An Internet web site offering information about the United States' largest multi-state lottery games, Mega Millions and Powerball, today introduced a new feature for Powerball players.
USA Mega (www.usamega.com) created a new annuity calculation feature in response to the new Powerball rules regarding jackpot annuity payouts.
Prior to the August 31, 2005 Powerball drawing, jackpot winners who chose the annuity option would receive 30 equal-sized payouts, distributed over a 29-year period.
Starting with the August 31 drawing, annuity winners receive payouts according to an annually-increasing rate, starting with an initial payment of approximately 1.78% of the jackpot value, and ending with a final payment of approximately 5.56% of the jackpot value.
In the past, Powerball lottery players could use the USA Mega Jackpot Analysis page to calculate and compare after-tax prize payouts for both the annuity and cash options, but after the new payout schedule was introduced, players were left without a way to see what they would receive.
To alleviate player confusion caused by the new rate schedule, USA Mega created annuity rate calculation pages for each Powerball state, allowing players to see their annuity payout amounts on a year-to-year basis.
Additionally, the yearly payout information includes the federal and state tax information, so players can see their annual after-tax amounts.
According to the USA Mega web site, "Amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year."
The site also cautions players not to assume the amounts shown will be their final tax amount.
USA Mega states, "[The amounts shown] are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money."
To exemplify the different ways a winner's final tax burden may differ, the site states, "For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown [in the payout table]."
About USA Mega
USA Mega provides in-depth information about the United States' two largest multi-state lottery games, Mega Millions and Powerball.
Lottery players will find unique information not found on any other web site, including statistics, news, Jackpot Analysis, detailed prize payout information, past drawing information, powerful results search engine ("PowerSearch"), Frequently Asked Questions, and more.
One of the things making USA Mega so unique is that players can find all the information about the two games in one place, and in an easy-to-use manner. Without USA Mega, players would need to track down the information from several different sources, or perform complicated calculations on their own.
USA Mega is a free web site, with no costs to access any part of the web site.
Yet another reason to check out www.usamega.com if you have questions about how much you will win. Thanks Todd.
I had thought before that if I ever won I would take payments but after looking at that payment schedule, I'm starting to feel like CashOnly. I'll take the Cash!!!!!!
I had thought before that if I ever won I would take payments but after looking at that payment schedule, I'm starting to feel like CashOnly. I'll take the Cash!!!!!!
CAN People from california buy Powerball tickets in PTS??
Smkkm1, I live outside the US, and I have been buying tickets from PTS for powerball and MM, for about two months. I think they're in Spain, since I receive once a call from my bank to check some charges to my CC made in Spain. I have won a couple a bucks, and used them in other transactions. I will keep playing.
I had thought before that if I ever won I would take payments but after looking at that payment schedule, I'm starting to feel like CashOnly. I'll take the Cash!!!!!!
CAN People from california buy Powerball tickets in PTS??
Yes and no. PTS cannot SELL you lottery tickets, but if you use their service, you're entering into a partnership with them that essentially does the same thing. It gives you 99% ownership of the ticket, which in my book is perfect. I spent eight months researching all the available service companies, and they are the best I found. In fact, they are one of the few that are not a scam.
Considering the number of people who requested this feature, the silence is deafening.
Considering the number of people who requested this feature, the silence is deafening.
It's a holiday weekend. I appreciate the feature but at my age I'd have to pass on annuity and take the cash.
I had thought before that if I ever won I would take payments but after looking at that payment schedule, I'm starting to feel like CashOnly. I'll take the Cash!!!!!!
CAN People from california buy Powerball tickets in PTS??
Yes and no. PTS cannot SELL you lottery tickets, but if you use their service, you're entering into a partnership with them that essentially does the same thing. It gives you 99% ownership of the ticket, which in my book is perfect. I spent eight months researching all the available service companies, and they are the best I found. In fact, they are one of the few that are not a scam.
lets say if somone wins this powerball of 240 million this wendsday (hopefully its me lol
) and if they use PTS .... what percent does PTS get out of it. and can I buy in CAlifornia???
I never considered Columbus Day a holiday. Smkkm1 - they have a 1% stake and California is a Megamillions state not a Powerball state.
I am having a senior moment - actually several of them. Where is the calculator link?
At the bottom of the story above is a direct link to the Powerball Jackpot Analysis page. Follow that link and then click on any state's link for the Annuity Payment Schedule.
Or, just go to www.usamega.com and click on Jackpot Analysis under the Powerball heading on the left.
At the bottom of the story above is a direct link to the Powerball Jackpot Analysis page. Follow that link and then click on any state's link for the Annuity Payment Schedule.
Or, just go to www.usamega.com and click on Jackpot Analysis under the Powerball heading on the left.
Ahhhh. I normally don't go down the state listing. I buy in PA, and they have no taxes.
Found it. Thanks.
Nice calculator, as a matter of academic interest only for me. I'd hate to think I'll live long enough to see the balloon at the end of the annuity payments. The aches and pains would take the joy out of watching the balloon lift off.
Thanks Todd.
Jack
I play your lottos occasionally and I always ask my sister in law in texas to buy the tickets as they have no state tax. Am debating whether to buy the PB this time ...240 is tempting..........
a hello to all those online right now
With the PB calculations, I think I can analyze it! I'm really happy that PB's payments increase just like CA SLP.
I play your lottos occasionally and I always ask my sister in law in texas to buy the tickets as they have no state tax. Am debating whether to buy the PB this time ...240 is tempting..........
You don't consider $240M worth the buck? At what point will you splurge?
The way gas prices is I thiink it's worth a hold lot more just a buck, faith that you will win.
a hello to all those online right now
Hello back atcha shalini.
Good luck on those tickets.
Jack
haha....its just that somehow it feels an impossible dream.............psychologically the euromillions feels more attainable...not that I have won any decent amounts on either....
the euromillions and the national lottery in the uk is tax freeby the way...some windfall clause or the other...in india its a tax deduction of 40% but then our lotteries, the few that are there don't deal with such enormous sums...what fun to win...
so, chewie...I think I will splurge
I only play PP in Penn. Finally got around to studying the annuity numbers; just kinda glanced earlier. Annuity taxes total up to $60 million dollars. That's assuming no future tax increase by our legislators in Washington, or by either state. I hadn't realized the hit was that big. A million here, a million there, and pretty soon they can pork-barrel a highway to some Congressman's house.
Chewie, tax uncertainty is part of the reason why cash value option is ALWAYS better than annuity.
also, its always nice to have your money in hand...god knows what stupid event could take place if your kismet is bad and you could lose it. CASH only!!
just read that the PB is upto 290 million...........
besides online, does PB or MM have any tie up with some UK firm in or around London where these lottos can be played...do let me know...
I am aware there is Prime service for online lotto purchase..............................
There is always a bookie some where, some place that will gladly take your money. Might not be there to pay it out though. Stick with an outfit that is recommended by some one who has proven their reliability. Todd recommends Prime. Option two: Spin the wheel, take your chances.
I don't have to play with the calculator. I'm taking the cash. The new PB annuity should further encourage winners to choose lump sum.
I don't have to play with the calculator. I'm taking the cash. The new PB annuity should further encourage winners to choose lump sum.
I am a cash fanatic, I would be like Uncle Scrooge McDuck, bathing in the green bills all day. However, the calculater gives you an accurate perspective on what happens if you choose the annuity option. It always helps to see both sides, even if the other side has no idea of what they are talking about.
I don't have to play with the calculator. I'm taking the cash. The new PB annuity should further encourage winners to choose lump sum.
I am a cash fanatic, I would be like Uncle Scrooge McDuck, bathing in the green bills all day. However, the calculater gives you an accurate perspective on what happens if you choose the annuity option. It always helps to see both sides, even if the other side has no idea of what they are talking about.
I hope Steve West is a cash fanatic, if he really is the PB winner.
I hope Steve West chooses annuity, just to see how he likes it over the long haul. It would be interesting, IMHO.
todd:
It would be TERRIBLE if the largest lottery prize in US history were to be paid through an annuity, which hasn't been the case in years. Then Jack Whittaker would have to break the new record.
Whats all this record stuff mean anyway. Lotsa money is lotsa money. Thirty Million, fifty million, sixty million, who cares! Every one on the LP would be better off forgetting this record business and cheering for the 20-30 million dollar win. More jackpots, more winners, more winners, the better the chance of one of them being us. Fewer winners, means fewer of us have a chance at the jackpot. Decisions, decisions. Record jackpot, or any jackpot. Decisions, decisions.
I want to win tonight, I don't care if it is a measly Mega Miolion $97M cash. No record, don't give a damn. If I don't win tonight, I want the puny $17M cash in Powerball tomorrow. Hit either, and this record business would a thought that would never enter my mind again!
I can drown a lot of sorrow in either of those little jackpots, or I can keep wanting to be the hero of the land with bragging rights to something that will be broken again. Decisions, decisions. Oh, mommie, what should I set my target at?
cash only: It would be AWESOME to see Steve West take the annuity, especially since it's the largest single prize in history, and he would get the whole thing.
cash only: It would be AWESOME to see Steve West take the annuity, especially since it's the largest single prize in history, and he would get the whole thing.
todd:
People who choose annuity do not "get the whole thing" more than if they choose lump sum.