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Michigan needs new games
The thing about the 6/47 game and why the rollovers are so small, is because the jackpot winners have to choose to accept their prize as a cash option or an annual payout over the next 30 years. The jackpot starts at 1 million and so the cash option results in less than half a million after taxes. What a ripoff! 6/47 should pay off the entire jackpot in cash. But it doesn't so avoid. Fantasy5 has a nice rollover jackpot tonight so I'll take a stab at it.
Oct 27, 2024, 2:58 pm - Pappa - Lottery Discussion Forum

The Idiot Tax
Ignore the little jack asses that live in your head, they get everything wrong, they say. Doesn't matter where the taxes come from, property, sales, income, lottery, when have you last seen your tax dollars at work? The pot hole is still there, but they added a speed bump. That's about all government is, a bump in the road. BobP Excel at PE if you want to earn a living throwing things.
Apr 2, 2024, 1:23 am - BobP - Lottery Discussion Forum

Interpretations of Wagers Made And PrizeRatio/ Winnings
I guess it depends on what you did with the 4k. If you spent 8k, and the 4k win was subject to taxes, then the profit would be lower than 4k. If the tax was say 1k, then your profit is 3k, and your net loss would be 5k. (8k - net profit of 3k) If you throw the 3k back in and come up dry, then your out of pocket expenses remain -8k, but the total loss is -11k, and only the IRS won the 1 k tax payout.
Feb 2, 2024, 4:30 pm - hypersoniq - Lottery Discussion Forum

Putting your millions in the bank
Commercial Banks are THE worst place to put your money..Negotiate special interest rate terms with them...Limit the amont to no more that what the FDIC will refund you , per Account, should the Bank bellyup... US Treasury Bills are alot safer,.. especially when we talking $1.73 Billion...no State Taxes on'em.. But NEVER put all yo eggz in 1 basket..!!
Oct 10, 2023, 12:46 pm - Stat$talker - Lottery Discussion Forum

Lotto Jackpot Questions
The Lottery Officials would not and could not by law pay you the jackpot twice. The advertised jackpot amount is a fixed amount. However, they'd probably cut you one check for the full amount of the advertised jackpot (minus taxes) but that's IF you are the sole winner. If you were not the sole winner, then the parimutuel aspect of the game kicks in. If you had either of two winning tickets or two identical lines printed on your ticket then you'd win two thirds of the advertised jackpot amo
Jul 7, 2023, 9:18 am - GiveFive - Lottery Discussion Forum

Racetrack taxes
The Kentucky Derby is actually why I'm asking Several of us have pooled our funds for a shot at the trifecta and that got me to wondering if it was fair for me to shoulder all the tax stuff I'm not trying to circumvent any laws or anything, I was just wondering if splitting the winnings equally after taxes was fair to everyone (especially me) Hoping for a nice little payday come race time!
May 4, 2023, 2:51 pm - ScoobyDue - Lottery Discussion Forum

The ever increasingly inflated jackpot prizes for MM and PB
I suppose states could advertise the cash value jackpot, but someone will complain about after tax cash value or the after back child support, back taxes, etc cash value too. How about the most I can collect jackpot if I wisely invest my 30 annuity payments? When states first started drawing lotto type games with rolling jackpots, most of the payoffs were annuities. For instance a $1 million jackpot was paid by 20 payments of $50,000. Not sure if the PB and MM jackpots always gave a cash opt
Mar 4, 2023, 12:06 am - Stack47 - Lottery Discussion Forum

Should You Hire a Money Pro if You Win Millions?
Remember ddude, this is only interaction with other folks and their opinions, not an absolute, picture perfect scenario... But if you did win a jackpot that included $100-200 million dollars of take home after taxes and you don't trust anyone to invest it all for you ? I would strongly consider making sure you were completely debt free, plan on living to 100, divide your remaining years left by how much you want to live off comfortably(ex. $300K/yr) and keep that amount for yourself hidden somep
Jan 23, 2023, 12:22 pm - CDanaT - Lottery Discussion Forum

State taxes - my experience
It may depend on the state. But my understanding is the trust only has to be created before its claimed not before the numbers are drawn. I haven't looked at every state but personally I think the best state to win in would be Texas. It allows claims to be both and anonymous and through a trust. It has no state taxes due. And because you have to choose lump sum or annuity when you purchase the ticket, it isn't included as income until actual receipt. There may be other states that also prov
Jan 19, 2023, 8:04 am - SoCola - Lottery Discussion Forum

Powerball lump sum?
In the last ten years about 80 PB jackpots were won and only 8 of those jackpot drawings had multiple winners. Don't know how many billions or more tickets were sold or how many millions of people bought them but it's obvious only a tiny percentage of the vast overwhelming majority of people in the U.S. never had that choice. The current jackpot winner can get about $500 million after taxes and spend, invest and do basically whatever they want for the rest of their lives. Or they could colle
Nov 9, 2022, 3:29 pm - Stack47 - Lottery Discussion Forum

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