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Hey, that is an interesting website. I see South Carolina takes a 7% bite out of my winnings !! I may have to give the ticket to my Dear Daughter to claim....she lives in Florida -- No State Tax on Lottery Winnings. This may be when setting up a Trust to claim the winnings in a Tax-Free State would pay off..
She might even benefit from the Annuity payout. At her age, she could collect for 30 years.
Sorry, Power Ball ticket must be redeemed in the same state it it's purchased in.
Funny we would take second place and not even worry a bit. Taking the lump sum payout of the one million dollar second prize is more than enough for us. Yes I know it would end up being about 400 to 500k but that would just make it perfect for us. We don't ask for much.
"one million dollars"
buy the $3 ticket ( with power play) and win 2 MILLION instead of 1 MILLION.
buy the $3 ticket ( with power play) and win 2 MILLION instead of 1 MILLION.
Turn an extra $1 into an extra 1 MILLION dollars.
Understood but my point was I would not need to have to win the big pot. Second prize is plenty. If that happened I would be absolutely set for life. Another half mil would do us wonders.
I've often said I'd prefer to get the annual payments so that I CAN'T go crazy and become one of those lottery winners who fails at everything and loses all their money. I'd like to think I wouldn't be that person, but I'll bet those folks never thought they'd lose it all either.
My husband says he'd want the lump sum though, and take his chances.
The cash value is currently $202 million. By winning, you'd be in the top tier tax bracket for that year, which is currently 39.6% So you'd end up getting 60.4% of it, assuming you live in a state with no state income taxes, or about $122 million.
For that much money I would buy several nice homes around the world, nice cars, take some amazing vacations, and I'd probably spend about $22 million of it and keep the rest invested for the rest of my life to pass on to my children.
Of course, you would want to put a good Tax Lawyer on your payroll, and set up a Trust Fund for the family. Isn't there a 5-year Income Averaging thing for Tax Relief on these kinds of big payouts ??
And honestly, as golfingduo says, "Second Prize would be more than enough. Would set us up just fine."
At my age, I'd rather take the annuity payout most likely. I'd probably have a main residence in the Tampa area, a house here, and maybe one in Michigan or Maine during the summers.
Where will you find RELIABLE tax attorneys and investment advisers when you finally have the $122 million in your hot, sweaty grasp? Where do you park that cash while you're building your team?
Where will you find RELIABLE tax attorneys and investment advisers when you finally have the $122 million in your hot, sweaty grasp? Where do you park that cash while you're building your team?
You interview and Vet them like you would do for any professional you want to hire, you seek out trusted people in the field, and ask them.
Don't worry... Thousands of attorneys and investment advisers will be chasing you.
Where to park it. ... Well you don't need to claim it for 6month to a Year depending on the state.
Since when you claim it you need to claim it in the name of the "Correct" name, Your LLC, Your Trust, You need to set them up before you claim it.
Where to park it then. Any Major Brokerage would be good, Any HUGE bank.
There is an internet site..........Powerball Jackpot Analysis......that gives the exact state by state payouts before every drawing . ( after federal and state income taxes are with held )
For example.........my state of Arkansas I would receive $137,600,000 lump sum option ......AFTER state and federal, taxes were with held.
Your state might be a little more or a little less based on your state's income tax rate.
That figure is based on the taxes WITHHELD. The lottery only takes out 25% of federal taxes before they hand the rest over to you. You would be in the 39% bracket if you won so you're probably going to owe more unless you have a superman tax attorney. How much more? I dunno.
Cash value is $202 million. With my state taxes I usually figure on taking home 55% of the cash value. I always figure on paying most of that 39% owed to the feds just so I won't end up with less than I'm planning on. I'd hate to start spending like I'm rich and then find out I'm broke.
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