oldngray

nowhere special
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Darmark7

Retired 2020. Not my Problem Anymore!
If a winner emerges from Wednesday’s draw, they will have the option to choose between a $1 billion payout spread across thirty annual payments or a lump sum payment of $516.8 million—usually the more popular option.

The lump sum payment will face a mandatory federal tax withholding of 24%, leaving the winner with $392.76 million.

Depending on the winner’s taxable income, their winnings could drop as low as $325.6 million if the federal marginal rate of 37% is applied.
 

Darmark7

Retired 2020. Not my Problem Anymore!
Guess who wins the lottery every week? The lottery. Either they keep and dribble your money back over 30 yrs or they take about 1/2 right up front. Biggest scam in history. If you or I did the same we would be in jail for illegal gambling.
 
If a winner emerges from Wednesday’s draw, they will have the option to choose between a $1 billion payout spread across thirty annual payments or a lump sum payment of $516.8 million—usually the more popular option.

The lump sum payment will face a mandatory federal tax withholding of 24%, leaving the winner with $392.76 million.

Depending on the winner’s taxable income, their winnings could drop as low as $325.6 million if the federal marginal rate of 37% is applied.
In AZ I'd bring home around $312M.

 
So fly first class instead of private?
I don't trust any government sponsored system, really, and I don't know what the guarantee is if the country takes a dive, so I'd normally take the cash option, but in this case I'd actually take the annuity. First payment would be $9M+ cash in hand. That's life-changing enough for me, everything else after is gravy. If you take the cash and invest, sure, you can pretty easily make more, but there are so many sharks in the water, I wouldn't even know how to protect my money. I'd rather get payments for the next 29 years and know I have generational wealth without the potential of losing it all in a bad situation.
 

Babagounj

Strength through joy
If a winner emerges from Wednesday’s draw, they will have the option to choose between a $1 billion payout spread across thirty annual payments or a lump sum payment of $516.8 million—usually the more popular option.

The lump sum payment will face a mandatory federal tax withholding of 24%, leaving the winner with $392.76 million.

Depending on the winner’s taxable income, their winnings could drop as low as $325.6 million if the federal marginal rate of 37% is applied.
Actually, the first of the 30 years payments is doubled.
The rest is paid out over 28 years.
Minus of course any state required taxes while will lower the end amount.

The annuity isn't paid out by any state agency.
The procedure is for the lottery agency to hire an insurance company that provides the annuity.


As for Federal Taxes, one pays a good chunk up front followed by another large payment due at tax time.
It doesn't matter what your tax rate is, Uncle Sam will have his hand out.

The best thing one can do upon winning is to hire a good law firm to set up a blind trust , if your state allows it, to hide your identity. As for a name for the trust, don't use your own name, pick something totally unrelated.
 

Darmark7

Retired 2020. Not my Problem Anymore!
This is the store that sold the winning ticket. Las Palmitas Mini Market is the name and it is on the outskirts of Los Angelas. How much you want to bet an illegal is the winner? The good news is he will be able to fly his old neighborhood right to America 🇺🇸 I hope he buys a house on Martha’s Vineyard and moves all his extended family in.

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SandSpida

Well-Known Member
Actually, the first of the 30 years payments is doubled.
The rest is paid out over 28 years.
Minus of course any state required taxes while will lower the end amount.

The annuity isn't paid out by any state agency.
The procedure is for the lottery agency to hire an insurance company that provides the annuity.


As for Federal Taxes, one pays a good chunk up front followed by another large payment due at tax time.
It doesn't matter what your tax rate is, Uncle Sam will have his hand out.

The best thing one can do upon winning is to hire a good law firm to set up a blind trust , if your state allows it, to hide your identity. As for a name for the trust, don't use your own name, pick something totally unrelated.
Great advice. I would use the name Jack Mehoff.
 
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