Powerball
- Thread starter doug777
- Start date
I’ve been telling y’all this for years they charge you a penalty for taking the lump sum and there is nothing you could do about it. if you are young enough like below 60 years old the 30 year plan especially if it’s high Here’s an example of the 30 year payout…….
if you get a lump sum of money out of nowhere, that shit get fully taxed.
Right but they took a billion before taxes.
Again, it’s a penalty. There’s nothing you could do about it. The only way you could avoid the penalty and the heavy taxes is to take the 30 year plan. And as I said earlier, if you are young enough, do it.
If I'm not mistaken, there's a lottery tax too. Before the regular tax on your winnings which counts as income.
No, dont do it. Fuck that!
Every yr?????????
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That lump sum penalty is just the current value of the jackpot annuity. That jackpot amount is future dollars.
this is why if I win the mega man or the Powerball at its current jackpot I will take the 30 year payments. Sometimes if you get all of that money at one time and you are young and dumb, you are going to be broke as shit in one year
Man, I go back and forth on taking the 30 year payout... But I'm taking the lump sum. Dollar today worth more than a dollar tomorrow... Assuming the gov doesn't go insolvent.
That is my only fear. I would take the 30 year payments myself, but that would be lingering and back of my head.