I went and bought 50 tickets earlier! Lump sum...should be about $200,000,000 after taxes; I could make it on that.
I went and bought 50 tickets earlier! Lump sum...should be about $200,000,000 after taxes; I could make it on that.
I was watching the local news & they mentioned that the 540 million after the lump sum & taxes was 262 million. That's Wisconsin though. I'm guessing that it's different from State to State.
why do they bother reporting the gross pre-tax amount? so retarded.Quote:
Originally Posted by mello
That sounds even better! I was just figuring about 50% of the lump sum amount.Quote:
Originally Posted by mello
if you take annual payments, how much is taxed?Quote:
Originally Posted by BamaAla
35% federal and 6% for me in Alabama.Quote:
Originally Posted by onlyrp
Not retarded, different states have different taxes, smart one. Also, depends on annuity or lump sum. Don't call it retarded.Quote:
Originally Posted by onlyrp
If anyone on here wins, they should donate a large sum of it to the campaign. If it were me, I'd go all-in.:cool:
George Orwell was right once again.
From "1984"
The Lottery, with its weekly pay-out of enormous prizes, was the one public event to which the proles paid serious attention. It was probable that there were some millions of proles for whom the Lottery was the principal if not the only reason for remaining alive. It was their delight, their folly, their anodyne, their intellectual stimulant. Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made a living simply by selling systems, forecasts, and lucky amulets. Winston had nothing to do with the running of the Lottery, which was managed by the Ministry of Plenty, but he was aware (indeed everyone in the party was aware) that the prizes were largely imaginary. Only small sums were actually paid out, the winners of the big prizes being non-existent persons. In the absence of any real intercommunication between one part of Oceania and another, this was not difficult to arrange.
Yes, different states have different taxes, none of which are zero. Telling a person he can win $500M, but he can only get $200M max, you might as well tell him he can win $20B, but after all fees, taxes, other allocations, he's left with $200M. Why does he care where the rest went, as long as its not his and he has no control over it?Quote:
Originally Posted by JusticeOWHjr
Ok. Let's go through this again.Quote:
Originally Posted by BamaAla
If lump sum, you get $262M after taxes.
What do you get after 41% taxes if you took annual payments, when all payments are taken?
I just want to make a good comparison so I understand what the difference is (and what the rationale is for such numbers).
I'd take the lump sum. Because I read somewhere that if you die, it's gone.
I think the more difficult thing would be to manage your life with that much wealth, and find someone you trust to manage it.
I would tell nobody but my wife. Not even my parents. If anyone asked, I'd chalk it up to investments or my career. The more people that know, the more problems you'd have.
Why not just buy what you need, buy a nice insurance policy and give away the rest? Aren't winners announced publicly?Quote:
Originally Posted by amonasro
From my understanding, you'd get 26 payments of 20,769,000. After taxes = 12,254,000 a year. 26 years = 318,604,000. Of course there is no guarantee that the top tax brackets will stay at 36 and 6; the Bush tax cuts will probably be gone in the near future and I expect my state tax to go up again soon. Still leaning lump sum.Quote:
Originally Posted by onlyrp
Edit: for amonasro: from megamillions.com
9. What happens to Mega Millions payments if the winner dies before collecting?
If a winner dies before receiving all annual payments, Mega Millions will continue to pay the annual payments, as scheduled, to the winner's designated beneficiary or to the winner's estate.
LOL - How could you find them in that Wall O' Text?Quote:
Originally Posted by xeyeXsawx
OK, since we're in the daydreaming mode...
Of course, after taking care of family, debt, homes, charity, savings and PMs.
Three things at the top of the list:
I'd buy the Mt. Washington cog railyway, and scrap every one of the stupid diesel powered Travesty Tractors that they put on the line of a national landmark, and restore the steam engines to full functionality.
Second, this:
http://www.csplane.com/7001/7001.jpg
Third, this:
http://www.ironhead-bobbers.com/chop...i3-468x473.jpg
And then this, not restored, not Chinese, new American construction to ALCO plans:
http://www.buffalocreekandgauley.com...ndon_YdOPT.jpg
Now that's a good dream!
After I took care of family and friends, I'd buy myself a couple houses. Probably a nice permanent residence in my current area, a vacation home in one of the islands (Grand Cayman maybe?), and a few thousand acres out in the middle of PA with a big old cabin in the middle.
After that I'd probably start a few businesses that likely will never become profitable due to my lack of experience, but will be a fun way to spend my time. Maybe a sports bar or something. I'd probably also float a lot of venture capital out to promising indy video game studios and see what comes of it.
First, I'd hire a few lawyers and hire a financial advisor.
Then, I'd invest part of it in precious metals and some commodities.
Then, I'd hire some security.
Donate 10mill to Ron Paul.
I'd take the lump sum... there is no telling what the dollar is worth in 10-20 years. 600 million dollars (excluding taxes) now, is probably worth 10 dollars in 10 years.
Lottery winners don't have the option of staying anonymous.Quote:
Originally Posted by amonasro
I'd take the cash and buy some precious metals. Taking the annuity is putting an awful lot of faith in the current currency system - that it will remain relatively the same for 26 years, not a risk I'd take. Well I didn't buy a ticket either...
That depends on the state where you buy your ticket. Some states, such as Delaware, allow winners to stay anonymous. Other states, like Pennsylvania, consider it public domain. (But winners in PA have an added bonus: no state or local taxes on their winnings.)Quote:
Originally Posted by angelatc
Ive always wanted to be rich but own nothing. I would buy other people houses all over the country and just house hop. I would start service businesses that were all related so that if you worked at the car repair place your day care was free because the people at the day care get their car serviced for free and so on and so on and shooby doobie do
Wrong, many states have zero % tax on lotto winnings, such as California. Nice try. YOu fail again.Quote:
Originally Posted by onlyrp
No, but a couple hundred million would buy me quite a bit of privacy.Quote:
Originally Posted by angelatc
Total win. Best idea in the thread.Quote:
Originally Posted by sluggo
I was gonna rep whoever bumped it then I read the post and was like uhhhhhh
Doesn't mean the winner walks away tax free, because there's still federal taxes, right?Quote:
Originally Posted by JusticeOWHjr
exactly! Or some decent security.Quote:
Originally Posted by Anti Federalist
Thanks for this. so is it fair to say lump sum vs annual payments, it's net $262M vs net $319M? (yes, I am assuming the tax rate stays the same, and it's only going to increase if it changes at all, so all the more reason to take lumpsum).Quote:
Originally Posted by BamaAla
Take the Lump sum
Pay off current house; pay someone to renovate it to put $$ in local economy
Pay off all debt
put money into our current business
pay off my parent's houses and give them the $$ to hire someone to renovate the houses so they can sell them and pay off all our siblings houses if they are worthy
get private tutors for our children for home school so it can free up time for me to help with the business
Start a few new businesses with the ideas we have
donate a large sum to RevPAC and other freedom candidates
set aside $$$ for all our daughters' weddings :D
buy property and build our dream home
Invest - for ourselves and children; live off the interest in our own investment