|Posted: January 4, 2009, 1:12 pm - IP Logged|
I never got a response. If someone wins this game from Ohio I would look into it. The cash option needs to be more than 50%.
I don't think it matters because they state the cash option is 50% of the jackpot amount. If you go to jackpot calculation page, it states that the jackpot pay-out is an estimate and may vary depending on the interest rates for a 30 year annuity. Maybe it's the jackpot amount that should be lowered. I entered $10M and got the following.
CASH VALUE: $5,000.000
FEDERAL TAX (25%): 1,250,000
STATE TAX (6%): 300,000
CASH VALUE AMOUNT: $3,450,000
ANNUAL PAYMENT FEDERAL TAX (25%) STATE TAX (6%) NET PAYMENT PER YEAR
YEAR 1 $343,000 85,750 20,580 $236,670
YEARS 2-30 $333,000 83,250 19,980 $229,770
* you don't need to buy more tickets, just buy a winning ticket *