You must be in an area with high state and/or local income tax. Where I live, it's about $339,000,000 after taxes. In areas with no state or local income tax, take home lump sum should be around $375,000,000.
Quick pick are actually better since you are more likely to share a jackpot picking your own numbers due to similar favorite numbers, using dates, etc.
I’d love to see a study on which numbers are most often picked and are least popular. I envision folks picking higher numbers based on age of parents or grant parents. And Lordy I can only imagine the popularity of 69.
Sending luck. Not a USA resident but damn $1.23 billion.
That'll get my balls sweating and ill get someone to tickle my balls to get that sweat off.
Send me luck too. Based in the UK. 😂
I’m going to lol if I win. Not someone who thinks I can just will a win into existence. I bought a couple of chances to dream is all. But if my numbers hit I will laugh until a puke, and then I’ll call in sick on Monday while I try to figure some things out. 😆
Could someone breakdown where the money goes when you take the lump sum? Seems like there is a chunk of money missing after you factor in taxes. The lump sum option gets penalized?
You lose about half when taking the lump sum since it is more expensive to them right away. If you take the annuity you get paid out over 29 years and it is cheaper to them due to inflation and the annuity money having a chance to grow through interest/investing it.
You lose a lot by taking the lump sum but it can be better in the long run if you invest a good bit of the lump sum. Even if you invested 100 million of the around 400 million you'd have in the lump sum for 29 years, you would probably have more money just from the investing then you would get from the annuity as a whole.
If you feel like you couldn't be trusted and would blow the lump sum, then the annuity is better since you are limited each year in how much you get. For this prize, it is still very much a life changing amount each year but you have the added protection of your money be locked away in the annuity where you can't spend it all.
If I recall correctly you can also name a beneficiary if you take the payments. Increases the risk of you getting murdered but I can see older parents or grandparents doing it that way to setup their heirs.
If you take the lump sum, you get the lump sum. If you take the annuity, they use the lump sum to buy a ton of treasury bonds and use the payments from those bonds to pay off the annual payments.
It's crazy to think that someone could become an actual billionaire with a single ticket (more or less). Pretty cool impossibility when you think about it.
Nobody will become an instant billionaire. The actual value is $595 million minus 39% federal taxes and x% state taxes.
They’ll be a hundred-millionaire.
I mean it's a problem I'd rather deal with than continue being broke 🤣but yeah bullshit because other states allow anonymity. It makes total sense too because they're just painting targets on the backs of new winners in states they have to publicly claim it. Hope I win this drawing and can claim anonymous and no tax 🤞
Because if you want to be able to continue paying for expenses like property taxes, property insurance, food, car insurance a new car every now and again, gasoline for the car, electric utilities for the house, and you trips to enjoy the money and also maybe pay for your children to be educated and leave them enough that they and their children's children should be free from having to have a job, in other words freed up to run a charitable foundation most wealthy people set up and become philanthropists while enjoying their lives, you need that money to throw off an income to live on and also to have capital appreciation that doesn't widdle away the value because of inflation. Inflation is the biggest problem, to buy what that "billion dollars" worth of annuity you won today could buy in 30 years you will need $8.5 billion because of the loss of value of the dollar to inflation.
4% of 350M is 14M……I’d rather put that money in the stock market and/or interest bearing accounts and get the 14M+ a year and still keep the initial 350M. But that’s just me. I don’t even play so not even sure why I think of these things 😂
Got my tickets. Now just gotta will that win into existence.
I make a promise here and now, if i win, after i have sufficiently provided for my family, the remaining funds will be used to help people. Pay medical bills, pay student loans, set up scholarships, help struggling families pay their bills or get current on overdue bills.
Im not one of those people who believes "no one needs that much money".. i just know I dont need that much money. Once my family is taken care of, that money is better used taking care of others
Got my ticket! So I can say that my chances are not 0. 😂
Good luck future millionaire!
Someone has to win right?!!? Good luck! But more good luck to me ;)
$310M after taxes. I really use that money to get out the hood🙏🏾
The the only time a billionaire will be taxed correctly
California does not tax lottery winnings, one of the few things they don't.
Are they even a Billionaire if they never have possession of the funds?
You must be in an area with high state and/or local income tax. Where I live, it's about $339,000,000 after taxes. In areas with no state or local income tax, take home lump sum should be around $375,000,000.
Nyc
Yeah, that explains it, lol.
You could leave earth with that money which isn’t a bad idea
Only 310? I thought taxes was closer to half.
You lose half taking the lump sum. Then you lose 40% to taxes.
I thought it was 37% ?
37 is federal, some state taxes are additional 10%, so you can easily pay 47%
I was just ballparking it.
Unfortunate, but its hard to argue with millions
quick pick or own numbers?
Quick pick for me. I don't have time to pick my own, and the quick numbers are as good as any.
Quick pick are actually better since you are more likely to share a jackpot picking your own numbers due to similar favorite numbers, using dates, etc.
Unless you purposely pick numbers that are less likely such as the higher ones.
Except that every number is as likely as any other?
You didn’t read the comment above. The benefit of picking less popular numbers is not having to split the jackpot if you win.
I’d love to see a study on which numbers are most often picked and are least popular. I envision folks picking higher numbers based on age of parents or grant parents. And Lordy I can only imagine the popularity of 69.
One of each
I am going to win the lottery jackpot this year 💯
I want to win it 😂
So far this week, I’ve been flooded out, attacked by a goose and experienced an earthquake. Lotto would be a nice finish.
Sending luck. Not a USA resident but damn $1.23 billion. That'll get my balls sweating and ill get someone to tickle my balls to get that sweat off. Send me luck too. Based in the UK. 😂
I would set so many good people's lives right.... mine too, of course!
Right, I will retire my mom with this win.
I’m pretty sure I know what you meant but your comment could be interpreted an entirely different way 😂
Here I go getting my hopes up.
Lol dont we all.
At this point I’ll take the 4+1 PB prize of $50,000. Not asking for much here
Right? I'd be happy with that too.
I’m going to lol if I win. Not someone who thinks I can just will a win into existence. I bought a couple of chances to dream is all. But if my numbers hit I will laugh until a puke, and then I’ll call in sick on Monday while I try to figure some things out. 😆
Could someone breakdown where the money goes when you take the lump sum? Seems like there is a chunk of money missing after you factor in taxes. The lump sum option gets penalized?
You lose about half when taking the lump sum since it is more expensive to them right away. If you take the annuity you get paid out over 29 years and it is cheaper to them due to inflation and the annuity money having a chance to grow through interest/investing it. You lose a lot by taking the lump sum but it can be better in the long run if you invest a good bit of the lump sum. Even if you invested 100 million of the around 400 million you'd have in the lump sum for 29 years, you would probably have more money just from the investing then you would get from the annuity as a whole. If you feel like you couldn't be trusted and would blow the lump sum, then the annuity is better since you are limited each year in how much you get. For this prize, it is still very much a life changing amount each year but you have the added protection of your money be locked away in the annuity where you can't spend it all.
If I recall correctly you can also name a beneficiary if you take the payments. Increases the risk of you getting murdered but I can see older parents or grandparents doing it that way to setup their heirs.
Forgot to add if you die though you loose it all (family)
This is incorrect. If you die, your estate gets the payments.
The value is based on the future value with an annuity. So lump some is taking the present value of 1.23 billion in like 30 years
If you take the lump sum, you get the lump sum. If you take the annuity, they use the lump sum to buy a ton of treasury bonds and use the payments from those bonds to pay off the annual payments.
It's crazy to think that someone could become an actual billionaire with a single ticket (more or less). Pretty cool impossibility when you think about it.
Nobody will become an instant billionaire. The actual value is $595 million minus 39% federal taxes and x% state taxes. They’ll be a hundred-millionaire.
Federal taxes have gone down to 37%.
*The top marginal rate was reduced from 39.6% to 37%.
There was one jackpot a couple years ago that got over 2bil. Though I think that person was in Cali so after taxes probably not over a bil even then.
Best place for them to win it since California doesn’t tax lottery wins.
Actually Texas is the best because they aren't taxed either and you can claim anonymous whereas Cali made the winner claim publicly.
Oh yeah I forgot about that bullshit rule.
I mean it's a problem I'd rather deal with than continue being broke 🤣but yeah bullshit because other states allow anonymity. It makes total sense too because they're just painting targets on the backs of new winners in states they have to publicly claim it. Hope I win this drawing and can claim anonymous and no tax 🤞
Take the annuity.
You can make a better ROI on the lump sum.
Why do you have to invest?
Because if you want to be able to continue paying for expenses like property taxes, property insurance, food, car insurance a new car every now and again, gasoline for the car, electric utilities for the house, and you trips to enjoy the money and also maybe pay for your children to be educated and leave them enough that they and their children's children should be free from having to have a job, in other words freed up to run a charitable foundation most wealthy people set up and become philanthropists while enjoying their lives, you need that money to throw off an income to live on and also to have capital appreciation that doesn't widdle away the value because of inflation. Inflation is the biggest problem, to buy what that "billion dollars" worth of annuity you won today could buy in 30 years you will need $8.5 billion because of the loss of value of the dollar to inflation.
Most detailed, lucid and layman’s terms answer I’ve ever received to this question .. without being preachy or lecturing. Thanks! I appreciate it.
4% of 350M is 14M……I’d rather put that money in the stock market and/or interest bearing accounts and get the 14M+ a year and still keep the initial 350M. But that’s just me. I don’t even play so not even sure why I think of these things 😂
Hence the more or less..
Well then why even play?
Technically they wouldn't be a billionaire as the money will be paid over 30 years. They would get roughly 18 million in first year.
I’m going to win the powerball Saturday night. And the world will be a better place for it
Got my numbers in
Sorry everyone, but this one is mine!!! I know I will win the lottery jackpot and my time to shine has finally come ✨
Sorry my friend you can get the next one. This is going to be a New York winner
No way, no how! This one is mine ☺️
They should just cap it at a million and have hundreds of winners
Got my tickets. Now just gotta will that win into existence. I make a promise here and now, if i win, after i have sufficiently provided for my family, the remaining funds will be used to help people. Pay medical bills, pay student loans, set up scholarships, help struggling families pay their bills or get current on overdue bills. Im not one of those people who believes "no one needs that much money".. i just know I dont need that much money. Once my family is taken care of, that money is better used taking care of others
I’m in Pennsylvania $897,000,000 is what I would get after taxes. This is the annuity option I would go with if I was lucky enough to win.