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MegaMillions advertised annuityReply
Ladies, Gentlemen: Please see the copied spreadsheet below. Should anyone be interested in obtaining the Excel Spreadsheet, I will be glad to pass it along. It uses the following basic assumptions: Annuity Payout per year: $38,500 times the number of millions won Cash value at approximately 50% (PB is usually around 47-48%) Average investment rate of return: 8% Tax rate at 45% (includes 35% of federal, and roughly 10% for state, no deductions assumed as your income would be abo
Apr 7, 2007, 1:14 pm - CountingMan - Jackpot Games 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

Expected ReturnReply
Well that may be the key to the discrepancy, Jake, and my calculation that the MegaMillions right now has a slightly favorable expectation value. I don't factor in taxes. People of course pay taxes on all kinds of income and usually report their earnings before taxes when asked How much do you make? They do this on stock valuations as well. So it seems to me that the calculation of a return on the ticket should be a before tax, rather than after tax calculation. It is worth noting tha
Feb 19, 2004, 7:38 am - prob987 - Jackpot Games Forum

PB 320Million$... how does one(JP winner) get the money anyway??Reply
The feds take 25% up front before you ever get any money from a jackpot. You might need to pay more when you file your taxes depending on what kind of measures you take to avoid paying taxes ( avoiding taxes is legal, evading taxes is illegal). Another good reason to have a good accountant working with you. Accountants and lawyers are licensed by the state and you can check them out with the state licensing board. They also are required to state their fees up front - and give you a written contr
Aug 15, 2012, 4:33 am - djklaugh - Jackpot Games Forum

84 Year Old Wins $40M FL LotteryReply
Mmmm, I remember my grandmother had stopped paying income taxes after she turned 72. It's not like she didn't file or anything like that (which she did) it's just she didn't owe any taxes on what she had earned from the royalty checks she received from the gas oil wells on her land. That's also not including her retirement checks from her job and her social security checks! Heck man she was earning over 50K a year from all sources put together. To bad she was only able not to pay taxes for 3 y
Aug 10, 2006, 11:03 pm - BaristaExpress - Jackpot Games Forum

Oregon Lottery Payouts on Jackpot GamesReply
Oregon Megabucks is half the annuity then taxes on Powerball and Mega millions it is what usamega jackpot analysis is that you get from Oregon misses taxes for cash and if you want the annuity then you would get roughly half after taxes if the taxes don't go up in 30 years.-weshar75
Aug 27, 2021, 11:29 pm - weshar75 - Jackpot Games Forum

PLEASE HELP - regarding tax and lottoriesReply
lola23,I'm interested to learn why the tax issue is so important to you.To answer your question, UK Lotto, Euro Millions, and El Gordo (as offered by the services on the left side of the page) do not have taxes withheld. That's because they are bought in the UK and Spain, which do not subtract taxes from lottery prizes.That is not to say that your particular country will not withhold taxes if you bring the money into your country.The US lotteries would have US government taxes withheld - normal
Oct 21, 2004, 1:37 pm - Todd - Jackpot Games Forum

Half.Reply
using PB as an example...Announced jackpot for wednesday...$27,000,000 (estimated and based on a 30 year annuity)Cash (lump sum) value...$14,500,000 (estimated, based on current jackpot amount + projected sales)now, the fun begins...After federal taxes (35%)...$9,425,000now, depending on your state and local tax policies, you may have to pay state and local taxes alsofor my particular situation, PA allows lottery winnings of PA residents to be exempt of state AND local taxes, so If I win on wedn
Jul 18, 2004, 3:36 pm - hypersoniq - Jackpot Games Forum

Mega Millions - State MattersReply
Quote: Originally posted by PrisonerSix on April 10, 2005Quote: Originally posted by DoctorEw220 on April 9, 2005 remember that if you are from out of state, and you win the jackpot in a state that doesn't tax its residents if they win, you will still have to pay state taxes. it's a weird rule.From what I understand about state income taxes, you have to pay based on the state in which you reside. In other words if you win in a state with no income tax and you live in a state that has income tax,
Apr 10, 2005, 9:48 pm - Todd - Jackpot Games Forum

The winner of 175.000Reply
All D.C. Lottery prizes claimed by District residents are subject to federal and District income taxes. D.C. Lottery prizes paid to residents of other jurisdictions are subject to federal income taxes and to state and local taxes depending on the requirements of that jurisdiction. D.C. Lottery reports winnings of $600 or more to the Internal Revenue Service.For winnings of more than $5,000, the D.C. Lottery withholds 25 percent for federal taxes in accordance with federal regulations. A deductio
Jul 20, 2004, 12:13 am - four4me - Jackpot Games Forum