If you won the lottery.....

[Brian37]

5 million doesn't go as far today as it used to.

HA HA HA soooo true. 

[Gawdzilla Sama]

Suppose I were to win a $300 million jackpot. I settle for half AND have pay the income tax.  This is going to leave me with about $80 million.

No, no, no. You get the entire amount. The lump sum payment is after taxes. The annual installments are after taxes. You get a "check" for the amount either way. It's just that one way you have an guaranteed income for thirty years, and the other way you have a large sum of money to use, maybe invest. I would choose the lump because I don't know what the tax rate will be in the future, and I would worry that the government would renegotiate the deal if they were desperate.

[BrianSoddingBoru4]

Suppose I were to win a $300 million jackpot. I settle for half AND have pay the income tax.  This is going to leave me with about $80 million.

No, no, no. You get the entire amount. The lump sum payment is after taxes. The annual installments are after taxes. You get a "check" for the amount either way. It's just that one way you have an guaranteed income for thirty years, and the other way you have a large sum of money to use, maybe invest. I would choose the lump because I don't know what the tax rate will be in the future, and I would worry that the government would renegotiate the deal if they were desperate.

Not how it works here.  If you opt for the lump, you get 50% of the total jackpot, and you pay tax on that.  If you choose the annuity, you get the full share every year and you pay the tax on the annuity payment.  In either case, taxes are your responsibility, the government don’t do it for you.

Boru

[Brian37]

No, no, no. You get the entire amount. The lump sum payment is after taxes. The annual installments are after taxes. You get a "check" for the amount either way. It's just that one way you have an guaranteed income for thirty years, and the other way you have a large sum of money to use, maybe invest. I would choose the lump because I don't know what the tax rate will be in the future, and I would worry that the government would renegotiate the deal if they were desperate.

Not how it works here.  If you opt for the lump, you get 50% of the total jackpot, and you pay tax on that.  If you choose the annuity, you get the full share every year and you pay the tax on the annuity payment.  In either case, taxes are your responsibility, the government don’t do it for you.

Boru

I love how everyone is getting distracted by tax law.

Who cares?

If you go from a tricycle to a Lamborghini don't bitch. Sure, it is still up to you not to blow it lump sum or payments, but still. 

Money management is going to be a factor regardless if you take a lump sum or payments. It should not matter that one is suddenly a multi millionaire or billionaire. No sane person should begrudge anyone for moving up, lottery or even mundane business. But it becomes absurd when people have way more than they need and still complain.

[onlinebiker]

Brian - you approve of giving DJ T.Rump your money?


....

I'm surprised.

[Brian37]

Siri Gibberish Tranlator, "More meaningless nonsense".

I approve of our imperfect system, not abuse of power. I do not approve of bullies whom abuse power.

I approve of political and religious pluralism. I do not approve of abuse of power. Only an idiot thinks the orange turd is not abusing his power.

[onlinebiker]

Siri Gibberish Tranlator, "More meaningless nonsense".

I approve of our imperfect system, not abuse of power. I do not approve of bullies whom abuse power.

I approve of political and religious pluralism. I do not approve of abuse of power. Only an idiot thinks the orange turd is not abusing his power.

You're really just a broken toy, ain'tcha??


.....
I doubt you' re capable of processing this concept - but not everyone who doesn't agree with you stands in line to take a taste of the cheesedick.


I for one didn't vote for the guy - wouldn't vote for him if he runs again - and don't approve of his loud mouth, nor his questionable politics 


That doesn't mean I have to agree with the opinions you formed moldering away in a basement like some vile fungus, writing bad poetry.

[Whateverist]

If you won the lottery.....

.... you would have had to have bought a ticket. You can see why that wouldn't work.

---

5 million doesn't go as far today as it used to.

Hell you've also lost 5 million dollars!!!

I feel their pain.  

[Gawdzilla Sama]

No, no, no. You get the entire amount. The lump sum payment is after taxes. The annual installments are after taxes. You get a "check" for the amount either way. It's just that one way you have an guaranteed income for thirty years, and the other way you have a large sum of money to use, maybe invest. I would choose the lump because I don't know what the tax rate will be in the future, and I would worry that the government would renegotiate the deal if they were desperate.

Not how it works here.  If you opt for the lump, you get 50% of the total jackpot, and you pay tax on that.  If you choose the annuity, you get the full share every year and you pay the tax on the annuity payment.  In either case, taxes are your responsibility, the government don’t do it for you.

Boru

Where is "here"?