TBO Posted October 19, 2018 Share Posted October 19, 2018 DES MOINES, Iowa — Despite the terrible odds — one in 302.5 million for those keeping score at home — someone will eventually match all six numbers and win the Mega Millions jackpot, which now stands at $970 million. It could happen as soon as Friday night, when the next drawing is held. That would leave most of us disappointed but some lucky winner beset by a host of questions. Here are some answers for someone holding that prized lottery ticket for what would be the second-largest lottery jackpot in U.S. history. I’VE WON. NOW WHAT? Lottery officials recommend winners take a deep breath, put their winning ticket in a safe spot and consult with a reputable financial planner before popping over to the lottery headquarters. Their first decision is whether to take the cash option, which would now be $548 million, or an annuity, with one initial payment and annual installments over 29 years. Nearly all winners opt for cash, but the annuity has advantages, as it reduces the tax bill a little and offers a stable flow of income that climbs by 5 percent annually. HOW LONG DO I HAVE TO CLAIM THE JACKPOT? States have different rules, so depending on where you purchased the ticket, you have from 180 days to a year. DO I GET MY MONEY INSTANTLY? No, you can’t just cash one of those oversized checks shown in all the winner photos. Payment speed also varies by state, but a week or two is common. Carole Gentry, a spokeswoman for the Maryland lottery, said the requirement is seven to 10 days in that state. CAN I KEEP MY NAME SECRET? Winners can remain anonymous in six states — Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. In Arizona, people who win more than $600 can keep their names secret for 90 days after claiming prizes, but after that names are public record. In Michigan, winners are anonymous unless they win Mega Millions or Powerball prizes. WHAT ABOUT TAXES? For winners of $5,000 or more, all states automatically deduct 24 percent in federal taxes but state taxes vary widely. Some big states, including California, don’t withhold taxes from lottery winnings, and some like Texas don’t have individual income taxes at all. For the others, the state takes a bite, especially in New York, where a winner would need to pay a state tax of 8.8 percent. Residents of New York City would pay an additional tax of 3.9 percent. In general, taxes eat up nearly half of winnings. Melissa Labant, a tax policy expert at the American Institute of Certified Public Accountants, said winners should realize that while taxes are initially withheld when prizes are awarded, more money will likely be due at tax time as people suddenly are in up to a 37 percent tax bracket. “That catches people off guard,” she said. “You have to be prepared to write another check to the IRS in April.” WHAT ARE MY TAXES IF I DON’T LIVE IN THE STATE WHERE I BOUGHT THE TICKET? This can get complicated, but for the most part winners pay taxes where they bought the ticket and then can get a credit on their taxes in their home state. The final tax bill can depend on if the state where you live taxes at a higher or lower rate than where you purchased the ticket. Rules vary by state, so this is a good topic for that financial planner. https://www.twincities.com/2018/10/18/what-happens-if-you-win-mega-millions-970m-jackpot/ 1 Link to comment Share on other sites More sharing options...
Batesmotel Posted October 19, 2018 Share Posted October 19, 2018 Don’t forget the hoards of relatives that will come out of the woodwork looking for money. 4 Link to comment Share on other sites More sharing options...
jmohme Posted October 19, 2018 Share Posted October 19, 2018 All that I can say is that I can with 100% certainty say that I will not be a looser in this or any other lottery! 1 Link to comment Share on other sites More sharing options...
ItnStln Posted October 19, 2018 Share Posted October 19, 2018 (edited) Edited October 19, 2018 by ItnStln 2 1 Link to comment Share on other sites More sharing options...
TBO Posted October 19, 2018 Author Share Posted October 19, 2018 2 hours ago, ItnStln said: Now we know what Colin Kaepernick is doing to make money. 1 Link to comment Share on other sites More sharing options...
Cougar_ml Posted October 19, 2018 Share Posted October 19, 2018 So what happens if I win? I'll probably wake up annoyed because it was a dream. I'm not one of the people paying into the "bad at math" tax fund, so I won't get anything out. Odds of 1 in 300 million are a little longer than I like to play. 1 Link to comment Share on other sites More sharing options...
ItnStln Posted October 19, 2018 Share Posted October 19, 2018 (edited) 5 minutes ago, TBO said: Now we know what Colin Kaepernick is doing to make money. You’re right that does look like him! Edited October 19, 2018 by ItnStln 1 Link to comment Share on other sites More sharing options...
ItnStln Posted October 19, 2018 Share Posted October 19, 2018 1 minute ago, Cougar_ml said: So what happens if I win? I'll probably wake up annoyed because it was a dream. That would be my first thought if I won! 1 Link to comment Share on other sites More sharing options...
james bay area Posted October 19, 2018 Share Posted October 19, 2018 we would go celebrate at the olive garden! then buy clothes for all the kids I want an AR in 458 and a doberman get the wife a new ipad and some nail polish maybe have a celebratory bottle of beer go to the beach and relax I would still go to work, i just wouldn't care about doing such an awesome job I would not buy mom and sister a house, but maybe pay their rent for a while/forever mom gets a new car that's about it, pretty simple, plus the fact that we could have anything else we wanted would be really nice. stay humble... I work with a guy who won the lotto while out for lunch on his break.. 1 million dollars... a year later that fool is back here at the factory working his ass off because he cant afford his house taxes and other bills he racked up.... and im sure you all hear about the people who buy tons of drug or fast cars and die really fast.... winning the lotto might not be a good thing 1 Link to comment Share on other sites More sharing options...
james bay area Posted October 19, 2018 Share Posted October 19, 2018 its only 2$, you never know go buy a ticket Link to comment Share on other sites More sharing options...
tous Posted October 19, 2018 Share Posted October 19, 2018 (edited) I would buy Minnesota and force SuperAmerica to relocate their evil headquarters from Coon Rapids to Detroit. Dismantle the Mackinac Bridge and declare the Republic of Superior.. We don't need more Mitten Heads. Transplant moose to Kentucky. Buy Eric a knife. Buy Rabbi a 747-800. Then, pasties for all! Edited October 19, 2018 by tous 3 1 Link to comment Share on other sites More sharing options...
tadbart Posted October 19, 2018 Share Posted October 19, 2018 Shite odds, but what the hell. You only gotta hit it once. That's ridiculous money. you could by most of any rural county in a flyover state. Definitely buy the Sheriff and his boys enough new equipment to ignore the occasional speeding ticket. The compound would be grand. Party at Tad's house. 1 Link to comment Share on other sites More sharing options...
BamaBud Posted October 19, 2018 Share Posted October 19, 2018 Disconnect my phone. Move my siblings into assisted living facilities. Buy three more houses for me. Get a faster Mercedes. Learn how to cook seafood from a Master chef. Hell, just hire one to cook for me daily. Give more to my causes. 1 Link to comment Share on other sites More sharing options...
tous Posted October 19, 2018 Share Posted October 19, 2018 17 minutes ago, tadbart said: The compound would be grand. Party at Tad's house. Will you be serving genuine UP pasties? 1 Link to comment Share on other sites More sharing options...
PNWguy Posted October 19, 2018 Share Posted October 19, 2018 I would look forward to actually meeting all of those cousins I'm told I have but haven't seen in 40 years... And then I would buy GT; oh the wailing and gnashing of teeth would be epic.... 1 2 Link to comment Share on other sites More sharing options...
KWalrad Posted October 20, 2018 Share Posted October 20, 2018 How much would it cost to run a pipeline from the Shiner Bock brewery to Dallas? 1 Link to comment Share on other sites More sharing options...
Silentpoet Posted October 20, 2018 Share Posted October 20, 2018 1 1 3 Link to comment Share on other sites More sharing options...
ItnStln Posted October 20, 2018 Share Posted October 20, 2018 6 hours ago, james bay area said: its only 2$, you never know go buy a ticket It seems like a great investment if you win. 1 Link to comment Share on other sites More sharing options...
james bay area Posted October 20, 2018 Share Posted October 20, 2018 well the day is done, i wonder if anyone from the bore won? until next insane lotto craze..... 1 Link to comment Share on other sites More sharing options...
PNWguy Posted October 20, 2018 Share Posted October 20, 2018 I tried to check my Powerball ticket I bought and the server was unavailable. Seems everyone is trying to see how long their weekend is going to be... Link to comment Share on other sites More sharing options...
G26S239 Posted October 20, 2018 Share Posted October 20, 2018 In the unlikely event I win I would assign the winnings to a trust and try to maintain some degree of anonymity. Any of the few relatives who receive disbursements would have to sign an acknowledgment that what they receive is a one time good deal and that ******* off the money WILL NOT make them eligible for another disbursement EVER. 2 Link to comment Share on other sites More sharing options...
KWalrad Posted October 20, 2018 Share Posted October 20, 2018 I'm gonna get a tattoo of my penis on my penis.... only bigger. 2 Link to comment Share on other sites More sharing options...
Silentpoet Posted October 20, 2018 Share Posted October 20, 2018 27 minutes ago, KWalrad said: I'm gonna get a tattoo of my penis on my penis.... only bigger. So like a TARDIS penis? Link to comment Share on other sites More sharing options...
tadbart Posted October 20, 2018 Share Posted October 20, 2018 @tous I ain't real sure what a UP pasty is, but I'll get ya some in the event of said party, on the condition that you bring a slide rule and ALLLL of your stories from over the years. 1 Link to comment Share on other sites More sharing options...
Al Czervik Posted October 20, 2018 Share Posted October 20, 2018 First, I'd have my attorney create all legal means to never have anyone but him know I won. Then, perpetual funding for my kids that they can't blow all at once. For myself, I'd upgrade to a 74' Viking or similar, and better transportation, something that could hop the pond, so to speak. I'd send out invitations to all on TBS to a party, perhaps at Knob Creek. We could all sit around and speculate who is footing the party bill. Ooops, I et the cat out of the bag. ? 1 Link to comment Share on other sites More sharing options...
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