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Jackpot : Annuity vs cash valueReply
If you win a jackpot, you can choose to receive the jackpot in an annuity that is paid in 30 graduated payments over 29 years with an annual interest rate of 5% or as a lump sum 1 . A lump sum means you get a smaller payout immediately. An annuity spreads your payments out over several years and gives you a larger jackpot over time 2 . The decision between taking the lump sum or annuity depends on your personal financial situation and goals. If you take the lump sum, you will pay all applica
Aug 8, 2023, 11:01 am - wander73 - Jackpot Games Forum

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
Question. This is after all the taxes and it says you are paid $355 million, are there more money that will be taken out to pay uncle sam? Just curious! jackpot analysis
Aug 7, 2023, 4:03 pm - brees2012 - Lottery News

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
One of the flip sides of taking the annuity is that you are only certain of the current year tax bracket. In the following years, the tax could go up, go down or remain the same. That's one of the gamble as far as taxes are concerned with annuity. With a win this high it doesn't really matter because you'll be getting paid more than the max for all filing status, so you'll be in the current 37% tax bracket for the next 29 years if the tax brackets remain constant.
Aug 7, 2023, 10:12 am - JustMaybe - Lottery News

VIDEO: Dee Dee Moore killed Florida Lottery winner Abraham Shakespeare... now she wants a new trialReply
I believe he walked away with $12 to $13 million after the cash option and taxes. He spent a good chunk of it on a new house for himself, and then some houses for his family. He generally helped out people he was close to and those who he knew needed help, like paying off loans and mortgages. While he did a lot of good, unfortunately a lot of people he wasn't close to took advantage of him. He couldn't read or write, except his signature, and he had no clue how to manage money. One could onl
Aug 4, 2023, 12:06 pm - Kate - Lottery News

$1.25 BILLION: Mega Millions jackpot set to deliver unimaginable wealthReply
I got lucky. I found a pool buying tickets for the Friday Mega Millions draw that let me join. Now I am really looking forward to the draw. We never have jackpots this large in Canada. On the other hand, even though our jackpots are smaller, we get to keep all the money - no taxes on lottery wins.
Aug 2, 2023, 1:01 pm - winoneday - Lottery News

One ticket sold in California wins $1.08 billion Powerball jackpotReply
$6,526,045 after taxes - what do you mean? Am in hook, line and sinker lol That's a life changing amount by any standard. What do people want?? We have gotten used to massive jackpots even 5M feels like pocket change.
Jul 20, 2023, 9:10 am - JustMaybe - Lottery News

Chances of 1,2 or three winners in PowerballReply
OK. My local TV news in TX says the cash value of the $1 Billion PowerBall Jackpot after income taxes is $325 million. (You would instantly become an evil 1%-er.) The probability of a single random ticket winning is 1 in 292201338. Nobody knows how many tickets will be bought before the fact, but 350M might be a reasonable (very rough) estimate based on history. If everybody bought a Quick Pick, the Expected Value of the cash after-tax Jackpot (per the Binomial Distribution) would be about $189
Jul 19, 2023, 8:05 pm - Orange71 - Mathematics Forum

Mega Millions Just The JackpotReply
For those answers, did you assume just one jackpot winner? If not, what number of tickets did you assume were sold? I did the 3rd calculation a while back, factoring in taxes. I remember that it didn't make sense, from an expected return viewpoint, to play Mega Millions until the jackpot was roughly $600M, so your results are in the right ballpark, and are most likely correct. The other calculation of relevance, along these lines, is the number of plays needed for the variance of the EV
Jul 16, 2023, 8:52 pm - Wavepack - Mathematics Forum

$875 MILLION: Powerball lottery jackpot surges on rolloverReply
LOL. OOPS. Yeah, the MM annuity is 560 M. Looked at the wrong number. Cash PB is $441.9. 63% Fed taxes, no state tax.
Jul 13, 2023, 8:38 pm - rcbbuckeye - Lottery News

Lotto Jackpot QuestionsReply
The Lottery Officials would not and could not by law pay you the jackpot twice. The advertised jackpot amount is a fixed amount. However, they'd probably cut you one check for the full amount of the advertised jackpot (minus taxes) but that's IF you are the sole winner. If you were not the sole winner, then the parimutuel aspect of the game kicks in. If you had either of two winning tickets or two identical lines printed on your ticket then you'd win two thirds of the advertised jackpot amo
Jul 7, 2023, 9:18 am - GiveFive - Lottery Discussion Forum