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

[Lindsey]

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.)

[Noble Savage]

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

[JusticeOWHjr]

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.

[Anti Federalist]

Lottery winners don't have the option of staying anonymous.

No, but a couple hundred million would buy me quite a bit of privacy.

[PierzStyx]

Lump sum. Then buy the city of Detroit and turn it into Andrew Ryan's "Rapture."

Total win. Best idea in the thread.

[shemdogg]

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

[onlyrp]

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?

[onlyrp]

No, but a couple hundred million would buy me quite a bit of privacy.

exactly! Or some decent security.

[onlyrp]

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).

[mommaliberty]

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