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Why Mass. (Really) Wants Mega Millions Winner
PROVIDENCE, R.I. -- People queuing up for Mega Millions tickets arent the only ones salivating over the record $540 million jackpot that could be won Friday — some state governments struggling through lean times know a hometown winner would bring a tax ...
Mega Millions Official Home
The Mega Millions jackpot has reached historic proportions. With no jackpot winner in Tuesday’s drawing, the jackpot for March 30, 2012 is an estimated $500 million.
New York Boasts 17 Second-Place Mega Millions Winners
Although the three Mega Millions lotto jackpot tickets were purchased in Maryland, Kansas and Illinois, 17 of the 161 second-place tickets were sold in New York, it was reported on the Mega Millions website Saturday. The second place ticket must ...
Does it really matter what you are? Lib, Con, Dem, Rep...etc.?
Dont we all just want a president with a little integrity, honesty, and some courage?
How about a president who can just adhere to a few simple rules regardless of party affiliation:
1. You have to follow up on the promises you made as a candidate - or you are disqualified from re-election.
2. If you put your financial backers and lobbyists needs ahead of the American peoples - instant jail time.
3. If you are caught lying or "misrepresenting the facts" to the public - instant $1 million fine
4. The people you appoint to upper level positions must apply for the position and be "hired" based on ability to do the job not simply because theyre your friends - penalty for not following this rule - drop your pants after the State of the Union address and get spanked by the latest Megamillions winner.
What do you think?
Answer: Well you would need to let the president have a little more power then because a Republican president with a democratic congress won't be able to do crap. And vice versa.
Category: Politics
MegaMillions Jackpot Winner in SC Would Benefit Entire State | WSPA
Even if you dont play MegaMillions, and even if you dont win the $640 million jackpot, you could still benefit if another South Carolinian wins. The lump ...
Mega Millions winner found in Maryland
At least one lucky person matched all six numbers in last nights $640-million Mega Millions draw. Lottery officials in Maryland have announced that a winning ticket was bought in Baltimore County, the Associated Press reported. The numbers ...
Mega Millions Official Home
Mega Millions is a large multi-state lottery in the United States. With lotteries from ... Match 5 + 0: Winners in California(9), Colorado (1), District of Columbia(1 ...
David Geller: Mega Millions Winner: Here's My Advice
Dear Future Lottery Winner: Congratulations on winning $640 million! You must be feeling great right about now, and my hunch is that you also are feeling a bit overwhelmed and anxious about what to do next.
Mega Millions Winners Sold In Illinois, Kansas and Maryland ...
You probably didn't win the $640 million Mega Millions jackpot -- the chance of winning was 1 in 176 million...
Note to Mega Millions lottery winner: Beware! - CSMonitor.com
Heres a cautionary tale for anyone dreaming of winning the record $640 million Mega Millions jackpot Friday night: It’s a dangerous world out there for lottery ...
If you won a lottery, would you choose to do a "lump sum cash payout" or "26 annual payment"?
One thing I dont get is whether the lump sum cash payout had been taxed before its handed over to the winner.
See information at: http://www.megamillions.com/winners/differences.asp
Answer: It is important to understand how lotteries like Mega Millions and the Powerball conduct their payouts and why the difference between the announced jackpot and the "Cash Option" is so dramatic.
The large jackpot numbers are based on an annuity payout that is tied to current yields of US Treasury securities. The way they take - say - $14 million and turn it into $25 million distributed over 26 years is they purchase an annuity from an insurance company, specifically an immediate annuity, period certain, with a return of principal calculation. A portion of the 14 mill is used to buy 25 year bonds, a portion for 24 year bonds, etc. The higher the yield on Treasuries, the lower the amount needed to satisfy a given jackpot.
There have been volumes written on this question, whether it is better to take the payments or the lump sum. For many people, the payments are a better idea because most big money lottery winners have zero experience managing large sums, so if you screw up by over spending this year, just wait! You'll get another big check next year!
From a pure investment perspective, it is almost ALWAYS better to take the lump sum because it is actually pretty easy to beat long term Treasury yields if one is careful and if you can beat them by even one percent, you will come out ahead over the course of 26 years (29 with the Powerball). Finding a fixed annuity that will beat US Treasury rates is not difficult at all. Putting together a portfolio that has a growth aspect as well as the fixed income segment, even a very conservative mix, will do better than what the lotteries are going to provide.
As far as the taxation is concerned, if you take the lump sum then yes, you will pay the Federal taxes for the year right up front and that level is currently 35%. If you live in a state with a personal income tax (and 43 of them do), you will have to pay that too, all right up front. The math works out so you would end up with somewhere around a third of the announced jackpot as "take home pay" if you will, depending on your state income tax level. One advantage to taking the lump sum is you will be avoiding any potential increases in the higher marginal rates in the future. The highest marginal rate was over 90% at one time in the US. There is nothing stopping Congress from going back to such rates, though it is unlikely they will ever go back quite that high.
It has been said that 3 out of 5 big money lottery winners declare bankruptcy within 5 years and the horror stories of lives ruined or family troubles are easy to find with a simple web search. The largest single ticket winner in Powerball history - Jack Whittaker of West Virginia, has lost his marriage, his grand daughter died of a probable drug overdose and he has been arrested numerous times. Often large sums of money do not make problems go away. It magnifies them.
If I ever won a large sum, the first call would be to an attorney. I would take the lump sum, but I would not go collect it myself. I'd send the lawyer and he would collect it in the name of either an LLC we formed or an investment trust, NOT my name. I wouldn't call any of my friends or family members that I thought might spread the news around. I want the news to be as quiet as possible and I don't want my name or face in the press. People will show up at your door with all sorts of sob stories. You have to learn to say NO, or total strangers as well as family will bleed you dry. I would then basically disappear for twelve months at least. Take a trip around the world. Go rent a houseboat on a big lake, take train journeys - ANYTHING - just get away from your surroundings. Let the hoopla die down.
If you were to ever win a large sum, at the very least you are going to need a lawyer, as well as a CPA, perhaps a tax lawyer too, and most certainly professional counsel for the investments that will be made.
Category: Personal Finance
Can you split lottery winning unevenly?
With the current MegaMillions jackpot around $300m I was curious if a winner could give 5% to 10 family members and keep 50% for themselve? Would this be allowed?
Answer: If you win, it's your money. You can do whatever you want.
Category: Gambling
Note to Mega Millions lottery winner: Beware!
Heres a cautionary tale for anyone dreaming of winning the record $640 million Mega Millions jackpot Friday night: It’s a dangerous world out there for lottery winners. Wholl win the Mega Millions lottery? The states. The Monitors View: The odds and ...
The wait for a Mega Millions winner begins
It will likely be another several hours before its known if there are any winners in the Mega Millions drawing tonight. Winning numbers drawn at 11 p.m. are 2-4-23-38-46 with a Megaball of 23. Across the country, Americans plunked down an ...
Winners Gallery - Mega Millions Official Home
Mega Millions is a large multi-state lottery in the United States. With lotteries from Georgia, Illinois, Michigan, Maryland, Massachusetts, New Jersey, New York, ...
Mega Millions Official Home
Mega Millions is a large multi-state lottery in the United States. With lotteries from Georgia, Illinois, Michigan, Maryland, Massachusetts, New Jersey, New York ...
Update: Three Mega-Millions Winners « Pat Dollard
THE BOSTON CHANNEL – Three winning Mega Millions tickets were sold, but none in Massachusetts, according to Massachusetts Lottery officials. The winning tickets were sold in Kansas, Illinois and Maryland. They will split ...
$640M Mega Millions jackpot hit in Maryland
Download The Baltimore Suns new iPhone app. Officials are also waiting for information on jackpot winners from other Mega Millions states, they said. "There are definitely a few winners from other states as well," said Erica Palmisano ...
Mega Millions: Three winners so far -- hoping you're related to one ...
winning-lotto-numbers.jpg Three winners have come forward in the record breaking $656 million Mega Millions lottery. Sharing is a good thing! While you're trying to figure out if you're related to these people in any way, here ...
Mega Millions winners are rich, but not THAT rich
By JIM SALTER and MICHAEL TARM Associated Press ST. LOUIS (AP) - Congratulations, Mega Millions winners! Youve just won the biggest lottery in history! Move over Bill Gates and Warren Buffett! Not so fast, Richie Rich. Theres no doubt that youre now ...
Mega Millions winner confirmed - My News 4 - KRNV, Reno, NV
RENO, NV (Mynews4.com) - Its offical: there is at least one Mega Millions winner. Maryland lottery officials have confirmed a winning ticket was purchased in ...
Mega Millions Official Home
Players who match all six numbers in a Mega Millions drawing win the jackpot. Standard second prize for ... Sign Up For Winning Number Alerts · View Recent ...
Will a nonprofit who holds say a $300 million winning powerball ticket have to pay state and federal taxes?
So if a nonprofit 501(c)3 organization presents a winning Powerball or Megamillions ticket would they have to pay the state and federal taxes on the winnings? And what are those taxes by the way. Income taxes. Some sort of gambling winnings tax. Just curious. Have never heard of a jackpot winner giving a huge winning ticket to a charity. Have heard of them giving some of their winnings.
Answer: The question is.... can a nonprofit organization claim a lottery win? The last time I checked you had to be a human being and at least 18 years old to claim a Lottery Win. And even if... I don't think the non profit can claim that gambling is an approved form of using the funds they have been entrusted with.
Donating the winnings is possible... but the winner will only be able to donate their winnings... taxes are always withheld before they get their money. They do not have the right to decide what to do with the pre tax money.
Taxes due are Federal tax and State tax if applicable. (not every state collects State Taxes on Lottery winnings).
Category: United States
Mega Millions Jackpot: What To Do After You Win
-- With a half-billion-dollar multistate lottery jackpot up for grabs, plenty of folks are fantasizing about how to spend the money. But doing it the right ...
Mega Millions Winning Numbers Tickets Sold in Maryland, Kansas ...
10 hours ago ... The Maryland lottery reports a winning Mega Millions ticket has been sold in Baltimore County. The identity of the winner and the store that sold ...
Mega Millions winners are rich, but not THAT rich - Yahoo! News
1 hour ago ... From Yahoo! News: Congratulations, Mega Millions winners! You've just won the biggest lottery in history! Move over Bill Gates and Warren ...
MEGA MILLIONS: Winners in Illinois, Kansas and Maryland; 5-number ticket in Wildomar
RED BUD, Ill. (AP) — Three lottery tickets sold in Illinois, Kansas and Maryland hit the world record-breaking $640 million Mega Millions jackpot, lottery officials said Saturday, leaving scores of players across the country with busted multi ...
Record Mega Millions jackpot creates ticket-buying frenzy - CNN.com
(CNN)-- A historic $640 million jackpot is up for grabs Friday as the Mega Millions lottery is living up to its name. If there is no winner Friday, the ...
Three winners to share $640M Mega Millions jackpot
BALTIMORE -- Winning tickets in the Mega Millions lottery were sold in Maryland, Illinois and Kansas, and Americans were eager Saturday to learn who might step forward to claim the estimated $640 million prize. The three winning tickets will ...
No Mega Millions winner in California; Maryland lottery official says winning ticket purchased in Baltimore County
CHICAGO - An official with the Maryland lottery said late Friday a record $640 million winning lottery ticket was sold in Maryland, and there could be others nationwide. Carole Everett, director of communications for the Maryland Lottery, said ...
Is Megamillion corrupting with California?
Is there some kind of scam going on in Megamillions to make California to have the most $250,000 winners? Every time I check for Megamillions drawing, California almost always has the highest numbers of winners that got all 5 white Megaballs right, why is that, is that some kind of corruption going on in Megamillions to produce more $250,000 winners in California or are California players very lucky for some reason?
Answer: No it isn't. You'll see that in areas that have higher population that spend more on buying tickets will win more often.
Category: Law & Ethics
Will there be more than one winner for this megamillions $500M?
Do you think there will be?
Answer: They're estimating 440 million tickets sold. That gives an 8% chance that no one will win it and a 20% chance that only one person will win. That gives a total of 29% (rounding up) chance that one or zero people will win and a 71% chance that more than one person will win. These percentages come from the source link; they're not my own. You can read the source link for a list of all of the probabilities.
Category: Gambling
Can 1 be an anonymous winner if they win the powerball AZ or megamillions CA/AZ?
Especially your an out of state resident? Or are you declared the winner. Do I have to take it to the 9th court district for sealed records? Can that be done?
This aint a Las Vegas question. Its posted under gambling. And I am not a winner yet!
Answer: yes
hire a lawyer
Category: Gambling
Mega Millions Winners Are Rich—But Not THAT Rich « CBS Baltimore
Congratulations, Mega Millions winners! You've just won the biggest lottery in history! Move over Bill Gates and Warren Buffett!
Mega Millions, March 30, 2012: Winning Tickets Sold In Illinois ...
17 hours ago ... RED BUD, Ill. — Three lottery tickets sold in Illinois, Kansas and Maryland hit the world record-breaking $640 million Mega Millions jackpot, ...
In California, If I won the lottery, do I have to have my picture taken and publicized on the Winners Gallery?
1. In California, If I won the lottery(Megamillions), do I have to have my picture taken and publicized on the Winners Gallery?
2. Do I have to go to a news conference and such?
3. What is the most privatized way to claim the Megamillions lottery in California?
4. Where would I keep all the Winnings at? Since the FDIC only insures 250,000/bank acc.
California doesnt allow trustees to claim the prize. So Id like to know how to only have the minimal publicized.
Answer: To get all answers regarding your questions you may contact
to the California Lottery Office via a toll free phone number:
1-800-LOTTERY / 1-800-568-8379
(Consumer Protection Department)
Other contact details you can find at the California Lottery site:
Category: Personal Finance
Note to Mega Millions lottery winner: Beware! (+video) - CSMonitor.com
Heres a cautionary tale for anyone dreaming of winning the record $640 million Mega Millions jackpot Friday night: It’s a dangerous world out there for lottery ...
100 chances to win a lottery prize wins. Would you like to have a game like this in your jurisdiction?
100 chances to win a lottery prize is the winner choice for more than 2000 players I asked this question, during a personal survey. Now I ask you guys: would you like to have a game like this in your jurisdiction? How about if it was sold twined to Powerbal or MegaMillions, so you would have both situations: 1 chance to win $100 millions and 100 extra chances to win say $1 million. Also aplies to any state lottery.
Answer: If it was legit and ssanctioned by my state, I would certainly give it a try. Has to be legal though.
Category: Gambling
LEADING OFF; Jersey Luck Returns for Nets
Ignore the morning line. The morning metaphor is that the Nets lost again. New Jersey had the best chance, 25 percent, at winning the lottery for the first pick in the N.B.A. draft on Tuesday night, but instead the Nets will select third in what is widely considered a two-player draft. Mikhail D. Prokhorov, who just purchased the Nets, predicts an - By KENNETH PLUTNICKI
Mega Millions, March 30, 2012: Winning Tickets Sold In Illinois ...
RED BUD, Ill. — Three lottery tickets sold in Illinois, Kansas and Maryland hit the world record-breaking $640 million Mega Millions jackpot, lottery officials said Saturday, dashing the get-rich-quick dreams of millions of players ...
Winning Numbers: 3/27/2012 - Mega Millions Official Home
Winning Numbers: 3/27/2012. Mega Millions drawings are held Tuesday and Friday at 11:00 p.m. Five balls are drawn from a set of balls numbered 1 through 56; one ball is drawn from a set of balls numbered 1 through 46. You win if the ...
Mega Millions: No California jackpot winners, but 29 had 5 of 6 numbers
No tickets purchased in California in the Mega Millions lottery had all six numbers to win the $640-million jackpot Friday, California Lottery spokesman Russ Lopez said after reviewing preliminary sales data. But 29 tickets sold in the state had ...
Winning Mega Millions numbers announced - CBS News
19 hours ago ... Drawing for what could be the single biggest lottery payout the world has ever seen is finally here: 2-4-23-38-46, MB 23.
3 winners, over 100 million Mega Millions losers
By JIM SUHR Associated Press RED BUD, Ill. (AP) - The Mega Millions winners - at least three of them - stayed out of sight. The losers, who could number 100 million, had plenty to say Saturday about losing out on the worlds largest-ever lottery jackpot ...
Mega Millions jackpot reaches $500M after no winner | abc7.com
LOS ANGELES (KABC) -- With no Mega Millions jackpot winner Tuesday, lotto officials bumped the prize amount to an all-time record of $500 million for the next drawing ...
Mega Millions jackpot winner scoops $640m
Millions tells the story of 9-year-old Damian, a devout Catholic school boy, whose family moves to the suburbs of Widnes after the death of his mother. Soon after the move, Damians "hermitage" is obliterated by a bag of money flung from a ...
When large lottery games reset their jackpots, is there always a winner?
So does the jackpot keep increasing until theres a winner, or will they pull a fast one and reset it back to the base amount without a true winner and just keep everything? Im talking about games like Megamillions and Powerball, or any state lotto. And are these actual state run affairs, or private companies?
Answer: it resets after there is a winner
Category: Gambling
Mega Millions - The Washington Post
20 hours ago ... RED BUD, Ill. — The Mega Millions winners — at least three of them — stayed out of sight. The losers, who could number 100 million, had ...
Mega Millions Winners Might Not Be So Lucky: Jack Whittaker and More Unlucky Lotto Winners
Denise Rossi won $1.3 million in the California lottery and then shocked her husband by filing for divorce 11 days later. But she never told her husband or anyone involved in the divorce about her winnings. Unfortunately for Denise, two years ...
clueless about lotto: megamillions?
i bought a lotto tix today.. this is what it says
mega millions
millionaire raffle sold out! hold your tix til 3-17 when 509 winners are announced. good luck!
a. 04 42 46 48 52 QP- 04 QP
b. 20 24 29 33 56 QP- 32 QP
1 draw(s) $2.00
3/2/2007
102358
LOTTO 3/3/7 $3.0 MILL
MEGA M 3/2/7 $275 MILL
LITL 3/2/2007 $250,000
so i checked mega mill and know i didnt win. my ? is is this tix for more than just that drawing??? what is Lotto? what is LITL? and what is 509 winners???? totally confused.
thanks!
Answer: Are you in Illinois? The Illinois lottery holds a raffle every year called the St. Patrick's Day Millionaire Raffle - tickets are $20 and they sell a limited amount. The message you got on your Mega Millions ticket is just letting you know that the St. Patrick's Day raffle is now closed off - confusing, I know.
Category: Gambling
Mega Millions: No California jackpot winners, but 29 had 5 of 6 ...
No tickets purchased in California in the Mega Millions lottery had all six numbers to win the $640-million jackpot Friday, California Lottery spokesman ...
Mega Millions Winner (Fake, That Is) Plays April Fool's Prank On ...
Mega Millions Winner (Fake, That Is) Plays April Fool's Prank On The Press. A man named Tom Kreft (if that is his real name) played an early April Fool's joke on the press and the Internet at large, by claiming to have won the Mega Millions ...
Anyone else agree that the megamillions winner should be paid in Trident Layers?
Category: Polls & Surveys
Are the jackpot winners government conspiracy?
For example, multi-state lottery game is listing the jackpot winner at http://megamillions.com/winners/jackpothistory.asp, and Ive seen some of them on TV and on the Internet. Are those winners real or just actors the state government had hired? Opinions or maybe facts?
Its not impossible to win the jackpot, but the odds are astronomically to the contrary. I suspect, that these winners may just be the actors the government is using to make you pay the fantasy tax.
Answer: Of all the money spent on tickets, the Government takes its standard cut (about 40% usually) and the other 60% is distributed among the winners.
There is no need to fix the game because the Government has already got its 40% and doesn't give a toss about who gets a share in the prize pool.
Category: Gambling
Powerball and Megamillions players?
Do you have better chances of winning the powerball when you make up your own numbers or should you use the quick pick? Cause I allways use my own numbers beacuse I figured out that everytime I buy a quickpick my numbers turned out to be the same and I wonder why that happens but not all my numbers are the same only a couple of them.Cause ive been playing my own numbers for 3 months now and nothing happened so far so I am wondering if I should just go back to using quickpicks or wait a little longer to see if my numbers will come up cause you never know thats the only problem. I love playing the powerball beacuse its a fun game to play and maybe one day I might be a winner.
From
Jason
Answer: Your odds are the same regardless of which numbers you play. I used to use my same numbers all the time too. I was worried that if I didn't then those numbers would be the ones that were picked! Then I gave up playing all together. Did you know your odds of winning are the same as being struck by lightning 1.5 times (imagine, getting struck 1/2 time... geez)? But it's true. Save your money.
Thanks for reminding me to check my ticket! :)
Category: Gambling
Mega Millions: Winner in Maryland, none in California
We all did. No one in California won Friday nights record-setting $640 million lottery jackpot, disappointed state Lotto officials said after the drawing. At least one person in Maryland won the prize as results from across the country began ...
will one powerball or megamillions jackpot winner respond to this?
Answer: Ok, I won $13 in a Mega Millions office pool last year. We just bought 13 more tickets for the next drawing.
Category: Gambling
David Geller: Mega Millions Winner: Heres My Advice
Dear Future Lottery Winner: Congratulations on winning $640 million! You must be feeling great right about now, and my hunch is that you also are feeling a bit ...
Winning Numbers: 3/27/2012 - Mega Millions Official Home
Winning Numbers: 3/27/2012. Mega Millions drawings are held Tuesday and Friday at 11:00 p.m. Five balls are drawn from a set of balls numbered 1 through 56 ...
Has there ever been a subscription jackpot Lottery Winner?
I know Megamillions and Powerball offer subscriptions of 26, 36, 52 plays. But is it worth it? B/c I have never heard of a subscription winner winning the jackpot. Its mostly people who buy from gas stations and what not.
Im trying to decide if this is a good option to purchase tickets. I was thinking of playing quickpicks by subscription. But Ive never heard of any jackpot winners who won by subscription.
Answer: I have heard of subscription winners for second prizes or 3rd or 4th but never the whole jackpot. You are right in saying that people do win from tickets from gas stations etc..
Category: Gambling
Mega Millions jackpot may make winner richer than these past ...
The latest Mega Millions game did not have a lucky winner in its most recent drawing Tuesday, sending the jackpot to an estimated $540 million, the largest ...
Lotterys Biggest Losers: Big Wins Dont Equal Better Lives | Fox News
As Americans gobble up tickets for a chance to win Fridays record $540 million Mega Millions jackpot, cautionary rags-to-riches tales abound. The lucky winner ...
Mega Millions Strategies Have Little Chance of Leading to Jackpot ...
Now that the Mega Millions estimated jackpot has increased to $540 million, the largest prize in the games history, without a winner from Tuesday nights drawing ...
Mega Millions winner in Maryland, may not be the only winning ...
Mega Millions winner in Maryland, may not be the only winning ticket It wasnt immediately clear if that ticket holder would get sole possession of the $ ...
RT @washingtonpost: Congratulations #Megamillions winners! Youre rich...but not that rich. http://t.co/j4yc2hfo From: tw_top_1zjtuto - Source: web
Megamillions winners Will Owe Jackpot of Taxes http://t.co/SnAeW5kq From: Miguel_Mills - Source: twitterfeed
The @MegaMillions_MD drawing on 3/30 produced 439,656 winners large and small! http://t.co/9ofqnJY2 From: MDLottery - Source: HootSuite
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Advice for #Megamillions winners. 1. Stay anonymous. 2. Get a safe. 3. Hire an accountant, lawyer & finance advisor. 4. Take lump sum... From: thethirdpig - Source: Twitter for iPad
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