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Tax Question...Reply
If the powerball annuity value is $111 million then the cash value is around 55%-56% of the annuity. This leads to $62.4 million in cash value. The lottery withholds 25% federal tax and whatever your state tax liability is (depending upon your state). At the end of year, you would still owe 10% more to the federal government (the federal tax rate is 35% on anything over $319,100). So $62.4 million * 65% = $40.56 millionSince I live in a state without any state tax on lottery winnings I would
May 14, 2005, 5:03 pm - twisted - Jackpot Games Forum

Better luck to all??
Out here in the horse'sbutt state, (North Carolina) we can not play any lotteries. Our government and churches think it will make poor people even poorer. So they do the next best thing.TAX THEM TO DEATH. I can not understand for the life of me why people belive poor poeple will get poorer by playing the lottery. Don't they get poorer by paying taxes that they can not afford. Don't poor people drink or smoke? Don't they buy gas? I quess they don't pay income tax, or property tax. It's nice to kn
Apr 23, 2005, 8:00 am - othertrucker - Jackpot Games Forum

Half.Reply
Quote: Originally posted by Todd on July 16, 2004MP: Check out the BigGameLottery.com FAQ, which talks about why it is half . (It's not really half, it's the whole thing.)tony: I would rather 100% go to the prize pool, rather than social services. The government gets enough of my money. They should tighten the belt and learn to be more efficient rather than digging deeper into everyone's pocket.In a sane society that's how it would work. But as http://www.costofwar.com/ shows, this is not a
Jul 16, 2004, 5:16 pm - tg636 - Jackpot Games Forum

Expected ReturnReply
Quote: Originally posted by goose on February 22, 2004 Are you calculating for the government?I am surprised you guys are so fond of it..so whats the point? Looking for a fair bet is the best thing that gamblers like you can do. The lotteries love players that stupidly buy tickets without even knowing the odds of winning, expected or potential value, and other important calculations.Some mathematically-inclined people are interested in the math of lotteries. To each his own. I have seen a lot
Feb 22, 2004, 4:06 pm - LottoBuddy - Jackpot Games Forum

MEGA MILLIONS climbs to $222 MillionReply
Quote: Originally posted by Kristin on February 19, 2004 I, for one, am going to take it all if I ever happen to win. I am only 23 years old, so I will be taking it all, I can live 26 good years with the whole jackpot in my pocket! You get roughly $92 million dollars out of $222 million, I think its kind of crazy to give the government that much money. I know, that I can live off of 8 million a year. I hardly make that now and I am sure I wont make that in my life time now.Its nice to see someo
Feb 20, 2004, 12:13 pm - twisted - Jackpot Games Forum

Probability of a rollover in PB and MMReply
No, it is the amount of cash that the lottery will invest in an annuity for you, before taxes. One advantage of the annuity is that deferred tax. However if the dollar collapses in the next twenty years, as it is likely to do because of enormous government deficits, that tax savings will be less than trivial.The advertised jackpot is the amount provided by the annuity; it corresponds to roughly 60%. The cash value corresponds to 32%. You still must pay income taxes on the money either way:
Jan 27, 2004, 12:54 pm - prob987 - Jackpot Games Forum

mega millions winnerReply
Quote: Originally posted by joeybabe25 on January 03, 2004 Hi visiondude,Thanks for the straightforward response. I found it, and it pretty much cleared up my questions.But....I'm still not clear if someone would have to pay SS tax (or self employment tax) on lottery winnings.I have had certain years where my SS tax (I was self employed) was higher than my income tax. Thanks, joeno, you just pay the flat tax... even if you are a professional gambler. The government will take 35% of the jackpot r
Jan 3, 2004, 3:39 pm - hypersoniq - Jackpot Games Forum

Jack Whittaker FoundationReply
the foundation was most likely a publicity stunt/tax writeoff.He didn't have to give anything away, but if his heart was in the right place, he could have given quietly (and he would have been home with his wife instead of getting drugged in a strip club).Only in America could hundreds of thousands of hard working people get sold out thru offshore outsourcing and be forcibly ripped from the middle class to the lower class (DD I feel for ya, my good job went to mexico and my resources have dw
Nov 21, 2003, 7:51 pm - hypersoniq - Jackpot Games Forum

TX to decide Thursday 7/31 which gameReply
Ghost:The way the Texas Lotto is currently structured it doesn't deserve to survice. They don't pay anything for the bonus ball on Texas Lotto and count a break-even as a win on the scratch-off games. They are not consumer-friendly, which is a shame. In reality, the customer is still always right. This is reflected in the miserable results they are having with the new Texas Lotto game. Perhaps they will replace the current Lotto game with a 6/50 game. They should look at what Florida is do
Aug 1, 2003, 9:53 am - orangeman - Jackpot Games Forum

Close Encounter guys!!Reply
If you pick an annunity, the payments go to your estate. Let's say you pick the annunity and you die before you get any payments. The IRS wants taxes (about 55%) on the total $160 million before your heirs can get a cent. This has happened before, in texas I think. In that case the lottery commission sold the annunity and released the cash. but it still was a hassle for the heirs. Stay away from the annunity. I would suggest the annunity only if the federal government repeals the estate tax laws
Dec 18, 2002, 2:01 pm - Thomas Covenant - Jackpot Games Forum