Lottery

[Bt Doctur 188]

Dont even look, supposed to be 1 winner in Calif

[Shawnmoore81 623]

And Florida

 

 

Sent from my iPhone using Tapatalk

[JohnnyB 4,325]

And Tennessee. 3 winning tickets in all.

[njpilot 671]

Yep. Heard that all 3 states don't take taxes from lottery winnings.

[AlDente67 563]

Guys, I WON!!!!!

 

$22 between 7 of us in the family pool.

[siderman 1,138]

Yep. Heard that all 3 states don't take taxes from lottery winnings.

so what are you saying, another reason to leave nj lol ? and a $4 winner here!

[Golf battery 1,223]

Yay. I got the powerball. 4$. Now im down only 16 $.

[njpilot 671]

so what are you saying, another reason to leave nj lol ? and a $4 winner here!

Yep.

Me too. Whoo hoo.

[silverado427 10,729]

 $ 4  me too

[mipafox 438]

Somebody won a million at the place I pick up my coffee and get gas.

[leahcim 680]

Somebody won a million at the place I pick up my coffee and get gas.

Was it you?

[mipafox 438]

Was it you?

I think the rules require you to buy a ticket

 

I would have said if it was me.

 

Now, if I would have won a billion, that's different. I would go down to Beleize and do lots of bath salts and underage hookers, and run out on the beach brandishing guns and scaring off all the tourists. Then maybe kill a neighbor.

 

John McAffee Medium Pimpin'

[leahcim 680]

I think the rules require you to buy a ticket

 

I would have said if it was me.

 

Now, if I would have won a billion, that's different. I would go down to Beleize and do lots of bath salts and underage hookers, and run out on the beach brandishing guns and scaring off all the tourists. Then maybe kill a neighbor.

 

John McAffee Medium Pimpin'

And don't forget about the security dogs

[45Doll 5,877]

I wonder if any lottery players actually read the winners' stories. Here's one. However that's not the reason I'm posting it.

Maine man who won $1.35B Mega Millions sues child’s mother for telling his family about lottery win (foxbusiness.com)

The reason is:

Lottery value:                $1,350M

One time payout won:    $723M

After tax payout:              $404M

So the 'players' took in $404M, and the government took in $946M.

That's a nice game. "You give me $13.50 and I'll give you $4.04 back."

I'd play on the government side very time.

[Sudsy 44]

 

[mustang69 505]

6 hours ago, 45Doll said:

I wonder if any lottery players actually read the winners' stories. Here's one. However that's not the reason I'm posting it.

Maine man who won $1.35B Mega Millions sues child’s mother for telling his family about lottery win (foxbusiness.com)

The reason is:

Lottery value:                $1,350M

One time payout won:    $723M

After tax payout:              $404M

So the 'players' took in $404M, and the government took in $946M.

That's a nice game. "You give me $13.50 and I'll give you $4.04 back."

I'd play on the government side very time.

The difference between the lottery value and the one-time payment is due to the annuity payout of 20 years vs. the purchase value of that annuity.  It doesn't go to the gov't.  Still, almost half of the payout goes to the gov't...

[silverado427 10,729]

I believe the annuity payment is based on a 30 year payout

[Mr.Stu 1,922]

The kicker with taking the annuity is that if the investments they make with that money don't perform as well as expected, you get paid less. If they overperform, you don't get any more than the advertised payout and the lottery keeps the rest. 

[PK90 3,570]

My financial advice is to take the one time payment and invest in ammo. 

[45Doll 5,877]

1 hour ago, Mr.Stu said:

The kicker with taking the annuity is that if the investments they make with that money don't perform as well as expected, you get paid less. If they overperform, you don't get any more than the advertised payout and the lottery keeps the rest. 

Then let me guess: if you take the annuity and then die before all payments are complete your estate DOESN'T get what's left.

Anyone know for sure? Meantime, I'll take that bet!

[silverado427 10,729]

4 hours ago, Mr.Stu said:

The kicker with taking the annuity is that if the investments they make with that money don't perform as well as expected, you get paid less. If they overperform, you don't get any more than the advertised payout and the lottery keeps the rest. 

I believe you get 5 % more every year

[45Doll 5,877]

Another big windfall for governments'. The 'winner'? Not so much.

Mega Millions $1.13 billion winner is facing mega tax bill. The amount is staggering. - nj.com

[CMJeepster 2,778]

Wasn't me, otherwise I would have bought all of the pork roll in the state and sent it to @Mrs. Peel.   

[Sudsy 44]

On 3/29/2024 at 9:04 AM, 45Doll said:

Another big windfall for governments'. The 'winner'? Not so much.

Mega Millions $1.13 billion winner is facing mega tax bill. The amount is staggering. - nj.com

Paywall, can't see it

Gotta cut n paste the article

[45Doll 5,877]

There's no paywall for me. I don't (and never will) have an account there.

If you got their ad blocker admonition, you should also see "Continue to the site". Try a page refresh.

The article basically says governments take at least as much in taxes as the 'winners' take home.

[Bomber 1,092]

7 hours ago, 45Doll said:

https://www.nj.com/lottery/2024/03/mega-million-113-billion-winner-is-facing-mega-tax-bill-the-amount-is-staggering.html

The article basically says governments take at least as much in taxes as the 'winners' take home.

I thought the top N.J. income tax rate was 10%, maybe the annuity isn't such a bad idea?

Winning ticket sold in Neptune?  Lord hope it be a U.S. citizen at least.

 

[45Doll 5,877]

Here's the payout schedule. Obviously if you're somewhere in the 40-50 range you take the full payout. Younger, maybe not.

New Jersey Mega Millions Jackpot Annuity Payout Schedule for Mar 26, 2024 | USA Mega

But I'd want to look at this with inflation in mind. The $$ you get ten years from now may be 'worth' a lot less than you expect. A loaf of bread may be $10,000,000

Note: If you take the Mega Millions annuity option, and then die with payments remaining, those payments do go to your beneficiaries. I don't know about other lotteries.

 

Edited March 30 by 45Doll
Note added.

[Bomber 1,092]

6 hours ago, 45Doll said:

 A loaf of bread may be $10,000,000

 

Yeah, that ain't gonna happen with the world's reserve currency.

The $ dollar is the hard power of the empire, lose that and its game over.

They will default and/or deflate long before thats allowed. Reckless spending politicians not withstanding.

[45Doll 5,877]

2 hours ago, Bomber said:

The $ dollar is the hard power of the empire, lose that and its game over.

That's why the BRICS are working hard to replace the world's reserve currency. They're already trading oil without the U.S. dollar.

[PK90 3,570]

Stupid question ....

If the winning ticket holder is a non-resident of NJ, do they pay NJ tax or his home state tax?