Mega Millions @ $330M... take the annual payout or the cash option?
- Thread starter muzzled dogg
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why do they bother reporting the gross pre-tax amount? so retarded.
BamaAla
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That sounds even better! I was just figuring about 50% of the lump sum amount.
if you take annual payments, how much is taxed?
BamaAla
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35% federal and 6% for me in Alabama.
JusticeOWHjr
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Not retarded, different states have different taxes, smart one. Also, depends on annuity or lump sum. Don't call it retarded.
donnay
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George Orwell was right once again.
From "1984"
The Lottery, with its weekly pay-out of enormous prizes, was the one public event to which the proles paid serious attention. It was probable that there were some millions of proles for whom the Lottery was the principal if not the only reason for remaining alive. It was their delight, their folly, their anodyne, their intellectual stimulant. Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made a living simply by selling systems, forecasts, and lucky amulets. Winston had nothing to do with the running of the Lottery, which was managed by the Ministry of Plenty, but he was aware (indeed everyone in the party was aware) that the prizes were largely imaginary. Only small sums were actually paid out, the winners of the big prizes being non-existent persons. In the absence of any real intercommunication between one part of Oceania and another, this was not difficult to arrange.
From "1984"
The Lottery, with its weekly pay-out of enormous prizes, was the one public event to which the proles paid serious attention. It was probable that there were some millions of proles for whom the Lottery was the principal if not the only reason for remaining alive. It was their delight, their folly, their anodyne, their intellectual stimulant. Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made a living simply by selling systems, forecasts, and lucky amulets. Winston had nothing to do with the running of the Lottery, which was managed by the Ministry of Plenty, but he was aware (indeed everyone in the party was aware) that the prizes were largely imaginary. Only small sums were actually paid out, the winners of the big prizes being non-existent persons. In the absence of any real intercommunication between one part of Oceania and another, this was not difficult to arrange.
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?
Ok. Let's go through this again.
If lump sum, you get $262M after taxes.
What do you get after 41% taxes if you took annual payments, when all payments are taken?
I just want to make a good comparison so I understand what the difference is (and what the rationale is for such numbers).
amonasro
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I'd take the lump sum. Because I read somewhere that if you die, it's gone.
I think the more difficult thing would be to manage your life with that much wealth, and find someone you trust to manage it.
I would tell nobody but my wife. Not even my parents. If anyone asked, I'd chalk it up to investments or my career. The more people that know, the more problems you'd have.
I think the more difficult thing would be to manage your life with that much wealth, and find someone you trust to manage it.
I would tell nobody but my wife. Not even my parents. If anyone asked, I'd chalk it up to investments or my career. The more people that know, the more problems you'd have.
Why not just buy what you need, buy a nice insurance policy and give away the rest? Aren't winners announced publicly?
BamaAla
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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.
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Anti Federalist
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LOL - How could you find them in that Wall O' Text?
Anti Federalist
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OK, since we're in the daydreaming mode...
Of course, after taking care of family, debt, homes, charity, savings and PMs.
Three things at the top of the list:
I'd buy the Mt. Washington cog railyway, and scrap every one of the stupid diesel powered Travesty Tractors that they put on the line of a national landmark, and restore the steam engines to full functionality.
Second, this:
Third, this:
And then this, not restored, not Chinese, new American construction to ALCO plans:
Of course, after taking care of family, debt, homes, charity, savings and PMs.
Three things at the top of the list:
I'd buy the Mt. Washington cog railyway, and scrap every one of the stupid diesel powered Travesty Tractors that they put on the line of a national landmark, and restore the steam engines to full functionality.
Second, this:
Third, this:
And then this, not restored, not Chinese, new American construction to ALCO plans:
brandon
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Now that's a good dream!
After I took care of family and friends, I'd buy myself a couple houses. Probably a nice permanent residence in my current area, a vacation home in one of the islands (Grand Cayman maybe?), and a few thousand acres out in the middle of PA with a big old cabin in the middle.
After that I'd probably start a few businesses that likely will never become profitable due to my lack of experience, but will be a fun way to spend my time. Maybe a sports bar or something. I'd probably also float a lot of venture capital out to promising indy video game studios and see what comes of it.
After I took care of family and friends, I'd buy myself a couple houses. Probably a nice permanent residence in my current area, a vacation home in one of the islands (Grand Cayman maybe?), and a few thousand acres out in the middle of PA with a big old cabin in the middle.
After that I'd probably start a few businesses that likely will never become profitable due to my lack of experience, but will be a fun way to spend my time. Maybe a sports bar or something. I'd probably also float a lot of venture capital out to promising indy video game studios and see what comes of it.
alucard13mmfmj
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First, I'd hire a few lawyers and hire a financial advisor.
Then, I'd invest part of it in precious metals and some commodities.
Then, I'd hire some security.
Donate 10mill to Ron Paul.
I'd take the lump sum... there is no telling what the dollar is worth in 10-20 years. 600 million dollars (excluding taxes) now, is probably worth 10 dollars in 10 years.
Then, I'd invest part of it in precious metals and some commodities.
Then, I'd hire some security.
Donate 10mill to Ron Paul.
I'd take the lump sum... there is no telling what the dollar is worth in 10-20 years. 600 million dollars (excluding taxes) now, is probably worth 10 dollars in 10 years.
angelatc
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Lottery winners don't have the option of staying anonymous.
