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$910 MILLION: Mega Millions lottery jackpot making another historic runReply
This is indeed interesting. My understanding has been that tax is based on residence especially for the annuity after the first payment. I have read widely on Taxes and have wanted to know what are the best tax strategies. Unless the CPAs and CFAs are totally wrong, I don't know who to believe. Below is an extract and a link to some articles from Tax Advisors. @KY Floyd: let me know what your thoughts are after reading the below and the article. From a state tax perspective, an
Jul 28, 2023, 8:45 am - JustMaybe - Lottery News

Merry ChristmasReply
Ques to throw out for discussion: I win the Lucky for Life and choose the annuity (let's assume I'm young for the sake of this argument) Okay, 20 yrs has gone bye ..... I'm in my mid fifties let's say and I'm in good health ..... I decide to sell my annuity to some financial company ..... Is that even possible? I would think if it were it would be based on 20 more years of my life, right? Oh yeah, Merry Christmas all!
Dec 25, 2023, 6:42 pm - ShagE3 - Lottery News

Decrease of cash valueReply
The cash value of lottery jackpots hasn't changed. It's still the same percentage of sales that it's been for several years, and only changes when the lotteries change the prize structure. The annuity is an investment, and how well it does depends on interest rates. Interest rates have gone up, so a given amount of cash buys an annuity with a higher total payout. That total payout is the sum of the actual cash and all of the interest earned by the cash because the lottery doesn't keep a penn
Oct 16, 2023, 7:44 pm - KY Floyd - Lottery Discussion Forum

$1.2 BILLION: Powerball jackpot is 3rd-largest in game historyReply
Sales are definitely down for this size jackpot Mondays are always slow compared to the other drawings, but tonight is Wednesday and they haven't raised the estimate at all. I'd still have thought it would finish out a bit higher, but a roll will mean an advertised jackpot of just 1.4 for Saturday. At this rate I'm not sure we'll see 2 billion by next Wednesday, assuming it keeps rolling. Of course they'll claim a new record if it makes it to 2.04001 billion, but with the current cash:a
Oct 4, 2023, 8:18 pm - KY Floyd - Lottery News

$925 MILLION: Powerball lottery jackpot nears billion-dollar milestoneReply
I think we're going to be looking at a new record. Annuity rates are high and sales are low. I think it could go the distance. Normies look at the annuity only anyways... People really do not understand how lottery tickets work. 2.5 bil advertised, 1.2 bil cash. Single winner. GA or TN. Scratch that FL or CA I'd love to see Ole California Edwin win it again and buy more Hollywood mansions. Maybe with his newfound wealth he could travel east and purchase the Biltmore.
Sep 28, 2023, 7:31 pm - adamc224 - Lottery News

$1.58 billion Mega Millions lottery winner has two weeks left to claim cash optionNews Story
Winner might wait until last minute to claim lump sum unless they choose annuity By Kate Northrop Time is running out for the Florida winner of the $1.58 billion Mega Millions jackpot, who has two weeks left to step forward if they want the cash option of the prize. There's not much time left to claim the one-time lump sum option of the $1.58 billion Mega Millions jackpot, which was drawn in August. Unless the winner is planning on taking the annuity option of the jackpot, they b
Sep 22, 2023, 3:09 pm - Todd - Lottery News

First $25 million scratch-off lottery prize claimed in MassachusettsReply
It seems extremely high... maybe they are using the annuity value of the top prize(s) in their calculations rather than the cash value. . . Nope.. I got 83.7% using face values ($1,265,560,000) and 81.38% when using a .65 multiplier for cash from annuity ($1,230,560) (7,375,193 prizes from up to 30,240,000 tickets available.. max revenue $50 x 30,240,000 = $1,512,000,000)
Aug 18, 2023, 2:10 am - kao1632 - 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

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
One of the investors on The Shark Tank had a video on YouTube. He boasted that annuity is the way to go no questions about it. So if you take an annuity I thought you'd be in a high tax bracket year after year? Am curious about states like mine that will cut separate checks for a lotto club for instance---in store purchases only do they cut separate checks for 29 years? I seriously doubt it. If the mood hits me will send a PM to KLC on their FB page and ask the experts.
Aug 7, 2023, 8:03 am - Bleudog101 - Lottery News

$910 MILLION: Mega Millions lottery jackpot making another historic runReply
Well I just read that tax link and already noticed that it is wrong! It says that annuity payments don't stop if the winner dies which is, in fact, wrong for some games. It you win a Cash for Life prize the annuity payments will stop when the winner dies after a preset time! So the experts are not very thorough to say the least!
Jul 28, 2023, 1:01 pm - Think - Lottery News