Mega Millions Jackpot Grows to $252 Million!

Discussion in 'Community Discussion' started by MegaMillions, Aug 22, 2009.

?

Will you be buying ticket/s for tuesdays $252 million Mega Millions drawing?

Poll closed Aug 27, 2009.
  1. Yes.

    13 vote(s)
    31.0%
  2. No, and I live in a Mega Millions state.

    11 vote(s)
    26.2%
  3. I would if I lived in one of the 12 states.

    8 vote(s)
    19.0%
  4. I wouldn't even if I lived in one of the 12 states.

    10 vote(s)
    23.8%
  1. MegaMillions macrumors regular

    Joined:
    Feb 1, 2009
    #1
    The last time it grew to over $250 million was in February of 2008, a year and a half ago.

    Will you be playing for the tuesday drawing? (Given you're in one of the 12 states where Mega Millions exists). The game is played in: CA, GA, IL, MD, MA, MI, NJ, NY, OH, TX, VA, WA.

    This jackpot would produce a net check of about $119 million!
     
  2. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
  3. MegaMillions thread starter macrumors regular

    Joined:
    Feb 1, 2009
    #3
    I thought more people would chime in on this discussion...
     
  4. gilkisson macrumors 65816

    gilkisson

    #4
    Lottery: Tax on those who choose not to use math.
     
  5. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #5
    Might as well move this to PRSI now. :rolleyes:

    But yeah, I'll prolly buy one.
     
  6. pb1300 macrumors 6502a

    Joined:
    Feb 29, 2008
    Location:
    Aigio, Greece
    #6
    WOW, they take over 50% of your winnings? In NO WAY would I be crying if I received that much money, but I thought that they take like 40% if you wanted one lump sum.
     
  7. MegaMillions thread starter macrumors regular

    Joined:
    Feb 1, 2009
    #7
    Odds of winning: 1 in 175,711,536. It's like having a cluster of about 3,888 baseball stadiums of 45,000 seats each, all packed with people, and having a bird fly over all the stadiums and randomly drop a slip of paper at some point. The person that catches it wins the jackpot.

    I'm very clear about the math, and I am determined to win. The key part of the odds is the "1."

    I deducted federal tax too. And the lump sum is all the cash that they actually have. The advertised jackpot amount is what it would add up to if they paid you over 26 years because they'd invest the money and give it to you along with interest.
     
  8. techfreak85 macrumors 68040

    techfreak85

    Joined:
    Jan 13, 2008
    Location:
    Places
    #8
    there needs to be a maybe option to to the poll.

    "maybe".;)

    did u sign up for MR just to ask this? (given ur username and all...:p)
     
  9. gilkisson macrumors 65816

    gilkisson

    #9
    That's what I like to see. Sheer determination.

    So if you bought 3,888 tickets, in your scenario, you might have one seat in each stadium. Try that, maybe that'll help...:D
     
  10. Gray-Wolf macrumors 68030

    Gray-Wolf

    Joined:
    Apr 19, 2008
    Location:
    Pandora, Home Tree
    #10
    A chance to retire, is nice. And, I do note that hope scholarship and pre-K is a benefit of the lottery.
     
  11. pilotError macrumors 68020

    pilotError

    Joined:
    Apr 12, 2006
    Location:
    Long Island
    #11
    You only get the 252 if you take the extended payment.

    If you get lump sum, you only get approx. 1/3, so about 85 million after taxes.
     
  12. mkrishnan Moderator emeritus

    mkrishnan

    Joined:
    Jan 9, 2004
    Location:
    Grand Rapids, MI, USA
  13. Jayden0606 macrumors 6502

    Joined:
    Jul 28, 2008
    Location:
    Bergen County, NJ
    #13
    I'll take 1/5... heck, I'll take 1/10! 25 million is alright by me. :cool:
     
  14. MegaMillions thread starter macrumors regular

    Joined:
    Feb 1, 2009
    #14
    The lump sum option is $159.2 million. Deduct 25% for federal tax and you get about $119 million. It would be a bit less than that in a state that charges state tax as well. Here in Washington there would only be the 25%.
     
  15. Queso macrumors G4

    Joined:
    Mar 4, 2006
    #15
    They tax your winnings in the US? That's a bit off isn't it?
     
  16. MegaMillions thread starter macrumors regular

    Joined:
    Feb 1, 2009
    #16
    If that set ever gets drawn, the jackpot will be split among thousands of people, and each person will only get ten or twenty thousand dollars. :rolleyes:
     
  17. pilotError macrumors 68020

    pilotError

    Joined:
    Apr 12, 2006
    Location:
    Long Island
    #17
    I'm pretty sure the Federal rate on 159.2 million is more than 25%.

    Where's those damn accountants when we need them?
     
  18. guydude193 macrumors 6502a

    Joined:
    May 15, 2009
    Location:
    MI
    #18
    Only if you buy it at that red Party Store by Comstock Park. :p
     
  19. gilkisson macrumors 65816

    gilkisson

    #19
    They do indeed. Anything that can be construed as "income", they will make a grand effort to tax. And should the lucky winner spend his fortune, he will be taxed on the purchases. Should he invest, he will be taxed on the revenue, the capital gain, of his earnings.

    Yes, there are ways around it, loopholes, hidey holes, exemptions. Some of it. But the initial tax gets taken regardless.
     
  20. Tomorrow macrumors 604

    Tomorrow

    Joined:
    Mar 2, 2008
    Location:
    Always a day away
    #20
    The lump sum payment is a function of the total amortized payout and the current discount rate. It's not a set percentage of the total.

    If I remember correctly, the top tax bracket in the U.S. is 38.5% - at least until the current administration jacks it up higher. Plus you pay Social Security taxes on this as income.
     
  21. AngryApple macrumors 6502

    Joined:
    Dec 25, 2008
    #21
    I just bought a ticket. Hopefully it will be my lucky day!
     
  22. Don't panic macrumors 603

    Don't panic

    Joined:
    Jan 30, 2004
    Location:
    having a drink at Milliways
    #22
    in europe they just paid a jackpot of 147 million euros. and no taxes there on the win itself.
    nice pile of cash.
    i might pick up a ticket this time
     
  23. DiamondMac macrumors 68040

    DiamondMac

    Joined:
    Aug 11, 2006
    Location:
    Washington, D.C.
    #23
    I have dealt with lottery winners and more than 50% is taken away in most powerball winnings when EVERYTHING is accounted for and a lump sum payment option is taken.
     
  24. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #24
    http://www.usamega.com/mega-millions-faq.htm


     
  25. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #25
    ^^ thats soooo lame

    why does NY (and the NE in general) suck!
     

Share This Page