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Why are lump sum jackpot payouts shrinking?Reply
In California the payout for lump sum after Federal taxes has gone from 42% down to 30%
Oct 27, 2022, 10:54 pm - Rexer90 - Lottery Discussion Forum

Joining a lottery club?Reply
Not worth joining a pool. Its $61 million IF the winner opts for the annuity. Otherwise it is $36.9 million, before taxes. Take a third right off the top for taxes. That leaves a bit over $24.6 million to split between the pool. So 10 pool players would net about $2.46 million each with more taxes due at the end of the year. Big difference between expecting $61 million, or $36.9 million and receiving 2.4 million. But that's the reality. G
Mar 30, 2023, 5:45 am - garyo1954 - Lottery Discussion Forum

do you consider only the cash value when deciding to buy pb or mm or other jackpot game?Reply
I usually look at both... Because code makes it easy... Not perfectly accurate but close enough... 29 June 2024 The current lotto prize amount is $1,300,000 A single lump sum payment is 50% of the estimated jackpot amount. The cash value is $650,000 The Lottery is required to withhold federal taxes of 24% and Mo State Taxes of 4% for U.S. citizens. The Fed Tax amount is estimated as $156,000. The Mo State Tax amount is estimated as $26,000. You would get an estimated $468
Jun 29, 2024, 3:21 pm - ddude003 - Lottery Discussion Forum

The ever increasingly inflated jackpot prizes for MM and PBReply
When interest rates were stable, the take home cash value after federal taxes was around 1/3 of the advertised jackpot. Setting aside the fact the United States is the only country that taxes lottery wins Never lived in Bulgaria so don't know if they tax gambling winnings or not, but in the U.S. lottery winnings are defined as gambling winnings and is defined as income. Winners get a W-2G for $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce
Feb 27, 2023, 11:17 pm - Stack47 - Lottery Discussion Forum

How do aliens deal with lotteries?Reply
A guy won the Lottery, but he was an Illegal Alien or something like that and he asked his Cousin who is an American Citizen to claim the lottery ticket for him as a favor. She cashed in the ticket for him, but gave him less than HALF of the winnings, think he won like 10 Million AFTER taxes and she was like, Here is the lump sum payment of 3 Million, you're truly a lucky winner and tried to pocket the 7 Million for herself. He sued her for theft. :/
Oct 3, 2024, 10:09 pm - Lotto fanatic - Lottery Discussion Forum

if you won the lottery would you start your own cult?Reply
If you have a lot of money and want to avoid taxes there's a lot of merit to starting a cult. Of course you'll have to call it a religion when you talk to the IRS, but it's not anything they haven't seen before.
May 10, 2024, 4:18 pm - KY Floyd - Lottery Discussion Forum

2024 tax rates now published at USA Mega
Both the federal tax rate brackets and the state income tax rates used for the Powerball Jackpot Analysis and Mega Millions Jackpot Analysis pages at USA Mega have been updated to the latest 2024 rates. Federal tax bracket changes happen every year, with the IRS adjusting each bracket upwards slightly to account for inflation. For a lottery jackpot winner claiming millions in income this results in a minuscule change in taxes paid, but the adjustment at USA Mega does make it exact. For s
Jan 1, 2024, 10:56 am - Todd - Lottery Discussion Forum

Don't let the brain play tricks on you.Reply
Should you win, you get to keep all the money. Thats the fun bit, unlike over here where up to 47% could be taken in taxes
Aug 25, 2023, 8:28 am - JustMaybe - Lottery Discussion Forum

800 million dollarsReply
$800 mil after taxes is an enormous sum. If you manage to blow all of that in your lifetime then you are a complete moron financially.
Apr 15, 2023, 3:15 pm - jjtheprince14 - Lottery Discussion Forum

800 million dollarsReply
Yeah but even with a team of financial advisors theres like a 80-90% chance that if theyre making a ton of money via dividends or a savings account that theyll end up paying like about 37% in taxes and no team of financial advisors can prevent this! What do you think?
Apr 14, 2023, 3:49 pm - donbathe - Lottery Discussion Forum