar 2004 08:38:28 GMT

michiganplayer,I looked around the web via search engines and couldn't find any online calculator sites for Powerball and Mega Millions. Found several sites that describe the payments for annuity vs lump sum, including at the official sites, but nothing with an online calculator. I did see one online calculator at the Ohio lottery web site, but it looked like it was only for the Ohio lottery (lotteries have different payout years for their annuities so it would only work with a lottery with... [ More ]

Online calculator to calculate cash

michiganplayer — Fri, 05 Mar 2004 02:41:31 GMT

Is there an online calculator that will actually calculate the actual jackpot I take home? There used to be a site where it allows you to calculate the cash option. Assumiing the jackpot is US$200 million. I key in this amount and it returns the actual cash amount