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Wally Fairway

By Wally Fairway
in Daily Texan

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AUS-97HORN

AUS-97HORN 11798

Posted
Posted (edited)

State of California doing the money dance on that win.

I believe with the 1% mental health tax the highest Cali personal tax rate is 13.2%.....  so a smoove $130 million dollars being paid to the state of Cali on top of the Federal tax rate.

 

I mean I would survive with only $500Mil in my pocket.... but fuck me sideways when you have to cut a 130 mil tax check just to your fucking state

Edited by AUS-97HORN
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Blotto

Blotto 23525

Posted
Posted (edited)
9 hours ago, AUS-97HORN said:

State of California doing the money dance on that win.

I believe with the 1% mental health tax the highest Cali personal tax rate is 13.2%.....  so a smoove $130 million dollars being paid to the state of Cali on top of the Federal tax rate.

 

I mean I would survive with only $500Mil in my pocket.... but fuck me sideways when you have to cut a 130 mil tax check just to your fucking state

uh, no....

https://fortune.com/2022/11/07/tax-bill-if-you-win-the-billion-dollar-powerball-jackpot/

Quote

The winner—or winners—will owe 24% to the IRS in federal taxes, and then additional taxes when they file (winning that much money will put you in the top federal tax bracket).

Then there are the state taxes. Fourteen states don’t levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Utah, Washington, and Wyoming.

 

Edited by Blotto
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Nice Guy Eddie

Nice Guy Eddie 13515

Posted
Posted (edited)
11 hours ago, AUS-97HORN said:

State of California doing the money dance on that win.

I believe with the 1% mental health tax the highest Cali personal tax rate is 13.2%.....  so a smoove $130 million dollars being paid to the state of Cali on top of the Federal tax rate.

 

I mean I would survive with only $500Mil in my pocket.... but fuck me sideways when you have to cut a 130 mil tax check just to your fucking state

If someone is mad about turning $2 into $500m, give me a break. I seriously wouldn't care.

Edited by Nice Guy Eddie
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Helobious

Helobious 9454

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Posted
18 hours ago, NotActuallyALonghorn said:

It's still pretty crazy that if you win a nearly two billion dollar jackpot and take the cash option that you will only get about a quarter of that number after you are done paying taxes and all.

This. Winning it would only leave you with maybe $500 million that you didn’t have before and that you didn’t work for at all. No thank you. 

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tokamak

tokamak 6431

Posted
Posted
19 hours ago, NotActuallyALonghorn said:

It's still pretty crazy that if you win a nearly two billion dollar jackpot and take the cash option that you will only get about a quarter of that number after you are done paying taxes and all.

You gotta keep in mind that the headline number - $1.9bn in this case - is mostly bullshit. That pot of money doesn't exist. They didn't sell $1.9bn worth of tickets. The actual prize is the lump sum value (~$900m in this case), but they use the annuity value instead to generate marketing hype.

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GhostOfTomJoad

GhostOfTomJoad 9328

Posted
Posted
You gotta keep in mind that the headline number - $1.9bn in this case - is mostly bullshit. That pot of money doesn't exist. They didn't sell $1.9bn worth of tickets. The actual prize is the lump sum value (~$900m in this case), but they use the annuity value instead to generate marketing hype.
There are several websites that provide accurate jackpot analysis for the lotto, both annuity and cash option, depending on your state of residence.

But for a quick & pretty damn close number just take the jackpot total and multiply by .327. You'll be within a million or two for states like Texas.
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TonyTexas

TonyTexas 10515

Posted
Posted (edited)
11 minutes ago, GhostOfTomJoad said:

There are several websites that provide accurate jackpot analysis for the lotto, both annuity and cash option, depending on your state of residence.

But for a quick & pretty damn close number just take the jackpot total and multiply by .327. You'll be within a million or two for states like Texas.

What discount rate does the lottery authority use to determine cash value?  And does that ever change because of the markets? I know it’s locked in at the time of claim but would that rate be different now than it was 2 years ago when interest rates were much lower?

Edited by TonyTexas
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GhostOfTomJoad

GhostOfTomJoad 9328

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  We show both the initial mandated federal withholding of 24% as well as the remaining federal taxes that will be due.  The initial state withholding taxes are based on published guidance from each state lottery and the final state tax rates are from state government publications.

This is the site I look at when daydreaming. Hey, I won 4 bucks on my Megamillion ticket last night which covers both the cost of it and the one Powerball I purchased. Even Steven so far.

https://www.usamega.com/

 

BTW, Vancouver or Vancouver Island would be our likely destination if we win one of the jackpots.

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closetohumping

closetohumping 17442

Posted
Posted
5 minutes ago, GhostOfTomJoad said:

This is the site I look at when daydreaming. Hey, I won 4 bucks on my Megamillion ticket last night which covers both the cost of it and the one Powerball I purchased. Even Steven so far.

https://www.usamega.com/

 

BTW, Vancouver or Vancouver Island would be our likely destination if we win one of the jackpots.

So if 500m landed in my lap:

 

laguna beach

nyc 

Aspen

Costa Rica or something similar 

 

 

 

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NeverMarryAStripper

NeverMarryAStripper 21907

Posted
Posted
17 hours ago, TonyTexas said:

What discount rate does the lottery authority use to determine cash value?  And does that ever change because of the markets? I know it’s locked in at the time of claim but would that rate be different now than it was 2 years ago when interest rates were much lower?

Yes.  The cash value option is now about 50% of the annuity amount.  The cash value option was upwards of 57% back when interest rates were lower.

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