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2 winner win 2 million each in Powerball last nightReply
Second place prizes are not annuities therefore they are not cash discounted, thus a 2 million dollar win is 2 million minus federal and state taxes. Remembering federal taxes are tiered up to the 39.6% level, married filing jointing fed taxes would approximate at $737,230.80. Add a 7% state tax of $140,000.00 (adjustment required for differing states; eliminate for no tax states) and you have a total tax amount of $877,230.80. Note this takes into account total tax liability, not just the 25
Nov 16, 2017, 9:12 am - realtorjim - Jackpot Games Forum

How much do you all think is enough to retire on?Reply
I would retire immediately if I was to win a jackpot big enough where my investments returned anywhere between $45 - 65 K or more after taxes. Being that I would split my winnings with my brother 50/50, I figure that would mean I would have to win a jackpot of at least $20 mil. $10 mil apiece less 48% taxes (NYC resident) would leave me about $5,200,000. The interest on that amount would be about $104,000 / year less about 40% taxes on the earnings would net me about $62,400. With that
Aug 7, 2016, 1:02 pm - TheMeatman2005 - Jackpot Games Forum

Real Powerball payout rate is 30%. Does it make sense to play?
According to Powerball website the payout rate is 50%, but they do not include the taxes paid on prizes which is 39.6% Federal Tax rate plus State and Local taxes on prizes. So, does it make sense to play a game that pays around 25-30% after taxes? Basically when you pay $2 for ticket it's worth 60 cents. I do not know if I should keep playing Powerball. I think they should at least add one more prize for guessing 2 numbers in first field.
Jul 2, 2014, 8:20 pm - abjorik - Jackpot Games Forum

At what level to you start to play MM or PB?
This is always an interesting question to ask. With the odds has high as they are I do not start to play Mega Millions until the Cash option after taxes is 20% of the odds. (Which is $35,000,000) I am surprised that many people still buy tickets when it is down to like the minimum $12M jackpot. Really the only smart way to play is to play when the Cash Option after taxes is more than the odds. This does not happen that often. In this cash the expected value of the ticket is more than the $1 you
May 4, 2008, 10:20 am - Bradly_60 - Jackpot Games Forum

Should PB MM be tax-free/lump sumReply
Do you suppose your plumber's income should be tax free? After all, the money you spent having the plumbing done had already been taxed, right? Money changes hands. If it didn't there wouldn't be any need to have it. Just because somebody had the money before it worked its way to you doesn't mean it's double taxation when you have to pay income tax on your earnings. FWIW, pork barrel projects annoy me as much as the next guy, but if the government spent a billion dollars a year having people
Jul 12, 2007, 11:57 am - KY Floyd - Jackpot Games Forum

Should PB MM be tax-free/lump sumReply
Yes lottery winnings should be completely tax free and all federal taxes should be replaced with the Fair Tax, food and drugs exempt so the government can quit playing the pea shuffle game with tax money. Excellent way to capture under the radar taxes currently being uncollected. _________________ What is the FairTax plan? The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national
Oct 16, 2007, 5:35 pm - konane - Jackpot Games Forum

Texas LottoReply
Jackpot is 10 million ($265,662/yr for 30 years after paying taxes), I play annuity not cash.
Oct 30, 2022, 11:57 am - ah1963 - Jackpot Games Forum

WI Badger 5 - 4/28/20Reply
After taxes 39K would be about 24K, that would pay a lot of bills. QP 4-8-12-15-20
Jul 13, 2020, 1:49 pm - LiveInGreenBay - Jackpot Games Forum

WI Badger 5 - 4/28/20Reply
Got a QP for tonight. After taxes that would be around 26K. Beer money.
May 12, 2020, 5:36 pm - LiveInGreenBay - Jackpot Games Forum

Wisconsin SuperCash $$Reply
Will you declare that 30 dollar income to the IRS when you do your 2020 taxes?
Mar 25, 2020, 1:35 pm - LiveInGreenBay - Jackpot Games Forum