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TX winner a potential loserReply
okay lets say a the worst you win the 10million annuity... 5million in cash i believe the tax rate including federal and state and local here in ohio would be around 47.5% where i am at. Federal tax is around 37 to 39 percent maxed right now.. . if you took that cash instantly without defering any of the taxes for 25 years (most you can defer taxes on lotto winnings legaly for federal taxes) you would still be recieving a check for around 2.5million to 2.75million. lets say you spend it down
Sep 5, 2002, 4:52 pm - durango99 - Jackpot Games Forum

taxes on jackpot winnings
Win4 - 1:10,000 = $2600 (s/b 0.50/0.50)payout is 3.8 of odds; Take5 - 1:575,757 = $50k payout is 11.5 of odds. 575757 / 10000 = 57.57 57.57 x $2600 = $150k. Which means Win4 pays x3 of Take5 for same odds. However, if you hit 2nd place in Take5 and the prize is above $600, you pay taxes. Also, if you play all lines on single ticket, and the combined prizes go above $600 you pay taxes. This happens during the buy $10 on single ticket get $3 QPs promo... which is why I dont like it.
Feb 2, 2013, 1:29 pm - POMAH - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
Lotteries always withhold 25% in Federal taxes for U.S. citizens and state and local taxes will be withheld where it applies. If your state taxes are 6%, a total of 31% is deducted so you can expect a check for $690,000. But you're still not done because the winnings are income and you'll probably owe the IRS another $80,000 the following April 15. But the good news is you should have around $600,000 to enjoy.
Jun 24, 2018, 4:01 pm - Stack47 - Jackpot Games Forum

Powerball Jackpot Winner last nightReply
Not that much, keepitreal. The post tax amts they quote are based on what they with-hold, not what you owe. Usually, I just multiply the cash amount by 0.604. And that's just federal taxes. Some states really nail their citizens with high taxes and NYC residents have to pay even more taxes. It's pretty nuts. With the new tax cuts, the amt is higher but the formula is too complicated to figure out at the drop of a hat. I did it for the big MM jackpot won a couple of months ago in NH and it result
Mar 25, 2018, 4:23 am - Redd55 - Jackpot Games Forum

2 winner win 2 million each in Powerball last nightReply
No state tax here in Texas. So if a person wins $2 million, the initial tax payment is 25% (the state lottery is required by federal law to withhold taxes, they don't just take the money for themselves). The winner is most likely in the 39.6% tax bracket so he/she would have to pony up the rest when doing their tax return. 39.6% of $2 million is $792,000, leaving $1,208,000 to the winner after all the taxes are paid. Even with state taxes factored in, the winner is going to have a lot more than
Nov 16, 2017, 8:20 am - rcbbuckeye - Jackpot Games Forum

What is wrong with this picture ?Reply
have not quite figured out where they came up with 1.69 mill x 26, because that adds up to 43.94 mill. Gee, why don't they specify what THAT amount would actually be after taxes ? Actual its 1.6923079 X 26 years, they just rounded off...taxes would be approx. 35-38% per year. If the lump sum is a 50% payoff (22 mil) and you took 36% taxes from that, it would leave about 14 mill between the 2 ppl. 64% of the pot.
Jun 13, 2007, 12:06 am - fja - Jackpot Games Forum

MA to withhold on wins of $600 or moreReply
I think it's a good idea. I found out after winning $1500 that about $600 of it went to taxes, which made my refund about zero that year. It's a rude awakening. I wish they had withheld it from the start so I could have had a more realistic idea of what I really won.I think Mass has also had a problem with winners sending bums and other people who don't pay taxes to cash tickets in for them, so the state ends up with no taxes paid on these amounts. This forces people to file a tax return to get
Dec 1, 2004, 2:31 pm - tg636 - Jackpot Games Forum

Probability of a rollover in PB and MMReply
No, it is the amount of cash that the lottery will invest in an annuity for you, before taxes. One advantage of the annuity is that deferred tax. However if the dollar collapses in the next twenty years, as it is likely to do because of enormous government deficits, that tax savings will be less than trivial.The advertised jackpot is the amount provided by the annuity; it corresponds to roughly 60%. The cash value corresponds to 32%. You still must pay income taxes on the money either way:
Jan 27, 2004, 12:54 pm - prob987 - Jackpot Games Forum

$240 MILLION POWERBALL - WednesdayReply
You do have to pay taxes to SC. Also, like TC pointed out, 27% is only the withholding. You'll have to pay more taxes when you file if you choose lump sum. I think the maximum rate is between 36 - 39% according to tax yr 2002.Fact: If you live in NJ and purchase a MM tix in NY and you win the jackpot, you will have to pay the NY state tax. There is no state tax for lottery winnings in NJ.Fact: If you live in NY and buy a MM tix in NJ and you win the jackpot, you will still pay taxes to NY
Jul 6, 2003, 2:54 pm - askjeeves - Jackpot Games Forum

Lotto winner faces financial decisions
OK. So you've won the lottery. Now comes the hard part. How do you manage all those millions? The Florida Lottery jackpot is expected to top $82 million for tonight's Lotto drawing -- the seventh-largest jackpot ever in Florida. And the chance of picking all six numbers is 1 in 22,957,480. Still, you've got to dream. (For nonlottery players, those dreams probably will mean frustratingly slower lines at convenience stores today.) If a sole winner chooses to take the jackpot over 30
Apr 19, 2006, 7:30 am - petergrfn - Jackpot Games Forum