How Much Is Taken Out? MM, Lotto & QuintoPrev TopicNext Topic

• garthbrooks

  

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  Nov 4, 2004, 3:46 pm

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  How much is taken out exactly from Mega Million (Jackpot & $175,000 2nd prize), Lotto and Quinto. I'm in Washington State. This is regarding the lump sum.

  Currently they are at $77M, $1M, and $1.1M respectively.

  -GB
• DoctorEw220

  

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  Nov 4, 2004, 5:24 pm

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  go to www.usamega.com . it had that information for you.

  I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.
• rabbitfoot

  

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  Nov 4, 2004, 10:29 pm

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  25% is withheld by the federal gov't initially.  Another 3% is due to the state of IL.  However, the top federal bracket is 35%, so you will have to pony up another 10% to the federal gov't at the end of the end. 

  I play to dream and dream of winning a major jackpot!
• garthbrooks

  

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  Nov 5, 2004, 2:22 pm

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  What about Quinto? They say you get all the money. So does this mean they only take taxes of $1m? No lump sum choice needed?
• CASH Only

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  Nov 5, 2004, 2:24 pm

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  Quinto is a weird game-if I ran the WA lottery, I would replace Quinto with a pick-5 all-NUMBER game, and get rid of "Unlucky for Life".

  Quinto is lump sum, BTW.
• garthbrooks

  

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  Nov 5, 2004, 2:31 pm

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  why would you change it? are the odds different?
• CASH Only

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  Nov 5, 2004, 2:37 pm

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  How about a pick-5 with fewer than 52 numbers?
• DoctorEw220

  

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  Nov 5, 2004, 4:10 pm

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  Quote: Originally posted by garthbrooks on November 05, 2004

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  What about Quinto? They say you get all the money. So does this mean they only take taxes of $1m? No lump sum choice needed?

  
  
  

  ---

  
  
  
  
  they just mean that you get a lump sum all at once.

  I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.
• johnph77

  

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  Nov 7, 2004, 7:03 pm

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  garthbrooks -

  Check payout percentages on my website for that stat. If you were referring to how much in taxes will be withheld from winnings rabbitsfoot's post sounds reasonable, state withholding will vary.

  gl

  john

  Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

  Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

   =^.^=
• lchoro

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  Nov 9, 2004, 1:34 pm

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  If they transition to a national sales tax after you take your lump sum, you'll actually be paying a higher tax since you'll pay both the income tax (35 percent) now and the national sales tax (21 percent) later on what cash you have remaining as you spend it...
• CASH Only

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  Nov 9, 2004, 4:16 pm

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  The US _does_not_ have a national sales tax; furthermore, sales tax is NOT deducted from lottery winnings.
• lchoro

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  Nov 9, 2004, 11:21 pm

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  Tax system overhaul is one of the key planks of Bush's agenda for his 2nd term.  They specifically floated the proposal to replace the payroll tax and the income tax with a national sales tax on purchases.  There's disagreement on whether the proposed sales tax is 21 percent or 26 percent.