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$790 MILLION: Fourth-largest lottery jackpot in history to be drawn TuesdayReply
Pat taxes on it LOL
Jul 23, 2022, 6:32 pm - tlady4 - Lottery News

$630 MILLION: Mega Millions jackpot soars after no winner TuesdayReply
$388,000,000.00(minus taxes) is a reasonable/respectable amount to start early retirement with.
Jul 22, 2022, 7:10 pm - CDanaT - Lottery News

Mega Millions lottery jackpot highest in 18 monthsReply
How does 530 turn into 174 after taxes
Jul 17, 2022, 3:41 am - speeddmon - Lottery News

North Carolina Veteran "blessed" by $1 million lottery prize from second-chance drawingReply
So if he chose the annuity, how much would be the total payout after taxes?
Jun 17, 2022, 10:19 am - sam9009 - Lottery News

North Carolina Veteran "blessed" by $1 million lottery prize from second-chance drawingReply
Can someone explain the tax system to me and how this retired Veteran paid $574,000 in Federal and North Carolina State TAXES? That's on a $1,000,000 prize! I totally understand having to pay taxes upfront. But I always have understood that if I won a million dollars I would take home about $600,000, and I would thrilled. Looking at the Jackpot Analysis pages on USA Mega for both Powerball and Mega Millions, it says the initial federal withholding of 24% as well as the remaining federal taxes
Jun 14, 2022, 5:09 am - Cigarman - Lottery News

Winner of $95 million Lotto Texas lottery jackpot gamed the odds to winReply
Actually you are only half right and half wrong. Using a courier service in another state that doesn't tax the Lottery win other than the required Federal Tax in that state doe not require you to pay a State Lottery Tax in your home State. You can claim your winnings in a state that does not collect state taxes along with the Federal Taxes, but in the State you reside in you will only pay State Income Taxes based off of your Federal Income Tax Filing, and you may have to show cause for the Addit
Apr 29, 2024, 3:29 pm - Onelast8 - Lottery News

California man asks clerk to choose a lottery game for him, ends up picking out a ticket worth $10MReply
Since the clerk choose the ticket for me at my request I would tip nicely, it was a life changing amount. Your are going to pay 37% in Taxes in total based only on the 5.8 Million which equates to 3,654,000.00 after all the Federal Tax is paid. I would Tip the clerk 654,000.00 they will be responsible for any Taxes from that, it removes me from Tax Fraud allegations. California is very expensive so I figure 654 Thousand is not a whole lot in that State but better than zero. The store that receiv
Oct 20, 2023, 7:38 pm - Onelast8 - Lottery News

$910 MILLION: Mega Millions lottery jackpot making another historic runReply
I think you could create a trust in the state with no income taxes before claiming the ticket. At that point no other state could try to collect taxes. Because the winning would be treated as an entity by the state it was created in and not you as an individual it doesn't matter where you live. This is assuming the state you purchase in has no taxes and allows it to be claimed by a trust.
Jul 28, 2023, 10:37 pm - SoCola - Lottery News

One ticket sold in Maine wins $1.35 billion Mega Millions jackpotReply
The state lottery has to set aside a fixed percentage of fed and state taxes after the win and before the winner comes forward. Most states require 6 months or more to establish residency. It would look like you were intentionally trying to avoid paying additional taxes to state A and it would likely be flagged for an audit with a huge jp win. There is an offsetting credit between states so you would not be double taxed if both states had state taxes.
Jan 15, 2023, 9:06 pm - Artist77 - Lottery News

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
Its my understanding you can use 30% off the top to create a non profit. That would be 227,160,000. Then total federal taxes would be 196,114,800. Your personal amount would be 333,925,200. But you would also have the $227... avail for charitable causes for a total of 561,085,200. If thats correct you could save almost 100 million in taxes.
Aug 7, 2023, 10:28 pm - SoCola - Lottery News