Oops, a winner, but not here....I could cry 3/3/09

[BillVol]

http://www.megamillions.com/

Guessing the figure Jack posted is the "cash option" amount.

[Jack Slocombe]

I could be wrong, but I believe if you take the cash, you don't get the $137 million. You get the present value of the stream of payments that would add up to that amount (which is lower). And then you pay the tax on that lower amount.

Actually the total lottery is $220 million. The winner has the option of taking annual payments of the full amount or he may take a single cash payment of $137.8 million. I'm taking the cash, paying the federal taxes, and doin my thang.

[tandfman]

You're right. I guess I hadn't noticed that the Mega jackpot had gotten that big--I assumed that the 137 was the announced jackpot and I was wrong. That's a nice cash payout, but I think if I were buying a ticket, I'd still opt for the 212 paid out (and taxed) over time.

[mcgato]

I'm taking the cash, paying the federal taxes, and doin my thang.

There would also be state taxes, if applicable. Should a person move to a more friendly state to avoid state taxes, or is that even possible?

[Jack Slocombe]

I'm taking the cash, paying the federal taxes, and doin my thang.

There would also be state taxes, if applicable. Should a person move to a more friendly state to avoid state taxes, or is that even possible?

No state tax in Calif on winnings.

[Walt Murphy]

Re: Maybach Exelero is on order- I can afford the 3 MPG rati

[quote=Jack Slocombe]

I don't share well so forget the multiple winner bit. I've got big plans for the whole thing.

So do I, and guess what? They don't include you. Sorry.

But watch out for Walt, who also has tickets.[/quote:20jkowgt]

You betcha. And, despite Marlow's pledge of friendship, I'm keeping it all to myself! To show that I'm not completely selfish, I will pay for all the beer you can drink anytime I meet a board member. I'm already planning to stage the world's biggest international relay invitational at Franklin Field on the Wednesday of Penn Relays week. I'll even take care of the added expense of bringing in the thousands of Jamaican fans who come to Penn a day or two early. And enough prize money to attract all of the world's best runners.

[Jack Slocombe]

Looks like there was a winner other than Walt or I. Scheeesch

[tandfman]

The only good news is the money I'll save by not buying tickets for the next few weeks until the pot once again gets big enough to sucker me in.