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how much do you spend each drawing on powerball/mega millions?Reply
watch out for those state taxes,they'll kill ya,my state vt.,is taxing my retirement from new jersey,that i already paid taxes on there when i put it into a 401 k !
Aug 7, 2007, 1:44 pm - scorpio - Jackpot Games Forum

Should PB MM be tax-free/lump sumReply
Yes! Very odd! I know alot of people who enter sweepstakes, but won't enter the one where HGTV gives away a house worth a few million dollars because the taxes are too high. Well, sell the dang house, pay the taxes, and have a million and a half left to spend as you like, Einstein!
Jul 14, 2007, 10:56 am - LuckyLilly - Jackpot Games Forum

I Have No Problem Paying Federal Taxes If I Win The Jackpot.Reply
Why not. I willingly pay my taxes, jackpot or no jackpot. Who'll pay for all the social services and more, if we don't pay taxes?
Jun 26, 2007, 6:28 am - csfb - Jackpot Games Forum

MegaMillions advertised annuityReply
Let's say you live in a state that taxes lottery winnings at 8%, and you win $20 million. Would it pay to take the annuity and move to a state that doesn't tax lottery winnings? You don't end up paying taxes to the state you bought the ticket in, do you? Just your state of residence?
Apr 10, 2007, 3:26 pm - LuckyLilly - Jackpot Games Forum

Saturday's PB WinReply
If you are talking about taking the annuity for 30 graduated annual payments. Then $15 million annuity is $7 million to $8 million over 30 years after taxes. But if you choose the cash option on a $15 million annuity prize the cash on hand is $7 million. After taxes it is going to be around $3.5 million roughly.-weshar75
Jan 28, 2007, 10:39 pm - weshar75 - Jackpot Games Forum

Powerball Annuity Makes Good SenseReply
The annuity only makes sense to the crack addled, marketers and companies selling annuities. Death would force the sale of the annuity, kids or others would be hit with gift taxes or other taxes making the tax bill very large. The annuity is also an excuse not to offer something valuable like cash.
Apr 19, 2006, 11:12 pm - dvdiva - Jackpot Games Forum

$500 Million JackpotReply
You would not get $5 Million each. You would each get about $144,230 a year for 26 years (after federal tax withholding), or about $2,250,000 (after federal tax withholding). And that doesn't count the state taxes they'll withhold should you buy in a state in which that applies. Fortunately, you live in Canada, so that would be the end of the taxes on your money. For us in the US, they'd then go after more later on.
Apr 2, 2006, 9:53 pm - JimmySand9 - Jackpot Games Forum

MA lottery definition of "millionaire"Reply
I think you have to be awarded about $1.66 million at one time to have a million dollars left after taxes. Even if she got a check for a million dollars, instead of the $50k a year for 20 years plan, she would only have about $650,000 after taxes. Still not a millionaire.
Nov 21, 2005, 4:31 pm - tg636 - Jackpot Games Forum

How big do you think MM will get?Reply
I haven't seen a residency requirement on the NJ website. I know PA is also a Lottery Tax Free state, and when some one from NJ won the PB in a PA drawing, they didn't pay (state) taxes in either state. Of course Uncle got them on both sides. Initial hit of (minimum) 25% and then Income Tax on top of that.Wouldn't it be NICE to have to pay taxes on $100M+ !!!!
Sep 14, 2005, 12:43 pm - Chewie - Jackpot Games Forum

So does anyone know the cash pot in PB,MMReply
At the time Jack's cash option was just north of 170 million so now the jackpot will have to be around 350 million to equal his cash option. I do not know about the taxes though because he had a 111.7 million after the lottery took their chunk of change for taxes.
Sep 1, 2005, 3:03 am - weshar75 - Jackpot Games Forum