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Megamillions @ $250 million!

Originally posted by: SilentZero
Originally posted by: dxkj
Originally posted by: FreshPrince
time to buy a ticket 🙂
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Is that the one in Illinois?
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Its in many states (NY here).
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megamillions goes across state lines?



I know the Illinois one is 250 million



Im a noob, I see now that megamillions is across 12 states


no wonder i didnt !@#$ win
 
Originally posted by: Lurknomore
After state, federal and local, how much would you really have left (not that I'm complaining😛)?
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general rule of thumb: instant 50% goes bye-bye to taxes 🙁
 
Originally posted by: Atomicus
Originally posted by: Lurknomore
After state, federal and local, how much would you really have left (not that I'm complaining😛)?
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general rule of thumb: instant 50% goes bye-bye to taxes 🙁
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The top tax bracket is currently 35%.

 
Originally posted by: klah
Originally posted by: Atomicus
Originally posted by: Lurknomore
After state, federal and local, how much would you really have left (not that I'm complaining😛)?
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general rule of thumb: instant 50% goes bye-bye to taxes 🙁
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The top tax bracket is currently 35%.
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Isn't there some special tax that you pay on your lottery winnings instead of paying the income tax? With the lottery tax being a bit higher percentage than the top tax bracket that is.

-Tom
 
Originally posted by: SilentZero
already bought 20 :beer:
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omg, you are 20x more likely to loose your $. 😉

don't know if it applies to other states, but you can't take lump sum for mega, have to be 26 years.
 
Originally posted by: sciencewhiz
The prize money is larger then the odds of winning. Somebody buy 175,711,536 tickets stat!
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The prize money is larger if you're the only winner.....if not, you lose out.

-Tom
 
You have just as much of a chance at winning when it's 1M as when it's 250M... so why not buy tickets all the time?

God, what I couldn't do with 250 million dollars...

:Q
 
Originally posted by: sciencewhiz
Originally posted by: klah
The top tax bracket is currently 35%.
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If you're lucky enough to only pay federal taxes.
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In California (a Mega Millions state) you do not pay any local/state taxes on lottery winnings. According to the California State Lottery web site, winnings are subject to 27.3% federal withholding. With this information, if the winner chooses the lump sum option they will get to take home about 35% (.5*.727) of the jackpot (if sole winner) after taxes. So in Ca, if you win the Mega Millions jackpot by yourself of $250 million, with the lump sum you take home 250*.5*.727 = ~$90 million dollars after taxes. Probably slightly less as the lump sum option is a tad bit under the 50% mark.
 
Originally posted by: NakaNaka
My grandma won Mega Millions yesterday. She got $2.
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I got $3 yesterday. Was hoping someone would have won it so I wouldn't have to waste another 20 dollars.
 
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