Mega Millions now at half a billion dollars

Jon

Well-Known Member
Dec 16, 2008
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Amsterdam in the Rockies
Bought my ticket for tomorrow night's $550 Million Powerball jackpot. Only 2 sets of numbers since buying more really doesn't increase your odds of winning. Even if you hit 5, that's still $2 million dollars before taxes. After taxes that's still somewhere in the ballpark of $1.2 million which I could easily make last. :D
 
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Channel98

Don't yell or hit.
Feb 2, 2019
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Glendale CA
In the United States, the minimum federal tax on lottery winnings of $5,000 or higher is 25%. Winnings above certain larger amounts can be taxed at a rate as high as 45%. Non-US citizens pay a minimum 30% tax on any winnings of $600 or more. Most lottery winners also have to pay state income tax -- but Washington, Florida, Texas, Tennessee, New Hampshire and South Dakota do not tax lottery winnings. Some cities, such as New York, impose a city tax on lottery winnings. A winner of a huge jackpot might wind up with only half of it.

On the bright side, 99.99999% of us will never have to worry about those taxes.
 

semipenguin

Cheeseburger Connoisseur
Oct 11, 2008
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In the United States, the minimum federal tax on lottery winnings of $5,000 or higher is 25%. Winnings above certain larger amounts can be taxed at a rate as high as 45%. Non-US citizens pay a minimum 30% tax on any winnings of $600 or more. Most lottery winners also have to pay state income tax -- but Washington, Florida, Texas, Tennessee, New Hampshire and South Dakota do not tax lottery winnings. Some cities, such as New York, impose a city tax on lottery winnings. A winner of a huge jackpot might wind up with only half of it.

On the bright side, 99.99999% of us will never have to worry about those taxes.
California doesn't tax lottery winnings, either.

https://www.washingtonpost.com/news/get-there/wp/2016/01/09/the-best-and-worst-states-for-winning-the-800-million-powerball-jackpot/?noredirect=on&utm_term=.75421396a295

Winners in some other areas could walk away with a bigger share of the winnings. Ten states, along with Puerto Rico and the U.S. Virgin Islands, don’t charge any state taxes on lottery winnings: California, Delaware, Florida, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington and Wyoming. Those winners would end up with a pot of about $697.5 million.