Mar 28 - Mega Million Is Now Worth 500 Million

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Props Slaps
 6 years ago '04        #21
rikedizzle 
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$6,793 | Props total: 676 676
 Supa Mario 910 said:
Naw, it's 25% Check out this link and scroll down. It breaks it all out..

I couldn't find it on your link (I may be a retard) but I think they withhold 25% from the start, a.ssuming that it is the big pot, then you'd be responsible for for your federal tax bracket which is where I got the 35% from.
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 6 years ago '07        #22
KeepinItTrill 30 heat pts30
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$49,200 | Props total: 15033 15033
 dmunson318 said:
texas state tax 0%


 Yelsgnik said:

[pic - click to view]

 03-28-2012, 06:51 PM         #23
Yelsgnik 
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 Dangerously said:
I just bought my ticket today. If I win, I'm buying 20 million in gold, a spot in Tribeca and minor league baseball team.
gold huh?

thats sound like a great idea.

I would get $50 million worth of gold bricks.
 6 years ago '04        #24
EGO 55 heat pts55
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$30,668 | Props total: 523 523
if I win, I'm always taking lump sum. I could die the next day, so I'm getting as much as I can as fast as I can.
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 6 years ago '04        #25
EGO 55 heat pts55
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$30,668 | Props total: 523 523
Gold is not a bad idea, especially the way things in america are going lately.
 6 years ago '04        #26
rikedizzle 
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$6,793 | Props total: 676 676
 Supa Mario 910 said:
If you take the lump sum, which would be 350 million lets say, it goes like this...

350 million-87.5 million (25% Fed tax)-24.5 million (NC 7% state tax)=238 million what you actually take home.

You get way more if you do the 25 annual payments, but with the time value of money, it's not worth it. Essentially, it is around 32-35% if you add in state taxes.
na, that's not right
 6 years ago '04        #27
rikedizzle 
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$6,793 | Props total: 676 676
 Supa Mario 910 said:
I guess man, it's coming straight from a lottery state website. What proof do you have to the contrary?
 6 years ago '04        #28
rikedizzle 
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$6,793 | Props total: 676 676
All of the tax amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden. Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be. For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses. The chart above provides the information that we know for sure: the money that you will initially receive from the lottery.
and there's 100 sites that say the same thing. you will be in the highest federal tax bracket, making you pay roughly 35% right now. also, the site you posted is not the official NC lottery either.
 6 years ago '04        #29
rikedizzle 
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$6,793 | Props total: 676 676
I mean there is no way that it isn't taxed like regular income, they just take the 25% from the start.
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 6 years ago '10        #30
rek0nize 66 heat pts66
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$9,238 | Props total: 1285 1285
The winner will be taking roughly 175-180 million from most states with lump sum like I said earlier in the thread.

The winner will get roughly 38% of the 500 million, except for a few states, which they will get more.
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 6 years ago '10        #31
rek0nize 66 heat pts66
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 Supa Mario 910 said:
LMAO...they're going to get way more than 180 million.


I was wrong by about 60 million. I thought it was 35 percent.



but that will end the debate and show what EVERY state gets by taking annual payments or lump sum.


Last edited by rek0nize; 03-28-2012 at 07:57 PM..
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 6 years ago '10        #32
rek0nize 66 heat pts66
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 Supa Mario 910 said:
That's ironic..people have taken home 180 million after everything before and that was when the pot wasn't anywhere near 500 million. that should be common sense though. If they choose the lump sum, it's going to be AT LEAST 249 million, but it will be higher because the jackpot will be raised by then.
I thought it was 35 for some reason.

Excuse my ignorance.
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 6 years ago '04        #33
Da Ill One|M 4602 heat pts4602
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$45,508 | Props total: 4990 4990
30 year payout for me...
 6 years ago '05        #34
ReppinDaBurghh 55 heat pts55
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$53,444 | Props total: 7086 7086
. Gonna make sure I play this tomorrow after work.
 6 years ago '07        #35
Pistol Peter 33 heat pts33
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$26,679 | Props total: 15 15
lump sum for ya boy...they might not wanna pay you your sh*t


divide that by 6 and give that to my closest family
take about 10% of it for a few homes and some cars and self pleasures


and go here for a long vacation and catch a few stds from the nasty spanish hookers
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 6 years ago '05        #36
ReppinDaBurghh 55 heat pts55
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 rek0nize said:


I was wrong by about 60 million. I thought it was 35 percent.



but that will end the debate and show what EVERY state gets by taking annual payments or lump sum.
Pennsylvania: No State Tax on Lottery Prizes!
Your net per year: $14,423,077 Your net payout: $269,250,000
After 26 payments: $375,000,002



Gimme that 269 mil.
 6 years ago '05        #37
ReppinDaBurghh 55 heat pts55
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$53,444 | Props total: 7086 7086
You guys taking about taking the annual payments realize if you take the lump sum and throw it in the bank and live a relatively cheap lifestyle you're probably making more off Interest over those 26 years then you would have if you took the annual payments.

I don't know exactly how interest of that amount of money works, but you have to be making MILLIONS of dollars per year off interest alone.
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 6 years ago '05        #38
ReppinDaBurghh 55 heat pts55
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$53,444 | Props total: 7086 7086
And by relatively cheap I mean blow money immediately on a house and cars and give money to whoever you want to give money to and then live a 500 thousand dollar a year lifestyle or something.
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 03-28-2012, 09:24 PM         #39
breakingbad 
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 Dangerously said:
I just bought my ticket today. If I win, I'm buying 20 million in gold, a spot in Tribeca and minor league baseball team.
lets hope we played the same numbers

 6 years ago '05        #40
Philly B 41 heat pts41
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 Fras1788 said:
Vermont: 6% State Tax - $1,153,846

Your net per year: $13,269,231
After 26 payments: $345,000,006

LUMP SUM
State Taxes For Lump Sum - $21,540,000
Your net payout: $247,710,000




That lump sum sh*t sucks, I think I really would rather just take home $13 mil a year, and be cool with that, and get almost 100 million more dollars total, than if I took the lump sum. I think $13 mil a year, would be enough to keep me alive for another 26.
What if you die in 5 years though wanna get a nice $20 million dollar crib right off the bat?

I'd take the lump sum, set myself up real nice with a house and a couple cars, then just live well off the interest the lump sum would be collecting

I guess it all depends though how lavishly you want to live at first. I wouldn't blow through it, but if I hit it I would probably spend more than 13 million in the first year.
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