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This question might have been answeredReply
The federal tax rate on 1 million is 63%. (not taking any deductions into account) So in Texas (no state income tax) payout would be $630,000. For you your net payout depends on the state tax you live in plus fed tax. BTW, there is no annuity on MM or PB second prize, only the top jackpot, if annuity payout is chosen.
Jul 24, 2023, 3:24 pm - rcbbuckeye - Jackpot Games Forum

$900 MILLION: Powerball jackpot rises, but sales miss in last draw makes for small increaseReply
The PB worksheet on the TX lottery website still shows the initial forecast for sales of about $197.5 million (and an annuity of 875) for Saturday's drawing, but that was based on increasing from 750 to 875 million. The actual increase to just under 830 million suggests sales were actually about $126 million. The sales forecast for Wednesday is listed as just under $98 million, so the actual increase was a hair over 28%. That would suggest that Monday's jackpot would increase by about $103 m
Jul 17, 2023, 12:48 am - KY Floyd - Lottery News

$935 MILLION: Powerball lottery jackpot nears billion-dollar milestoneReply
I feel this pot going to climb into the top 3 Maybe, but it needs to almost double, to about 1.815 billion to be in the real top 3, based on the current cash:annuity ratio. It will reach a billion by Saturday for sure. That would require actual sales to be almost twice as much as the original forecast. Call me crazy, but I think that seems just a tiny bit unlikely. Considering the odds are even higher for mega millions than they are for Powerball ... The very high odds for
Mar 29, 2024, 4:48 pm - KY Floyd - Lottery News

$910 MILLION: Mega Millions lottery jackpot making another historic runReply
Disclaimer : The below is not tax advice and should not be construed as such. There are I think around 8 states that don't tax lottery winnings. However, one will still have to pay federal taxes which max out at 37% depending on the amount won and marital status. That and the fact that different states tax lottery winnings at different percentages makes it hard to have a one hat fits all approach to taxes on lottery winnings. However, this forum has done a good job of showing the tax
Jul 27, 2023, 12:30 pm - JustMaybe - Lottery News

The Idiot TaxReply
yeah, people have been complaining for decades that the advertised annuity prize is a far cry from what you actually get if you actually won. you're a bit late to the party, but there's still some bud light in the fridge.
Apr 1, 2024, 11:26 pm - Brock Lee - Lottery Discussion Forum

Mega Millions and Powerball offer $1.11 billion in combined lottery jackpotsReply
I liked it better when we weren't being lied to about the jackpots restarting at $40M ( last for the PB was on 2-15-2020) not the $20M(starting on 4-11-2020) figure they blamed on Covid. I also liked it better when the Cash to Annuity value was at 66% and not this mere 47% jargon.....Gotta take the good with the bad I suppose....Onward we go..Best of luck to everyone that participates.
Mar 5, 2024, 12:25 am - CDanaT - Lottery News

One Michigan lottery ticket wins $842.4 million Powerball jackpotReply
What's the alternative. No lottery. Everyone knows the lump sum is all that is in a jackpot. The lure is what the annuity would be is the jackpot you see. Taxes are taxes. No escaping the taxes. You just accept what you get and be happy about it. They are not about to all of a sudden announce, no more taxes on excessive lottery winnings.
Jan 4, 2024, 9:20 pm - billybucks - Lottery News

$1.4 BILLION: Powerball jackpot juggernaut keeps rollingReply
Funny how they reduced the cash value by almost $30 million but the Annuity stayed the same. Interest rates didn't go up substantially in the past 2 days.
Oct 8, 2023, 3:13 pm - Unluckyone - Lottery News

$1.4 BILLION: Powerball jackpot juggernaut keeps rollingReply
yup, after taxes that is 238,169,000 million dollars, still an amazing amount of money to have. The other option is to go with the annuity payout for 1.4 bill which is 70 mill for 20 years. But a lot can happen in 20 years so most take the cash,
Oct 5, 2023, 10:42 am - lottoman626 - Lottery News

$1.58 billion Mega Millions lottery winner has two weeks left to claim cash optionReply
the annuity is stretched out over 30 years, if you are 30 years old you will be 60 by the last payment, if you are 40 years old you will be 70 etc. although you lose almost half by taking the lump sum, most take the lump sum for obvious reasons.
Sep 23, 2023, 3:20 pm - lottoman626 - Lottery News