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how much would you end up with?

Topic closed. 15 replies. Last post 8 years ago by lottocalgal.

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United States
Member #61785
June 4, 2008
33 Posts
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Posted: August 3, 2008, 5:08 pm - IP Logged

For california

 

If the Mega Millions Jackpot is:

 

$34,000,000.00

 

and the estimated cash value is:

 

$20,500,000.00

 

and you take the Cash Value Lump Sum Option

 

How much would you end up with in the end after taxes, etc?

 

(i'm not really good with percentages)

    colthmn's avatar - Lottery-028.jpg
    Inglewood
    United States
    Member #41769
    June 22, 2006
    122 Posts
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    Posted: August 3, 2008, 5:26 pm - IP Logged

    For california

     

    If the Mega Millions Jackpot is:

     

    $34,000,000.00

     

    and the estimated cash value is:

     

    $20,500,000.00

     

    and you take the Cash Value Lump Sum Option

     

    How much would you end up with in the end after taxes, etc?

     

    (i'm not really good with percentages)

    On this sites Home page, in the left hand column under Mega Millions. 9th option down you'll find Jackpot analysis. Click on that and you'll get your answer each draw. $15,000,000.00

      justxploring's avatar - villiarna
      Wandering Aimlessly
      United States
      Member #25360
      November 5, 2005
      4461 Posts
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      Posted: August 3, 2008, 5:38 pm - IP Logged

      On this sites Home page, in the left hand column under Mega Millions. 9th option down you'll find Jackpot analysis. Click on that and you'll get your answer each draw. $15,000,000.00

      Good suggestion.

      Not trying to be sarcastic, but I think the bottom line is "Depends on your accountant and tax attorney."  I made much less than a friend and paid more tax, got a lower "stimulus" check (didn't stimulate me very much. LOL) etc.  That's because she has more deductions. 

      I think $15M is a bit high.   That's what you'll get paid, but you will probably owe about 5% more.  Another poster said in a different thread it will be around 35%, but it might be lower if you find someone who can offer good financial planning.   So my answer is, after all taxes are paid (unless you live in a state where the lottery prizes are taxed)* a cash prize of $20,500,000 should leave you with about $14 million.

      Does it really matter?  $10 million, $15 million, $20 million ....   Who cares?  Just show me the money!! LOL

       

      *You get taxed where you legally reside.

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        United States
        Member #61785
        June 4, 2008
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        Posted: August 3, 2008, 6:14 pm - IP Logged

        The thing is I don't currently work(n,not waiting to win the lottery lol) therefore I don't pay taxes.

        If I won I wouldn't have a financial planner unless it's needed (you know if they deal with taxes and all that I don't know)

        I know exactly where every cent will go.

          DC81's avatar - batman39
          MI
          United States
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          August 31, 2007
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          Posted: August 3, 2008, 7:20 pm - IP Logged

          http://usamega.com/mega-millions-jackpot.htm

           

          California is the first one, that's not all the potential taxes you may have to pay, just the initial tax that's taken off. You'll also have to pay whatever is left as well as the interest/dividends earned from now until the end of the year.

          You can't predict random.

            colthmn's avatar - Lottery-028.jpg
            Inglewood
            United States
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            June 22, 2006
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            Posted: August 3, 2008, 10:39 pm - IP Logged

            I merely tried to show this member how to use a tool on this site to get some basic information! I would hope, that this member and any other would consult the proper professionals whether fin. planners and or tax consultants were they actually to win a major jackpot!

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              NY
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              October 16, 2005
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              Posted: August 3, 2008, 10:43 pm - IP Logged

              "*You get taxed where you legally reside."

              And/or in the state where you buy the ticket. California may not  collect income tax on winnings from the California lottery, but if  a CA resident bought a MM ticket in a state that does tax winnings from their lottery they could owe income tax in both states. You'd owe income tax to the state where the ticket was bought, and the winnings would be taxable income in California. I'm not familair with the specifics of CA's tax rules, but the amount of  tax paid to the other state would probably be credited towards the amount owed in CA.  If the state where the ticket was bought  collected 5% and CA charges 7% you would pay 5% to that state and probably pay  the remaining 2% to CA. If the tax rates were 7 and 5% instead, you would probably  owe nothing to CA, having paid the whole 7% to the other state.

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                dallas
                United States
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                August 3, 2008
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                Posted: August 3, 2008, 11:31 pm - IP Logged

                You'll get 75% of that and still owe about $2M.  Get a tax attorney before you ever claim the ticket.  Sorry to hear you live in Calif.  Add another couple hundred thousand for state tax.

                  tiggs95's avatar - Lottery-036.jpg

                  United States
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                  November 4, 2006
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                  Posted: August 4, 2008, 10:50 am - IP Logged

                  You would end up with 14,145,000.00

                    tiggs95's avatar - Lottery-036.jpg

                    United States
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                    November 4, 2006
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                    Posted: August 4, 2008, 10:53 am - IP Logged

                    Make that 15,375,000.00..My bad..........

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                      United States
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                      Posted: August 9, 2008, 5:35 pm - IP Logged

                      thank you all! very helpful.Wink

                        psykomo's avatar - animal shark.jpg

                        United States
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                        Posted: August 11, 2008, 7:59 pm - IP Logged

                        thank you all! very helpful.Wink

                        Thinking of...DON'T U  WORRY  BB:Bash

                        O'BAMA will set U & ME>>"FREE" Let It All OutBananaLet It All Out

                        Bat    U can live  OFF  $CHANGE$

                        LOL>>>>>>>>>>>>>DON't WORRY BOUT TAXE$$$$$$$$$$$$$$$$$

                        PSYKOMO

                        Partyvote for O'BAMA "Party"

                          psykomo's avatar - animal shark.jpg

                          United States
                          Member #4877
                          May 30, 2004
                          5122 Posts
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                          Posted: August 14, 2008, 8:46 pm - IP Logged

                          For california

                           

                          If the Mega Millions Jackpot is:

                           

                          $34,000,000.00

                           

                          and the estimated cash value is:

                           

                          $20,500,000.00

                           

                          and you take the Cash Value Lump Sum Option

                           

                          How much would you end up with in the end after taxes, etc?

                           

                          (i'm not really good with percentages)

                          Don't Worry>>BB:

                          YOU R TRULY from a GREAT>>>>>>STATE>>>>>>>>>>>>>>>>>>>>>>>

                          ???????????????????????????????????????????????????????????????????

                          HOW long (average time) DO people HAVE 2 stand in the WELFARE LINE??

                          I assume with the influX of the citizen's from outher COUNTRIE'$$$$$$$$$

                          EVERYONE is satisfited with ALL the G@@D SERISEVEEEEEEEEE!!!!!!!!!!!

                          TRANSLATION:  (PSYKO LUV's ALL)

                          BUTT,.........with million's of people NEED'n SERVICE>>>>>>>>>>>>>>>>

                          WHAT ARE THE LOTTO or LOTTERY>>>>ODD'ssssss(U) will get serivace?

                          LOL >>>>>>>>>HOPE ALL will HIT >>>>>>>>>D>>>>"JACKPOT"$$$$

                          PSYKOMO

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                            United States
                            Member #61785
                            June 4, 2008
                            33 Posts
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                            Posted: September 1, 2008, 6:53 pm - IP Logged

                            it said on a site that someone posted that CA has no state tax for lottery prizes.

                              DC81's avatar - batman39
                              MI
                              United States
                              Member #54830
                              August 31, 2007
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                              Posted: September 1, 2008, 8:51 pm - IP Logged

                              Yeah, CA doesn't have a state tax on the lottery as shown on the Jackpot payout link from USAMega/Lottery Post's sister site.

                              You can't predict random.