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How much would this be??

Topic closed. 10 replies. Last post 6 years ago by rcbbuckeye.

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victorl3ichiban's avatar - georgemichael
san jose
United States
Member #53761
July 20, 2007
277 Posts
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Posted: October 9, 2010, 2:11 am - IP Logged

in a case you won $30 million dollars and take a lump sum of $20 million. How much will you actually get in the hand in full amount. How many time does the government tax you?

    garyo1954's avatar - garyo
    Dallas, Texas
    United States
    Member #4549
    May 2, 2004
    1841 Posts
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    Posted: October 9, 2010, 2:44 am - IP Logged

    If you take the Cash Value Option 45% to 55% of the announced jackpot. Depends on your income and whether there is a state tax on lottery winnings.

      OwlCreekBridge's avatar - Lottery-031.jpg
      lottoville
      United States
      Member #95474
      August 11, 2010
      132 Posts
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      Posted: October 9, 2010, 8:47 am - IP Logged

      in a case you won $30 million dollars and take a lump sum of $20 million. How much will you actually get in the hand in full amount. How many time does the government tax you?

      I'm assuming this question is in regards to the California SuperLotto Plus which is currently at an advertized jackpot of $30 million. If you won and opted for the lump sum, the lotto commision will give you a check for about $14.9 million. That is the lump sum amount ($19.9 million) minus 25 percent federal withholding tax.

      Unfortunately, you will not be completely off the hook with taxes. By April 2011 you will have to file for income tax and I guaranty you will have to pay even more tax. The exact amount I can't tell you without knowing specific details about you. You will need to see a CPA for that.

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: October 9, 2010, 9:06 am - IP Logged

        I'm assuming this question is in regards to the California SuperLotto Plus which is currently at an advertized jackpot of $30 million. If you won and opted for the lump sum, the lotto commision will give you a check for about $14.9 million. That is the lump sum amount ($19.9 million) minus 25 percent federal withholding tax.

        Unfortunately, you will not be completely off the hook with taxes. By April 2011 you will have to file for income tax and I guaranty you will have to pay even more tax. The exact amount I can't tell you without knowing specific details about you. You will need to see a CPA for that.

        And if he dies after January 1st, they will take 55% of what he has left too.

        But it will be put to good use, I'm sure.

        I heard they're going to fund a study of why left-handed, bi-polar Nuns in Outer Mongolia don't join bowling leagues on Wednesdays.

        It's a question that has plagued mankind for centuries.

        These things would never be studied if it were not for our government (and the people who gladly allow it to confiscate their money).

        So we should be thankful.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                    --Edmund Burke

         

         

          OwlCreekBridge's avatar - Lottery-031.jpg
          lottoville
          United States
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          August 11, 2010
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          Posted: October 9, 2010, 10:40 am - IP Logged

          And if he dies after January 1st, they will take 55% of what he has left too.

          But it will be put to good use, I'm sure.

          I heard they're going to fund a study of why left-handed, bi-polar Nuns in Outer Mongolia don't join bowling leagues on Wednesdays.

          It's a question that has plagued mankind for centuries.

          These things would never be studied if it were not for our government (and the people who gladly allow it to confiscate their money).

          So we should be thankful.

          That is exactly why I would keep the money in a safe with C4 explosives. The detonator would be activated via remote control with a heart monitor. If my heart ever stopped beating the detonator would set off the explosives in the safe destroying all the money. If I can't have my money no one else will.  Banana

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3316 Posts
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            Posted: October 9, 2010, 10:44 am - IP Logged

            so you're saying some sort of discretionary trust or family trust , with estate planning involved. hehe way i see it kids are a pack of useless moochers most of the time and i wouldnt want to leave anything to them anyhow. now gov aRE EVEN BIGGER MOOCHERS, so im kinda stuck between a rock and a hard place.

            a discretianary trust sounds the go, so you dont have to give anyone anything if the mood doesnt take you. and income accumulates at company tax rates.

            although a trust in usa and a trust out here in oz may be treated way differently.

            2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

            keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
              Member #30470
              January 17, 2006
              10392 Posts
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              Posted: October 9, 2010, 1:03 pm - IP Logged

              And if he dies after January 1st, they will take 55% of what he has left too.

              But it will be put to good use, I'm sure.

              I heard they're going to fund a study of why left-handed, bi-polar Nuns in Outer Mongolia don't join bowling leagues on Wednesdays.

              It's a question that has plagued mankind for centuries.

              These things would never be studied if it were not for our government (and the people who gladly allow it to confiscate their money).

              So we should be thankful.

              Good use indeed. There are still so many places Michelle hasn't taken the kids to see.

              And oh yeah, have you heard about the 720 dead people in Chicago that got the stimulus payments?

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                HoLeeKau's avatar - YheaShea
                Idaho
                United States
                Member #94283
                July 17, 2010
                2284 Posts
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                Posted: October 9, 2010, 2:40 pm - IP Logged

                The maximum federal tax rate is 35%.  The lottery takes out 25% of that before they give it to you so if you don't have any tax minimizing strategies you can plan on paying them another 10% for a total of 7 million.  Then you pay state taxes if any.  As someone already mentioned, CA doesn't tax lottery winnings.  So a Californian would keep approximately 13 million of the original 20.

                  Raven62's avatar - binary
                  New Jersey
                  United States
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                  June 28, 2005
                  51178 Posts
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                  Posted: October 9, 2010, 4:06 pm - IP Logged

                  in a case you won $30 million dollars and take a lump sum of $20 million. How much will you actually get in the hand in full amount. How many time does the government tax you?

                  The government taxes you until they have it all or until 9 months after your death!

                  A mind once stretched by a new idea never returns to its original dimensions!

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
                    United States
                    Member #73904
                    April 28, 2009
                    14903 Posts
                    Offline
                    Posted: October 9, 2010, 5:08 pm - IP Logged

                    That is exactly why I would keep the money in a safe with C4 explosives. The detonator would be activated via remote control with a heart monitor. If my heart ever stopped beating the detonator would set off the explosives in the safe destroying all the money. If I can't have my money no one else will.  Banana

                    You're sick in the head.

                    I like that.


                                                                 
                                         
                                                             

                     

                     

                     

                     

                                                                                                                       

                    "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                --Edmund Burke

                     

                     

                      rcbbuckeye's avatar - Lottery-043.jpg
                      Texas
                      United States
                      Member #55889
                      October 23, 2007
                      5762 Posts
                      Offline
                      Posted: October 10, 2010, 10:29 am - IP Logged

                      And if he dies after January 1st, they will take 55% of what he has left too.

                      But it will be put to good use, I'm sure.

                      I heard they're going to fund a study of why left-handed, bi-polar Nuns in Outer Mongolia don't join bowling leagues on Wednesdays.

                      It's a question that has plagued mankind for centuries.

                      These things would never be studied if it were not for our government (and the people who gladly allow it to confiscate their money).

                      So we should be thankful.

                      I don't usually get on a soapbox, but we can start CHANGING that this November. (Obama loves that word, and I'm starting to like it now also).

                      CAN'T WIN IF YOU'RE NOT IN

                      A DOLLAR AND A DREAM (OR $2)