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> $550m Lottery!
GandJ
post Nov 28 2012, 05:59 PM
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Did you buy a ticket or two? Must admit we did. It's not a frequent thing for us and we had no idea
that it now costs $2 to play. When did that start?

What are you going to do when you win? Fun to think about it, eh?

Anyway, good luck to all who are playing.

-j


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Lindsay Richards
post Dec 14 2012, 05:09 PM
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The amount stated on the billboards and tickets is for the 30 year payout. If you won $100 million, you would get 1/30th of that amount each year for 30 years. The remaining balance would be drawing interest. After 30 years, the total of the principal and interest together are $100 million. Most people opt for the lump sum figure, which does not include the interest or time value of the money. The tax is calculated on the value of the lump sum which you get right away. You invest it as you wish and pay taxes on that proceeds every year. Present max tax rate is 36%, but it will go to 39.6% in a few weeks as Washington thinks we have a taxing problem, not a spending problem. That 30% figure is a net/net approximation that can vary on the interest rate and the taxation rate. State tax would be on top. In CA, you would have to pay an additional 13% on the $30 million. Graduated rates make this a little less as you pay lower amounts on the cash leading up to the $250,000.
Don't worry about it thought as we won't win.


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Posts in this topic
GandJ   $550m Lottery!   Nov 28 2012, 05:59 PM
joez   Interesting human behavior. When a jackpot is on...   Nov 28 2012, 08:18 PM
dalsgal   I bought 2 tickets as I do each week now. After t...   Nov 29 2012, 06:58 AM
Denali   I worked on a software project for the California ...   Nov 29 2012, 10:00 AM
dog bone   I worked on a software project for the California...   Nov 29 2012, 10:07 AM
GandJ   Want to win a big jackpot? Quick, think of a num...   Nov 29 2012, 02:26 PM
Nolan   I don't know when it went up to $2.00 a t...   Nov 29 2012, 02:49 PM
mdcamping   This kind of stuff just doesn't do anything fo...   Nov 29 2012, 04:37 PM
jamarynn1   I've played the same set of numbers since the ...   Nov 29 2012, 04:58 PM
nedmtnman   Several years ago the fellow that sold me lottery ...   Nov 30 2012, 08:59 AM
wprigge   I think I pay enough taxes as it is now, so I...   Nov 30 2012, 12:11 PM
jim crowl   I haven't played the lottery for over 20 years...   Dec 1 2012, 01:13 PM
Dutch_12078   Well, the family in Missouri that won half of the ...   Dec 1 2012, 05:37 PM
GandJ   Yeah, "only" $192m...what a bummer....   Dec 1 2012, 06:19 PM
Wink   I am retired and get enough people trying to sell ...   Dec 10 2012, 12:57 PM
Lindsay Richards   I believe that the $192 million is the lump s...   Dec 10 2012, 07:05 PM
Wink   I believe that the $192 million is the lump ...   Dec 14 2012, 01:45 PM
Dutch_12078   I believe that the $192 million is the lump ...   Dec 14 2012, 04:55 PM
Lindsay Richards   The amount stated on the billboards and tickets is...   Dec 14 2012, 05:09 PM
Dutch_12078   Ok, I must have misunderstood your post. I thought...   Dec 14 2012, 05:31 PM
Lindsay Richards   They really mislead about the total amount as very...   Dec 15 2012, 04:22 PM
Dutch_12078   Yeah, I could force myself to get by on that... :...   Dec 15 2012, 05:08 PM


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