PSA: Megamillions won by some lucky people in MD, Kansas, Illiinois

[conehead433]

Raised to $540 million now. Lump sum is $389 million.

The lump sum will end up being $422 million. That's what i dreamed I won over a year ago. You can imagine my consternation that the jackpot never got close to it. I dreamed I won that amount, but I couldn't tell you if it was Powerball or Mega Millions, but it was one or the other because I remember 4 out of the 5 numbers and the special ball number. Now I've got to go piss away $92 or so to buy every combination to make sure I get the 5th number from my dream that I didn't remember. Of course if you believe that dreams come true then maybe whatever number I pick for the 5th number will be the right one. If I bought all those tickets and had the winning ticket I would end up with 45 other tickets that would all be worth $10K each times the multiplier, because I'm going to pony up for the Megaplier. That would make for some nice gifts to friends. I'll share my winning ticket with family.
You should still buy tickets though. I need your money in the jackpot. Of course sometimes dreams don't come true, or come true at a time when you think they will.

 

[mnewsham]

The lump sum will end up being $422 million. That's what i dreamed I won over a year ago. You can imagine my consternation that the jackpot never got close to it. I dreamed I won that amount, but I couldn't tell you if it was Powerball or Mega Millions, but it was one or the other because I remember 4 out of the 5 numbers and the special ball number. Now I've got to go piss away $92 or so to buy every combination to make sure I get the 5th number from my dream that I didn't remember. Of course if you believe that dreams come true then maybe whatever number I pick for the 5th number will be the right one. If I bought all those tickets and had the winning ticket I would end up with 45 other tickets that would all be worth $10K each times the multiplier, because I'm going to pony up for the Megaplier. That would make for some nice gifts to friends. I'll share my winning ticket with family.
You should still buy tickets though. I need your money in the jackpot. Of course sometimes dreams don't come true, or come true at a time when you think they will.

good luck with that, i will put another 5 dollars to your cause

 

[AMDZen]

If the lump sum is $389 million, why are you using "$210,245,242.00" as your starting point to calculate the tax? This website breaks down all the payouts by state, and the lowest amount you'd walk home with after ALL taxes (federal and state) is $250 million in New Jersey.

I see what I did, I put in $389 as the total, in which case it would have been $210. So according to that website, $540 = $291 mill lump some. Not the $389 that someone else posted.

Lump Sum :
(approx) $291,857,148.00 / $189,707,146.00 (after 35% tax)

 

[Blieb]

Lump Sum :
(approx) $291,857,148.00 / $189,707,146.00 (after 35% tax)

Fsck it then. I'd have to keep working.

 

[AMDZen]

Fsck it then. I'd have to keep working.

It just makes more sense to take the $13.5 over 26 years and end up with $361 even after taxes, than to only get $189 after taxes if you take it all at once

IMO

 

[mnewsham]

I see what I did, I put in $389 as the total, in which case it would have been $210. So according to that website, $540 = $291 mill lump some. Not the $389 that someone else posted.

Lump Sum :
(approx) $291,857,148.00 / $189,707,146.00 (after 35% tax)

why are you doing 35% tax? government taxes 25% then your state (and possibly local for NYC and yonkers) takes a % usually between 0-8 % for maryland for example it is $292,500,000 then 9.25% (we are on the highend for tax) so subtract $36,075,000 you get $256,425,000 unless i am completely not understanding what you are doing....

 

[Anonemous]

Who cares, if it's 292M (lump) vs. 400M (annuity) I don't think at that point you would care.

 

[AMDZen]

why are you doing 35% tax? government taxes 25% then your state (and possibly local for NYC and yonkers) takes a % usually between 0-8 % for maryland for example it is $292,500,000 then 9.25% (we are on the highend for tax) so subtract $36,075,000 you get $256,425,000 unless i am completely not understanding what you are doing....

I am not doing it, that website is doing it. Its an approximation. Bottom line is that there are a lot of numbers being thrown around, and I know for a fact based on other lump sum payouts that $389 is probably optimistic, as is $442 that someone else posted. $291 that this website says is closer to the lump sums I've seen get paid out. You can do your own tax calculations off that.

And your math sucks. 25% is 72+ million so where did you get $36?

 

[Atomic Playboy]

I see what I did, I put in $389 as the total, in which case it would have been $210. So according to that website, $540 = $291 mill lump some. Not the $389 that someone else posted.

Lump Sum :
(approx) $291,857,148.00 / $189,707,146.00 (after 35% tax)

The 291 mil lump sum from that website is AFTER FEDERAL TAXES. You're double-taxing the money. The actual payout after federal AND state taxes will not be less than $250,000,000 anywhere in the US or its territories.

-EDIT- No, I went to that website, and its reporting completely different tax amounts than the other site. Which one is actually correct?

 

[Fritzo]

If I won that much, I'd march into Donald Trump's office and yell "Oh yeah? Well YOU'RE FIRED!"

 

[Blieb]

If I won that much, I'd march into Donald Trump's office in my birthday suit and yell "Oh yeah? Well YOU'RE FIRED!"

>:O

 

[LookBehindYou]

$540 million is pretty fucking insane. I wonder what the odds are that it hits $1 Billion. It seems to be jumping up quicker as more people play it. Hell I never play it and threw down 10 the other day.

 

[AMDZen]

The 291 mil lump sum from that website is AFTER FEDERAL TAXES. You're double-taxing the money. The actual payout after federal AND state taxes will not be less than $250,000,000 anywhere in the US or its territories.

-EDIT- No, I went to that website, and its reporting completely different tax amounts than the other site. Which one is actually correct?

The lump sum payout isn't $540 million, thats what you guys don't understand. If you take the lump sum, they only give you $291+ million up front, before any taxes are calculated. The rest of that money is gone before the government is even involved.

Why that happens? I have no idea. Where it goes? Who knows. But thats what it is

 

[LookBehindYou]

If I won that much, I'd march into Donald Trump's office and yell "Oh yeah? Well YOU'RE FIRED!"

so..............why would you have to be nekkid for that?

 

[crownjules]

As was pointed out to me earlier in the thread, the annuity is really just the lump sum with a small increase to (likely) account for inflation. You can easily make more than the annuity with the lump sum if you find a good investment plan/manager.

 

[mnewsham]

State tax is deducted after federal is taken out yes NOT on the whole cash amount? That is what i was assuming....

And your math sucks. 25% is 72+ million so where did you get $36?

The 25% is already taken out at that point the 35M is for the 9.25% maryland tax

 

[mnewsham]

The lump sum payout isn't $540 million, thats what you guys don't understand. If you take the lump sum, they only give you $291+ million up front, before any taxes are calculated. The rest of that money is gone before the government is even involved.

Why that happens? I have no idea. Where it goes? Who knows. But thats what it is

ESTIMATED JACKPOT $540 MILLION Draw Date: March 30, 2012
Cash Option: $389 Million

directly from Megamillions website....

 

[AMDZen]

Nevermind, you guys just don't get it.

 

[Atomic Playboy]

The lump sum payout isn't $540 million, thats what you guys don't understand. If you take the lump sum, they only give you $291+ million up front, before any taxes are calculated. The rest of that money is gone before the government is even involved.

Why that happens? I have no idea. Where it goes? Who knows. But thats what it is

Why do you think the lump sum payout is 291 million? Mega millions own website lists the cash option at $389 million. Less 25% withheld by federal taxes, that's ~$292 million. Then you have a state tax of less than 10%... and that's it.

 

[mnewsham]

Nevermind, you guys just don't get it.

540 million, 389 million cash option - 25% for federal tax is 292,500,000 - ?% for state tax(0-10.8) = >250,000,000 no matter WHAT state you are in the LOWEST amount you would get is $250,380,000 in NJ as they have a 10.8% tax on lotto. so do the math yourself and stop saying we don't get it. If you think you understand better then explain better.

 

[rcpratt]

Oh my god, how do so many people not understand the lottery and annuities.

I'm seeing a direct relationship between love for horrible QBs and this lack of knowledge.

 

[Cheesemoo]

When I win, will I be able to force cable to serve me a la cart TV?

 

[AMDZen]

Oh my god, how do so many people not understand the lottery and annuities.

I'm seeing a direct relationship between love for horrible QBs and this lack of knowledge.

How is it my lack of knowledge, I'm going by what the website says

 

[mnewsham]

When I win, will I be able to force cable to serve me a la cart TV?

only in your dreams. one would need to buy an entire cable company and even then I doubt you could do it as all the studios and shit would throw a fit.

 

[mnewsham]

How is it my lack of knowledge, I'm going by what the website says

you are using someone else's knowledge for simple math, do it yourself if you want to show you DON'T lack the knowledge. If you still come to that number then show us your math so we can show you where you went wrong and you can GAIN knowledge.