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powerball taxes?
I'm a bit confused on the taxes and how it is calculated for 5+0 w/ pp(2,000,000.00). Here in ct the taxes are 25% and another 6.7%.now by my calculations on a 2 mil win minus those taxes the payout after taxes should be $1,399,500.00. But i noticed that the ct winner who won the 5+0 w/pp p(2mill) their take home payout was $1,366,001.00.i called the ct lottery office but the guy that answered the phone kind of just brushed it off as i was calculating it wrong. I don't see how math is math. We h
Dec 11, 2012, 9:21 am - kyokushin187 - Lottery Discussion Forum

Annunity versus lump-sum paymentReply
I would like to know why you think you would pay less taxes by taking the annuity. Obviously by taking the annuity you get more actually cash over the annuities life. More cash equals more taxes. Take for instance you win Tuesday's Mega Millions jackpot. $210,000,000 annuity...$119,000,000 cash. If you elect to take the annuity for instance in Michigan (my home state) you would pay $2,350,385 a year for 26 payments. TOTAL = $61,110,010 in taxes. If you take the lump sum you would pay $34,6
Jun 27, 2004, 10:30 pm - Bradly_60 - Lottery Discussion Forum

Close Encounter guys!!Reply
I think it takes 6 months to a year to establish residency in NJ. The powerball ticket expires before then.But that doesn't matter, NJ doesn't take out taxes on lottery winnings only if you are a resident of NJ and win a NJ lottery. If you buy a ticket in RI they will take taxes off the top before you see the check. You can get credit towards your MA taxes from the taxes you paid to RI. But if MA taxes are higher you will pay more. Quote: Originally posted by gary on December 08, 2002I have anot
Dec 14, 2002, 10:39 pm - Thomas Covenant - Jackpot Games Forum

$290 MILLION:" Mega Millions lottery jackpot increasedReply
Quote: Originally posted by tg636 on July 02, 2004If you show me some good evidence that you could make the amount of the annuity by investing the lump sum, I would be a believer. Assuming taxes get 35% of the lump sum and 5% of what's left goes to spending and enjoying your money, then you start off down 40%. So you have to make that 40% back just be get back to where the state starts off investing the annuity. The state takes the same lump sum and invests it without having to pay the 35% tax
Jul 2, 2004, 11:13 pm - whodeani - Lottery News

What charities have you got lined up if you hit big?Reply
Why start a charity to avoid taxes when taxes go to basic programs to help schools and poor and greater good? Are you starting the chartiy to skip out on taxes and somehow run a scammy charity like Wounded Warriors that keeps a lot of the money for the top managers? Just pay your taxes, then start your charity. Taxes go for basic services anyways.
Oct 3, 2021, 2:52 am - LottoNow99 - Lottery Discussion Forum

British Columbia Lottery taking bets on US electionReply
Still waiting trump! Please release your taxes! What kind of business man are you, release your taxes. What are you hiding? Release your taxes! How much debt do you have, $300 million or $600 million? Show your taxes! What kind of factory jobs are you going to bring back when a lot of factories are automated or going automated. SHOW YOUR TAXES!
Aug 27, 2016, 2:40 pm - bigbear29 - Lottery News

POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOTReply
It is almost a billion for the annuity after taxes. Every state has different taxes and some states don't tax the lottery such as mine which is PA and $975,000,002 AFTER taxes. They advertise the amount before taxes because that is the amount they pay before taxes come in and take their cut.
Jan 10, 2016, 6:55 am - sirbrad - Lottery News

N.J. Lottery goes from zero to highest tax rate in the USAReply
@LotteryGuy: I see you deleted your post, but I just thought I'd mention that federal taxes are the same for all states. The only difference is with the state portion of taxes. Also, in some cases, such as New York City, there are additional local taxes, on top of the state and federal taxes. Even so, the new N.J. taxes exceed those.
Jul 3, 2009, 1:40 pm - Todd - Lottery News

$50.3M lottery prize to be split 4 waysReply
The USA loves to tax. They tax taxes!! some states don't even have State taxes but we do here in Oklahoma. Taxes, taxes, taxes!
Feb 24, 2009, 10:45 am - kamvick - Lottery News

Native Floridian here, have questions on the taxesReply
Taxes on lottery winings work exactly the same as taxes on other income. If you win a $100,000 prize you've won $100,000 regardless of how much is withheld for taxes. That means that if you earned 100k from other sources your total income is now 200k. You figure out your deductions, and you owe taxes on the rest. Just as with the taxes your employer withholds, you may owe more or you may get a refund, depending on your individual situation.
Dec 29, 2008, 3:32 pm - KY Floyd - Lottery Discussion Forum