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New Jersey Lottery

Topic closed. 9 replies. Last post 11 years ago by Greg.

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Sparta, NJ
United States
Member #18331
July 9, 2005
1977 Posts
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Posted: October 1, 2005, 12:23 pm - IP Logged

I recently contacted the NJL to question whether one could switch cash/annuity options, after the draw. Here is their response.

From: "Public Info" <Publicinfo@lottery.state.nj.us>
To: Not gonna happen!

Subject: RE: Mega Millions - Cash or Annuity
Date: Thursday, September 29, 2005 10:17 AM

Should you hold the winning ticket and it has been purchased as an
annuity ticket, the NJ Lottery will immediately purchase the annuity at
the rate available.  You do have the option of requesting that the NJ
Lottery sell that annuity on your behalf within 60 days, however, the
sale will be governed by the market rates at the time of sale.
Therefore, you could possibly lose money or increase your winnings based
on the rates at the time of sale.

* Cash V. Annuity

The cash prize is simply the total money available for the top tier
prize. This is paid less the Applicable Federal tax, currently 25%. The
annuity amount is determined by the cash available and the current
interest rate for government securities. The annuity is paid over 26
payments, an initial check followed by 25 annual installments. These
payments are also subject to the Federal withholding rates. New Jersey
Lottery advises winners to seek tax advice from either IRS or a tax
advisor, as New Jersey Lottery is not permitted to provide tax advice.

I also read an article in the local newpaper this morning. It stated a winner MUST attend a news conference if the win Mega Millions. Of course, they don't have to play noce during the conference, but they have to show up. (I have no idea of the penalty!!)

Cheers

|||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

I only trust myself - and that's a questionable choice


    United States
    Member #379
    June 5, 2002
    11296 Posts
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    Posted: October 4, 2005, 12:45 pm - IP Logged

    NY and Texas (and maybe still California SLP) not only require the choice to be made when you play, but you CANNOT change your mind if you win.

    I plan to play New Jersey Pick-6 before I return home from my OK/CA trip.

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      Sparta, NJ
      United States
      Member #18331
      July 9, 2005
      1977 Posts
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      Posted: October 4, 2005, 3:50 pm - IP Logged

      NJ/NY also makes you choose when you buy. However, as the email from the office states, you can "sell" your annuity and take the cash, Then again, that gets into the tax world of paying what, when,  and how often. There was something last year about being double taxed when you sell your annuity.

      Cheers

      |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

      I only trust myself - and that's a questionable choice

        Raven62's avatar - binary
        New Jersey
        United States
        Member #17843
        June 28, 2005
        49835 Posts
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        Posted: October 4, 2005, 4:43 pm - IP Logged

        You could probably convert your Annuity to Cash at any time, their are Companies out there that Purchase Annuities (JG Wentworth) comes to mind, but their must be others.

         

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          Sparta, NJ
          United States
          Member #18331
          July 9, 2005
          1977 Posts
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          Posted: October 4, 2005, 9:07 pm - IP Logged

          I'm in my 60's - I never consider annuity. Cash is spendable.

          Cheers

          |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

          I only trust myself - and that's a questionable choice

            RJOh's avatar - chipmunk
            mid-Ohio
            United States
            Member #9
            March 24, 2001
            19831 Posts
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            Posted: October 4, 2005, 9:54 pm - IP Logged

            Ohio doesn't have a slot on their cards to make a choice.  They do however have one on their Super Lotto Plus cards.

             * you don't need to buy more tickets, just buy a winning ticket * 
               
                         Evil Looking       


              United States
              Member #379
              June 5, 2002
              11296 Posts
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              Posted: November 2, 2005, 12:01 pm - IP Logged

              California SLP no longer requires players to choose unless they win. The cards still have the cash/annuity boxes.

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                United States
                Member #1826
                July 11, 2003
                2645 Posts
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                Posted: November 2, 2005, 12:31 pm - IP Logged

                Maryland Lotto still has a box where you make your choice, but it's null and void. I marked cash on the slip, but it didn't show up on the ticket.

                (insert signature here)

                  BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                  Magnolia, Delaware
                  United States
                  Member #18795
                  July 20, 2005
                  789 Posts
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                  Posted: November 2, 2005, 11:02 pm - IP Logged

                  JG Wentworth, from what I have heard (and that could be wrong info) they only give what the going rate is at that moment, less a 15% fee for their services! Like I said before, this info could be wrong!

                  I wouldn't take an annuity anyway, so I don't have anything to worry about in the first place!

                  "CASH BABY, CASH, It's The Only Way To Fly"

                  Keep dreaming the impossible dream, it just may come true! Thumbs Up

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                    United States
                    Member #119
                    February 19, 2002
                    527 Posts
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                    Posted: November 3, 2005, 9:22 pm - IP Logged

                    Cash???

                    IN A FLASH!