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mega millions winnerReply
This topic (taxes) has been discussed before - try the Search feature.
Jan 1, 2004, 2:02 pm - Todd - Jackpot Games Forum

Powerball 2003-10-29Reply
dvdiva,I live in Ohio, I pay state taxes on any income regardless of where it comes from. If Indiana charges a higher % than Ohio, I would not pay any in Ohio, but if their taxes are lower, Ohio get the differences. To avoid states taxes in Ohio, I would have to move out of the state. RJOh
Oct 29, 2003, 5:32 pm - RJOh - Jackpot Games Forum

$240 MILLION POWERBALL - WednesdayReply
TC: True. You do have to file a non-resident NY tax. I believe people do not file state taxes in FL but let's say you move to a state where you do have to pay taxes on lottery winnings, you're NOT paying double tax to NY and the state you move to. You'll receive state credit from NY and depending what the tax rate of the state you move to is, you might or might not have to pay add. taxes.
Jul 6, 2003, 3:22 pm - askjeeves - Jackpot Games Forum

$240 MILLION POWERBALL - WednesdayReply
do foreigners have to pay taxes on lottery winnings?
Jul 6, 2003, 8:46 am - midwstrngirl - Jackpot Games Forum

$240 MILLION POWERBALL - WednesdayReply
$83,699,110.47 That's what I figure it would be worth, lump sum after taxes...
Jul 6, 2003, 5:54 am - hypersoniq - Jackpot Games Forum

Ohio649P 10/09/02 34mReply
VD,I have been in pools before. Before I retired, I was it a pool at work and the biggest problem wasn't trust, because we made copies of the tickets and every member had a copy. Three times we matched 5 of 6 when Ohio paid more than it does now and the problem was who would collect and pay the taxes, because unless we won the jackpot, only one person could collect the winnings. We all were working in a skilled trade and getting a lot of overtime and chances were who ever collected the money
Oct 9, 2002, 10:52 pm - RJOh - Jackpot Games Forum

MegaMillions advertised annuityReply
This subject has been nearly beaten to death, and you can find a lot of opinions on it by using the search feature. For starters, ignore anybody who offers a cookie cutter approach, whether it's to always take the cash, always take the annuity, take cash up to some amount and annuity over that, or anything else. It's a personal decision that should be the result of considering what you'd like to do with the money and what the financial realities are. What's a perfectly good decision for on
Apr 9, 2007, 2:54 pm - KY Floyd - Jackpot Games Forum

What is wrong with this picture ?Reply
$25.3 million is the current price for purchasing a $44 million 26 year annuity. The lottery commission gives jackpot winners the option of purchasing an annuity for them or a one time payoff of the cost. Yeah, I know, we have discussed this ad nauseum, and I also know folks will pipe up and say '7 mill is better than zero - I'd take it', but still, after taxes, they get just 31.8% of the actual 'jackpot'. This pre-tax jackpot of $25.3 million was split by two people (After taxes, each w
Jun 14, 2007, 8:10 am - Stack47 - Jackpot Games Forum

$370 million!!Reply
pigsNtrees...here is how taxes work for those states that don't tax lottery winnings, such as California. Before you get your check, the lottery witholds 25% for Federal Income Tax and sends it on your behalf to the IRS. At this point you would most likely be in the highest tax bracket, currently 35% Therefore come April 15th of the next year (or sooner, but why?) you would have to pay an additional 10% to the Feds to settle your taxes. The question that an accoutant or lawyer would have
Mar 6, 2007, 1:02 pm - CA LotteryGuy - Jackpot Games Forum

Expected ReturnReply
I used the formula O * [1 - P] where O = odds of winning the jackpot and P = the total payout percentage minus the payout percentage for the jackpot (if it was given on johnph77's web site quoted above).As prob987 correctly pointed out in his post, I went under the presumption that there would be a single winner. I also failed to mention that the amounts listed were also based on the size of the annuitized jackpot before taxes. Taking into consideration multiple winners, the cash option and taxe
Feb 16, 2004, 10:01 pm - KyngeRycharde - Jackpot Games Forum