USA: Mega Millions Jackpot $640 million! - 3 Winners Announced

[a6m5]

Jackpot's $363 million? If the cash out penalty is 50%, that makes it $181.5 million left. I don't know how the tax work, but it's probably around a third? That finally leaves around $120 million.

Can we live on that?

 

[Patrick]

You have to be 18 to buy lotto tickets, correct?

 

[a6m5]

You have to be 18 to buy lotto tickets, correct?

I'm pretty sure that's correct.

 

[CodeRedR51]

Correct.

Jackpot's $363 million? If the cash out penalty is 50%, that makes it $181.5 million left. I don't know how the tax work, but it's probably around a third? That finally leaves around $120 million.

Can we live on that?

Hmm, it's gone up. Cash option is now $259 million, then taxes take over after that but you would probably end up with about $120 million like you said.

 

[Tesla]

Isn't there an option to only receive x amount of money per month, so that you can't spend it all at once? I could have sworn there was in Australia.

 

[jagdrag77]

If I win I will give 100 people premium, no point buying it for people that don't visit or only post in the GT5 section.

Ha, sounds like a nice idea 👍

But on topic, that potiental lotto win is nuts! Imagine all the Ferrari's you could buy

 

[DG_Silva]

Hmm, it's gone up. Cash option is now $259 million, then taxes take over after that but you would probably end up with about $120 million like you said.

Curious. In the UK, we don't pay tax on windfalls like the Lottery, as it's seen as a one-off. But as soon as you give any of that money to anyone else, they have to pay income tax on it....

 

[eSZee]

80% of lottery winners end up bankrupt within a couple years because they spend the money on useless things and eventually go into debt........ and die.

That's cause they all take the cash payout and go on spending sprees.

Isn't there an option to only receive x amount of money per month, so that you can't spend it all at once? I could have sworn there was in Australia.

I think 29 yearly payouts if you don't do the lump sum payout.
If you do that, the money earns interest while it sits there. That's what I read at least.

 

[CodeRedR51]

That's cause they all take the cash payout and go on spending sprees.

Smart people can do that and not go broke. That certainly wouldn't happen to me.

But smart people hardly ever win the lottery.

 

[RocZX]

I think 29 yearly payouts if you don't do the lump sum payout.
If you do that, the money earns interest while it sits there. That's what I read at least.

It's 26 not 29.
And I don't think it earns interests

Edit:
It is Powerball that has 29 year payouts and earns interest.

 

[CodeRedR51]

Last chance to purchase tickets is in 3 hours I believe.

 

[ZohsixGT5]

Wish me luck everyone!!!

 

[a6m5]

Me too man. 👍 I just got back from work, and walking to 7-Eleven's my exercise, lottery ticket's my carrot.

How much are you guys buying? I'm already playing my local lottery for three bucks, so I might do just another three.

Good luck to everybody, especially me & people I know or on gtplanet.

 

[CodeRedR51]

I bought $10 worth after the lady that was in front of me in line bought like $50 worth.

 

[RocZX]

I got $5 worth.

 

[a6m5]

I bought $10 worth after the lady that was in front of me in line bought like $50 worth.

I've seen people do that, but I don't believe in it. When the odds are literally astronomical, it's all about luck. Five bucks, fifty bucks isn't making much difference.

Now the raffles I buy twice a year, they are $10 each, but odds are 1:250,000. I buy anywhere from around $30~$40, all the way up to $100. No, I've never won nothing.

Edit: I think I'll do five, too. 👍

 

[ZohsixGT5]

I did $5. I was in FL a few years ago and their jackpot was really high. Getting a snack at the gas station and the man's total in front of me was $402.12. He had bought $400 in lottery tickets, and a red bull.

 

[Antonisbob]

Wow, that's a lot. Here in Canada the highest I've seen is like $50 million. Well, good luck to everyone here on GTPlanet.

 

[a6m5]

Wow, that's a lot. Here in Canada the highest I've seen is like $50 million. Well, good luck to everyone here on GTPlanet.

That's like 25 dollars, American?

j/k

 

[AOS-]

Wow, that's a lot. Here in Canada the highest I've seen is like $50 million. Well, good luck to everyone here on GTPlanet.

$50 Million in Lotto 6/49 in Ontario IIRC.

 

[Grayfox]

Jackpot maybe $363,000,000, but you get $50,000,000 or so due to the hyper greedy US government and what they call Tax.

 

[Northstar]

Jackpot maybe $363,000,000, but you get $50,000,000 or so due to the hyper greedy US government and what they call Tax.

More like 120-130 million.

 

[Grayfox]

Kinda the same thing.


Here our lotto's are tax-free.

If the jackpot is $100 million you will win $100,000,000 providing you are the only winner(if 2 winners each gets half, 3 each gets 1/3 and so on)

 

[Northstar]

Kinda the same thing.


Here our lotto's are tax-free.

If the jackpot is $100 million you will win $100,000,000 providing you are the only winner(if 2 winners each gets half, 3 each gets 1/3 and so on)

Don't they get you afterwards though? Basically you have to take the lump sum and hide it in your house if you want to avoid taxes.

 

[Grayfox]

No, the money you win is tax free and that is it.

What you get taxed on is when you add it to the bank and you get the interest from it.

Interest counts as an income/money earned in Australia.

 

[CodeRedR51]

Kinda the same thing.

You act like that's $150.

 

[Grayfox]

$130,000,000 of taxed lotto winnings, goes into your bank where it gets taxed some more.

Next they will tax you on the tax they took.

We just taxed you for $50,000 due to interest, so we have to tax you $5,000 more due to the high tax taken, then we will bill you for $10,000 for administration fees.

 

[CMvan46]

$50 Million in Lotto 6/49 in Ontario IIRC.

Legally that's the highest a lottery is allowed to get in Canada.

Also no taxes on lottery winnings here in Canada. You win $50 million you put $50 million in your bank.

 

[Northstar]

$130,000,000 of taxed lotto winnings, goes into your bank where it gets taxed some more.

Next they will tax you on the tax they took.

We just taxed you for $50,000 due to interest, so we have to tax you $5,000 more due to the high tax taken, then we will bill you for $10,000 for administration fees.

If you really have an issue, take it to the America thread, we are fully aware we get taxed alot.

 

[Grayfox]

All countries have their issues.

But all counties have tax issues.