Lottery Fever!

[Wally]

$209 million cash value.

 

[pickup]

$209 million cash value.

$5.52 after taxes.

 

[Brownslave688]

$5.52 after taxes.

You must live in Illinois.

 

[Wally]

NJ doesn't tax in state lottery winning.

 

[UpstateNYUPSer(Ret)]

NJ doesn't tax in state lottery winning.

Are NJ lottery winners allowed to pump their own gas?

 

[pickup]

NJ doesn't tax in state lottery winning.

That changed in 2009 , read it and weep: http://www.state.nj.us/treasury/taxation/pdf/lotteryqa.pdf

Question 2 and the answer show that you pay nj taxes on amounts over 10 grand.

 

[Wally]

That changed in 2009 , read it and weep: http://www.state.nj.us/treasury/taxation/pdf/lotteryqa.pdf

Question 2 and the answer show that you pay nj taxes on amounts over 10 grand.

Dang! So what do you do, take the annuity option and move to a income tax free state?

 

[Brownslave688]

Dang! So what do you do, take the annuity option and move to a income tax free state?

And then die on the trip there and never use any of it?

 

[Wally]

And then die on the trip there and never use any of it?

Chance we have to take living in NJ or IL.

 

[Brownslave688]

Chance we have to take living in NJ or IL.

Not really. 100 million is plenty for me to live off of.

 

[UpstateNYUPSer(Ret)]

Not really. 100 million is plenty for me to live off of.

I could easily live off of the interest alone.

 

[pickup]

Dang! So what do you do, take the annuity option and move to a income tax free state?

I don't think moving is an option when it comes to reducing taxes ,even and especially with an annuity.
If a state has an income tax on lottery proceeds , you have to pay based on where the income was generated as well as the state where it is collected.

I used to go into New York City quite a bit and I sometimes bought lottery tickets there. I researched what the tax implications would be if I had won the mega millions or powerball jackpot and collected as a NJ resident.

I would have to pay the New York State income tax, the New York City income tax, as well as the New Jersey state income tax.

Still a nice problem to have.

 

[Wally]

Update:

Jackpot for Powerball is $375 million!

 

[UpstateNYUPSer(Ret)]

Needs to cross the $500M mark before I waste my hard earned money.

 

[BrownDog5117]

So absurd.. never work again...

 

[a911scanner]

Needs to cross the $500M mark before I waste my hard earned money.

$2 to win $117M after all taxes & charitable giving (of 10%) and that's not enough for you? You, sir are very hard to comprehend.

 

[Rack em]

$2 to win $117M after all taxes & charitable giving (of 10%) and that's not enough for you? You, sir are very hard to comprehend.

I think what he's saying is that it's basically a waste of $2 since you have a 1:300,000,000 chance of winning. Even with the astronomical odds, I still always buy one ever now and again.

 

[brownmonster]

I think what he's saying is that it's basically a waste of $2 since you have a 1:300,000,000 chance of winning. Even with the astronomical odds, I still always buy one ever now and again.

How do you always buy one every now and then?

 

[UpstateNYUPSer(Ret)]

$2 to win $117M after all taxes & charitable giving (of 10%) and that's not enough for you? You, sir are very hard to comprehend.

$2 would be a waste of my time. I generally put down a $20 whenever it is $500M or higher.

 

[Wally]

UPDATE:

No winner in Powerball. Jackpot is $435 million!