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Thread: Mega Millions @ $330M... take the annual payout or the cash option?

  1. #61

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    I went and bought 50 tickets earlier! Lump sum...should be about $200,000,000 after taxes; I could make it on that.
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  3. #62

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    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.

  4. #63

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    Quote Originally Posted by mello View Post
    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.

  5. #64

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    Quote Originally Posted by mello View Post
    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.
    That sounds even better! I was just figuring about 50% of the lump sum amount.
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  6. #65

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    Quote Originally Posted by BamaAla View Post
    That sounds even better! I was just figuring about 50% of the lump sum amount.
    if you take annual payments, how much is taxed?

  7. #66

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    Quote Originally Posted by onlyrp View Post
    if you take annual payments, how much is taxed?
    35% federal and 6% for me in Alabama.
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  8. #67

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    Quote Originally Posted by onlyrp View Post
    why do they bother reporting the gross pre-tax amount? so retarded.
    Not retarded, different states have different taxes, smart one. Also, depends on annuity or lump sum. Don't call it retarded.

  9. #68

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    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.

  10. #69
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    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.
    *Legal Disclaimer: While I am a keen researcher and want nothing more than to help people, I am not a doctor and more importantly, I am not your doctor. Any article I post that contains general information about medical conditions, treatments and remedies is to bring awareness. The information is not advice, and should not be treated as such. You should never delay seeking medical advice, or discontinue any medical treatment because of information in an article I have posted. The only advice I would give is to continue to research further and use discernment with all advice.

  11. #70

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    Quote Originally Posted by JusticeOWHjr View Post
    Not retarded, different states have different taxes, smart one. Also, depends on annuity or lump sum. Don't call it retarded.
    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?

  12. #71

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    Quote Originally Posted by BamaAla View Post
    35% federal and 6% for me in Alabama.
    Ok. Let's go through this again.

    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).

  13. #72

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    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.

  14. #73

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    Quote Originally Posted by amonasro View Post
    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?

  15. #74

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    Quote Originally Posted by onlyrp View Post
    Ok. Let's go through this again.

    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).
    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.

    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.
    Last edited by BamaAla; 03-30-2012 at 03:40 PM.
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  16. #75
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    Quote Originally Posted by xeyeXsawx View Post

    Last edited by xeyeXsawx; 03-21-2012 at 04:00 AM. Reason: Grammatical errors
    LOL - How could you find them in that Wall O' Text?

  17. #76
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    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:



    Third, this:



    And then this, not restored, not Chinese, new American construction to ALCO plans:


  18. #77

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    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.
    Original supporter of Ron Paul since 2007 and I stand with Rand.

  19. #78

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    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.

  20. #79

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    Quote Originally Posted by amonasro View Post
    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.
    Lottery winners don't have the option of staying anonymous.
    .[QUOTE]"Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won." - Ayn Rand, The Fountainhead[/QUOTE]
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  21. #80

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    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...

  22. #81

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    Quote Originally Posted by angelatc View Post
    Lottery winners don't have the option of staying anonymous.
    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.)

  23. #82

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    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

  24. #83

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    Quote Originally Posted by onlyrp View Post
    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?
    Wrong, many states have zero % tax on lotto winnings, such as California. Nice try. YOu fail again.

  25. #84
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    Quote Originally Posted by angelatc View Post
    Lottery winners don't have the option of staying anonymous.
    No, but a couple hundred million would buy me quite a bit of privacy.

  26. #85

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    Quote Originally Posted by sluggo View Post
    Lump sum. Then buy the city of Detroit and turn it into Andrew Ryan's "Rapture."
    Total win. Best idea in the thread.
    "The bird or the cage?"-The Lutece Twins

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  27. #86

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    I was gonna rep whoever bumped it then I read the post and was like uhhhhhh

  28. #87

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    Quote Originally Posted by JusticeOWHjr View Post
    Wrong, many states have zero % tax on lotto winnings, such as California. Nice try. YOu fail again.
    Doesn't mean the winner walks away tax free, because there's still federal taxes, right?

  29. #88

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    Quote Originally Posted by Anti Federalist View Post
    No, but a couple hundred million would buy me quite a bit of privacy.
    exactly! Or some decent security.

  30. #89

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    Quote Originally Posted by BamaAla View Post
    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.

    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.
    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).

  31. #90

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    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
    buy property and build our dream home
    Invest - for ourselves and children; live off the interest in our own investment

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