MegaMillions: $970M

[dawheat]

Thanks vivi - looking forward to the ~7.5M per person after taxes.

We'd totally need to have a Vegas meet up once we're all vaccinated.

 

[Svnla]

I am writing a draft letter of my resignation from work.

"Dear boss...take this job and shove it...I ain't work here no more" Short and sweet....and to the point.

(insert the clip of "I am rich..biotch* from Dave Chappell skit).

 

[ViviTheMage]

I am writing a draft letter of my resignation from work.

"Dear boss...take this job and shove it...I ain't work here no more" Short and sweet....and to the point.

Technically, it's 740 million after tax, divided by 64 people = 11.5 mill each.

 

[Sacraster]

I am writing a draft letter of my resignation from work.

"Dear boss...take this job and shove it...I ain't work here no more" Short and sweet....and to the point.

This is great. I'm going to borrow this

 

[Svnla]

Technically, it's 740 million after tax, divided by 64 people = 11.5 mill each.

I thought 740 million is if you take a huge lump sum up front instead of yearly payments for years (1 billion).

Then you will have to pay federal income tax on that 740 plus state and local income taxes (if applicable).

Is that right? BTW, the damn Megamillions website is down right now for me.

This is great. I'm going to borrow this

Sure. Make sure I get a cut of your winning...heheheheh. Oh, remember NOT to hit the send button yet...don't count them chickens yet you hear?

 

[Belegost]

Oh don't hit send yet?

Oops.

 

[ElFenix]

Technically, it's 740 million after tax, divided by 64 people = 11.5 mill each.

might be able to buy an RTX 3080 for that

 

[zinfamous]

I thought 740 million is if you take a huge lump sum up front instead of yearly payments for years (1 billion).

Then you will have to pay federal income tax on that 740 plus state and local income taxes (if applicable).

Is that right? BTW, the damn Megamillions website is down right now for me.



Sure. Make sure I get a cut of your winning...heheheheh. Oh, remember NOT to hit the send button yet...don't count them chickens yet you hear?

yes, but lump sum is always worth more than the "lifetime jackpot." (don't forget your lifelong compound interest that starts now, with lump sum, vs never if you let it get eaten up over 40+ years) plus, how would one split up lifetime payments among 64 people?

impossible.

lump sum is the only option for AT pool.

also....assume another winner. jackpot/2 (or 3!) - tax // 64 = still kinda poor for AT standards

anyway, never look at "jackpot" numbers on these lottos. It's always realistically much less than the lump sum

 

[ViviTheMage]

Just waiting for VAlotto's website to catch up, sure is lagggy!

 

[ViviTheMage]

Welp, it's pretty late here, I might just check tomorrow morning. Quick glance at the numbers, I didn't see us winning the jackpot, haha.

 

[destrekor]

Well I'm a little peeved. If I replayed the ticket I played on the 15th, I would have had $40 bucks. I tend to play the same line twice, once with a chosen mega/power ball, and once with an autopick version, as in the same pick 5 for both bets/lines. Then a third line of autopick for both the 5+1, but then I just replay the ticket itself so it keeps all the original AP numbers. Plus I play the multiplier. 3 of my main numbers came in, so 2x10, plus a 2x multiplier. I'd probably barely be ahead given I would have likely replayed it Tuesday as well as tonight, as I tend to do once it starts getting to such a large jackpot.

 

[ElFenix]

yes, but lump sum is always worth more than the "lifetime jackpot." (don't forget your lifelong compound interest that starts now, with lump sum, vs never if you let it get eaten up over 40+ years) plus, how would one split up lifetime payments among 64 people?

impossible.

lump sum is the only option for AT pool.

also....assume another winner. jackpot/2 (or 3!) - tax // 64 = still kinda poor for AT standards

anyway, never look at "jackpot" numbers on these lottos. It's always realistically much less than the lump sum

for pool there isn't any way to do it but lump sum. i guess you could use a corporate trustee to collect and distribute the funds each year but you wouldn't be avoiding much tax in a relative sense like you would taking the annuity on small jackpots (million dollar range)

 

[ViviTheMage]

for pool there isn't any way to do it but lump sum. i guess you could use a corporate trustee to collect and distribute the funds each year but you wouldn't be avoiding much tax in a relative sense like you would taking the annuity on small jackpots (million dollar range)

IMO, you'd be leaving a lot of money on the table if you did annuities. I'd rather start investing that xx million right away and turning 5-10% interest.

 

[Svnla]

The Megamillions website is up now but the result is still pending.

 

[zinfamous]

IMO, you'd be leaving a lot of money on the table if you did annuities. I'd rather start investing that xx million right away and turning 5-10% interest.

Yeah, I think any way you look at it, you're losing out of _x_ years of interest on that initial cash if you invest it, even lazily like in Whole Market Index Funds, throughout the _x_ years it is annuitized. taxes are pretty irrelevant at that point (but also take out larger and larger chunks, every increasing year, once you start looking at CoL adjustments--basically, the loss of interest you sacrifice for all those years is outweighed by increasingly less-valuable annual payments, as decades pass.)

Take lump sum, pay all federal/state taxes once, toss into brand new Roth IRA all at once and set to a single index fund, and you're already guaranteed what? 30% greater value, within 15 or so years compared to annuity? ...beauty of doing Roth IRA is that you can still start using that money and actually live wealthy, pretty soon after.

 

[ElFenix]

IMO, you'd be leaving a lot of money on the table if you did annuities. I'd rather start investing that xx million right away and turning 5-10% interest.

it's not xx million, it's x million, and maybe smaller.

and zin what roth IRA are you stashing a million+ dollars in?

 

[Brainonska511]

it's not xx million, it's x million, and maybe smaller.

and zin what roth IRA are you stashing a million+ dollars in?

I believe that version of the Roth IRA is known as the Romney Special

 

[Svnla]

Someone won the jackpot (1 ticket) and the amount is down to $20 million. Is it us, the cool AT team?

 

[destrekor]

Someone won the jackpot (1 ticket) and the amount is down to $20 million. Is it us, the cool AT team?

The breakdown of the top prizes:

Big Winners
Jackpot
MI
Match 5
FL (2),MD,MO,NJ,NY (2),PA
Match 5 + Megaplier
NC,VA

I wonder if that was anybody I've ever known in Michigan?

Don't think ViviTheMage played megaplier, so doesn't look like we hit a Match 5 through VA lottery. Bummer.

There's always the match 4+MP at 10K. Guess we can hope for that still!

 

[Svnla]

I purchased one ticket for myself and I didn't win anything, again. Damn the luck.

<<---- is removing his draft resignation. Back to the grinding and about to write a new letter to the boss to earn some brownie points.

"Dear boss..Do you know how cool you really are? Truly..."

 

[Zorba]

I WON!!!


$2

 

[zinfamous]

I believe that version of the Roth IRA is known as the Romney Special

you open it up...and uh, uh, just pull all of your money in!

lol, I suddenly tripped over myself, history of doing a roll-over into a brand new IRA, and was thinking, oh yeah...first account! you just put whatever money in there!

my brain farted. sew me!

 

[ElFenix]

you open it up...and uh, uh, just pull all of your money in!

lol, I suddenly tripped over myself, history of doing a roll-over into a brand new IRA, and was thinking, oh yeah...first account! you just put whatever money in there!

my brain farted. sew me!

that can be arranged

 

[SunnyD]

One match 5 winner in VA. So we can possibly be splitting $1mm still. Otherwise anyone want to buy me a tractor?

 

[IronWing]

One match 5 winner in VA. So we can possibly be splitting $1mm still. Otherwise anyone want to buy me a tractor?

Harness up the goats.