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After Tax Cash JP amount

Topic closed. 3 replies. Last post 11 years ago by BILLYD59.

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Think's avatar - lightbulb
Marquette, MI
United States
Member #20541
August 20, 2005
705 Posts
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Posted: November 13, 2005, 12:27 pm - IP Logged

Here is a quick way to ballpark how much cash you would get from a Huge Jackpot.

You take the top Fed rate which is 35% and add it to the top rate in your state

(if lottery money is taxable).  In Michigan that is 3.9%.  So that would be 38.9% in

taxes and 61.1% for you.

You then take the Cash jackpot amount and multiply it by that .611 and that is around what you will net.

 

Just because the state only withholds so much, that does not magically mean that you dont owe the rest!

 

So, in Michigan, you would get  about 182,567,680* 0.611= $111,548,852 net

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    New Member
    Philadelphia
    United States
    Member #16854
    June 6, 2005
    4 Posts
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    Posted: December 4, 2005, 8:01 pm - IP Logged

    I also look in NJ for a ball park figure of around 40% of the gross jackpot for after tax, cash option.

     

    I figure the cash option is about 60% of the annuity option, multiplied bt 65% net for a total of around 39%

      Think's avatar - lightbulb
      Marquette, MI
      United States
      Member #20541
      August 20, 2005
      705 Posts
      Offline
      Posted: December 19, 2005, 9:17 am - IP Logged

      By the Way you can find the guesstimated cash value of Mega on this page-

       

      http://www.ohiolottery.com/

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        New Member
        rockford
        United States
        Member #30086
        January 11, 2006
        1 Posts
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        Posted: January 11, 2006, 7:45 pm - IP Logged

        hello everyone, i am new to this but not the lottery

        ha''ha i hope we can help each other