*UPDATE* $1.28 Billion Cash Option: $747.2 Million Next Drawing: Friday, 7/29 @ 11 p.m. ET
- Thread starter Pack Rat
- Start date
How about you win, sign, disclose your name, and fucking move? Folks want to win and live their miserable lives without the financial misery.
My aunt won some money damn near 30 years ago and still has nephews thinking she has millions stashed somewhere. I know a girl who won about $500k and she’s damn near on empty after 6 months. Then again I still have my passport savings account from when I was 5.
Here's How Much The $1 Billion Mega Millions Winner Will Actually Take Home After Taxes
The Mega Millions lottery jackpot surpassed ten figures Tuesday after no ticket matched all six numbers drawn, pushing Friday’s potential winnings up to $1.025 billion—but because of taxes, the winner will take home significantly less cash.
Mega Millions winners can either take 30 annual payments over 29 years or an immediate cash lump sum, which most winners opt for.
The estimated cash option will come out to $602.5 million, and the prize would be subject to an initial 24% federal tax withholding, or roughly $144.6 million.
The winner would also owe additional taxes at higher brackets, up to the 37% top federal marginal tax bracket for ordinary income: For a single taxpayer with no additional income, no dependents and no itemized deductions (like big charitable contributions), the total additional tax would be another $78.3 million due, leaving the winner with $379.6 million before state taxes.
The annuity option provides the full $1.03 billion in winnings over 30 annual payments of $34.1 million on average—but again, that’s before taxes.
While the 24% federal tax withholding still applies, it amounts to $8.2 million annually, and the additional federal tax (for a single taxpayer with no other income, at today's rates, which are likely to change) would come to another $4.4 million, leaving the winner with $21.5 million per year, before state taxes.
State taxes vary, and while some states don’t tax lottery winnings (including those with no state income tax, like Texas and Florida, and those that specifically exempt lottery winnings, like high-tax California), state income taxes can be as high as 10.9% in New York.
In some states, cities are allowed to impose their own income taxes, and in New York City the top rate is an additional 3.87% on top of the state and federal taxes.
If there is a winning ticket Friday, the jackpot would be the third-largest in Mega Millions history, and the third time the prize has exceeded $1 billion. The largest in history was a jackpot of nearly $1.54 billion in 2018. The odds of winning the jackpot by matching all six numbers is approximately 1 in 302 million. This jackpot’s run began in April, and the next drawing will take place Friday at 11 p.m. EST.
The Mega Millions lottery jackpot surpassed ten figures Tuesday after no ticket matched all six numbers drawn, pushing Friday’s potential winnings up to $1.025 billion—but because of taxes, the winner will take home significantly less cash.
Mega Millions winners can either take 30 annual payments over 29 years or an immediate cash lump sum, which most winners opt for.
The estimated cash option will come out to $602.5 million, and the prize would be subject to an initial 24% federal tax withholding, or roughly $144.6 million.
The winner would also owe additional taxes at higher brackets, up to the 37% top federal marginal tax bracket for ordinary income: For a single taxpayer with no additional income, no dependents and no itemized deductions (like big charitable contributions), the total additional tax would be another $78.3 million due, leaving the winner with $379.6 million before state taxes.
The annuity option provides the full $1.03 billion in winnings over 30 annual payments of $34.1 million on average—but again, that’s before taxes.
While the 24% federal tax withholding still applies, it amounts to $8.2 million annually, and the additional federal tax (for a single taxpayer with no other income, at today's rates, which are likely to change) would come to another $4.4 million, leaving the winner with $21.5 million per year, before state taxes.
State taxes vary, and while some states don’t tax lottery winnings (including those with no state income tax, like Texas and Florida, and those that specifically exempt lottery winnings, like high-tax California), state income taxes can be as high as 10.9% in New York.
In some states, cities are allowed to impose their own income taxes, and in New York City the top rate is an additional 3.87% on top of the state and federal taxes.
If there is a winning ticket Friday, the jackpot would be the third-largest in Mega Millions history, and the third time the prize has exceeded $1 billion. The largest in history was a jackpot of nearly $1.54 billion in 2018. The odds of winning the jackpot by matching all six numbers is approximately 1 in 302 million. This jackpot’s run began in April, and the next drawing will take place Friday at 11 p.m. EST.
It's funny... the attorney mentioned above, Jason Kurland, is about to go on trial for scamming past lottery winners.
WTF?!?
uncle sam ain't shit
The premise is that people will think the lottery's legit and keep buying tickets if they actually see real people winning
makes sense...but its still bullshit
Imagine winning the lottery and thinking like Ashli Babbitt. What a dumb woman.Uncle Same watin for yall fools...
Im still buying tickets...
Damn
No wonder my wife and kids like you so much
They said they wouldn't tell ME or Grammy.
Nothing would change at all just in unsuspicious increments
New house would be complete and then I'd say we'll the time to buy is now - as far as they know I have a mortgage.
Trips?
Well I usually don't travel so why not.
Help to family would require an NDA
My nice and nephews would get an allowance paid monthly out of an escrow account with a finite number with the understanding if you fuck this up that's it.
Condo in Buckhead at Park Avenue or Buckhead Grand. Probably both.
Only to style on folks I used to work for.
Compound in Putnam County to fulfill Wesley Snipes vision.
Scholarship fund at Morehouse College and Georgia State University.
Sponsor trips to Africa for at risk Atlanta boys.
And lastly...
Hit Dragon Con just like this
Only to style on folks I used to work for.
Compound in Putnam County to fulfill Wesley Snipes vision.
Scholarship fund at Morehouse College and Georgia State University.
Sponsor trips to Africa for at risk Atlanta boys.
And lastly...
Hit Dragon Con just like this
Everybody thinks they're a Smooth Criminal talking about what they'd do if they won they lottery! In their minds they think they're
Talking like they'd get the money, hideout and live in a secret
Muthafucka thousands of people have won the lottery! Yo plan ain't special and there's only so much hiding everything from everyone that you can do!
Trust me I'd try to hide it too but at some point people will start to ask questions like...
"How come you don't go to work anymore but don't worry about money"?
"I stopped by your house but you're never there anymore, where's you move too"?
"How'd you buy that house with no job and no loan"?
"What do you mean we don't have to worry about money for college"?
"I noticed you disappeared once that big lottery ticket was purchased in your city by your house, you good"?
"Is that Bugatti and Ferrari real"?
Talking like they'd get the money, hideout and live in a secret
Muthafucka thousands of people have won the lottery! Yo plan ain't special and there's only so much hiding everything from everyone that you can do!
Trust me I'd try to hide it too but at some point people will start to ask questions like...
"How come you don't go to work anymore but don't worry about money"?
"I stopped by your house but you're never there anymore, where's you move too"?
"How'd you buy that house with no job and no loan"?
"What do you mean we don't have to worry about money for college"?
"I noticed you disappeared once that big lottery ticket was purchased in your city by your house, you good"?
"Is that Bugatti and Ferrari real"?
Uncle Same watin for yall fools...
now EVERYBODY'S A FUCKIN REPUBLICAN!!
Everybody thinks they're a Smooth Criminal talking about what they'd do if they won they lottery! In their minds they think they're
Talking like they'd get the money, hideout and live in a secret
Muthafucka thousands of people have won the lottery! Yo plan ain't special and there's only so much hiding everything from everyone that you can do!
Trust me I'd try to hide it too but at some point people will start to ask questions like...
"How come you don't go to work anymore but don't worry about money"?
"I stopped by your house but you're never there anymore, where's you move too"?
"How'd you buy that house with no job and no loan"?
"What do you mean we don't have to worry about money for college"?
"I noticed you disappeared once that big lottery ticket was purchased in your city by your house, you good"?
"Is that Bugatti and Ferrari real"?
Shit I keep to myself already. So not communicating with people for long periods of time. Isn't something that unusual for me. I think moving into a hotel or gated community would be the way to go.
Oh and I'll help Flint
I feel you on that because I'd probably do the same!
I got a penthouse in Manhattan
2 more in Malibu
I bought a '87 Cadillac Seville
Girl, I got a Mazerati 2
I wear diamonds on my fingers
I got a couple on my toes
I wear the finest perfume money can buy
It keeps me smellin' like a rose
If U wonder how I do it
There's just one simple rule
I'm just cool
2 more in Malibu
I bought a '87 Cadillac Seville
Girl, I got a Mazerati 2
I wear diamonds on my fingers
I got a couple on my toes
I wear the finest perfume money can buy
It keeps me smellin' like a rose
If U wonder how I do it
There's just one simple rule
I'm just cool
Me and my family members have a code phrase that means "I've hit the lottery".
If I call you and say the code, immediately drop everything you're doing and drive/fly to the pre-designated meeting place.
Once there, we have to figure out our new lives because big money could get you or your loved ones kidnapped.
If I call you and say the code, immediately drop everything you're doing and drive/fly to the pre-designated meeting place.
Once there, we have to figure out our new lives because big money could get you or your loved ones kidnapped.
But see I'm a little nervous
Someone just posted how a previously reputable LAWYER was stealing from his clients
You have to get you a lawyer that deals with athletes and rich people all the time you can’t get no one that’s unknown
Bro he was KNOWN specifically for helping big lottery winners
That dude came off as slimy. I watched a couple of his videos and then saw the one about him robbing clients and thought yeah that's about right.
There's no way you can steal from someone checking their balance and having alerts for every transaction
You don't trust anyone or put it past anyone to try and get their "piece"
I'm not hearing any suggestions I'm not hearing any opportunities to invest and triple my money
My guy/gal I have 400m dollars I don't need to triple my money or make my money work for me I have THE MONEY
this is what people leveling up are trying to get to. I am here. leave me alone let me lose money by not making 1000000 moves to try and get a favorable yield
fuck all that shit.
give me a bill account where my bills are on auto pay and I'll put 5 million in that account
t-mobile netflix and comcast car insurance my actual bills will be in that shit good luck me ever needing to keep track of that for about 15 years.
give me another "fun" account where I have a finite amount I DETERMINE MY OWN DAMN SELF AT MY DISCRETION WITHOUT ANYONE APPROVAL of what I have to "spend" on just splurges or fun shit and if I hit 0 before the couple months is over then im shit out of luck
but if i dont it just rolls over and adds to the pot.
and then another account that's just BIG BANK
ill leave that to my kids
bookmarked
Good shit.
I think that I would have three accountants.
Each watching the other's paperwork, but without knowing firms or identities.
Keep them muthafuckas shook of getting caught stealing.
Essentially you are because you would be generating interest
Who the fuck is worried about taxes on over a billion dollars
Cause no matter what you can run out of money.
Who the fuck is worried about taxes on over a billion dollars
Then you would be going broke, which would not make much sense
I'm a meticulous detail orientated person BY NATURE
finding inefficiencies and things that are "off" is a part of ME in every aspect of my life
you better believe there will be no accounting errors.
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