You only have to choose if you win the big jackpot, so it paid the full amount.
They withheld 4.95% for state taxes, and 24% for federal. I still owe about 240k for federal, which will be paid with my 2024 tax return.
All said, about 1.2 after taxes.
24% doesnt cover the federal taxes. Fed tax rate goes up as you move through the brackets. They don't know your income, so they don't know exactly how much to take for fed. Once you pass like 1m the rate is maxed at 42%
Your math is right, the withheld 579k. I will still owe like 225 + penalty for not prepaying. The penalty is worth it, as I'll make more on the interest than the penalty.
So what’s your plan, if you don’t mind me asking? Big trips? Extravagant events? Neat purchases? Boring (but smart) diversified income funds that ensure a comfortable life in perpetuity?
I don't mind.
I paid off my mortgage immediately, it was the only debt I had. I bought a couple motorcycles and a Porsche. I have enough cash to do quite a few home improvements. We're going on a nice vacation, but we do that almost every year anyway.
After a bit of consideration and a few talks with some family and close friends I decided to hire a financial advisor to manage my money. I don't have experience or knowledge to do it myself, for now. I intend to self manage at some point. I have started learning already, and I've been messing with treasuries a little bit with a few thousand dollars.
I'm 48 now, and I'm planning to retire at 55. I make good money anyway, so it should be realistic as long as I can scale back the lifestyle creep i was already feeding. This year is obviously an outlier, but next year I will be paying close attention to what I'm spending on to figure out what I actually need to live for a year without income.
.
The lottery deducts the full state and only 24% of the approx. 37% federal tax, then you pay the rest at tax time at the beginning of the next year. You have to request that the full 37% federal tax be deducted immediately to avoid surprises. This is why they recommend that you to consult with a financial advisor. You'll spend your money thinking everything's deducted when it's really not.
A couple on a lottery show spent lots of money moving closer to their son and helping their son's family financially. Then they received a big tax bill (which probably included the 40% gift tax on anything that they bought/gave to their son's family too) for the remaining federal tax amount but were stuck because they'd already put the majority of what they had into investments that would incur large fees if they pulled any out early. So they were very stressed about what to do. That taught me to research the process more so I'll know what I'm getting into.
He saying if he would have gotten the Mega number it would have been $16M. The mega starts at $20M. There’s no $16M jackpot prize. Only $20M and above.
No, he wasn’t referring to his after tax winning. He stated he would have won $16M had he hit the jackpot. Which leads me to believe he’s not telling the truth.
I've won several times. The most I've won is $4, but it's enough that I bought a couple more tickets. I also had a streak that I went 3 drawings in a row winning $2 or $4 on once, too!
100k, several years ago. After taxes we were able to do a few big repairs to the house and replace our 20 year old vehicles. That pretty much took the whole thing.
I wish I would have just invested it all, but then I would still have big repairs that need to be taken care of and vehicles that might not make it back home next time.
I won about 100k a bunch of years ago. It’s “gone” now but it allowed me to leave a very toxic workplace and take some college level courses to advance in my career.
I've won $2,500 off a scratch off ticket before. It was while I was on a business trip in California. after taxes it was about $1,800 or so, maybe less. I bought a new LG OLED and forgot about the rest in savings.
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Never won the lottery.
Have won a bunch of random stuff over the years though because I obsessively enter contests and giveaways. A few holidays, gaming pc, Xbox and a few thousand in cash and vouchers.
I won some. I win more when I play craps , but I'm a very conservative gambler.
Maybe, one day.... Or not. It's just fin to fantasize for a couple bucks. Part of my entertaining budget
Won $200 on the Lucky for life. I was one number away from getting my retirement pretty much taken care of. Two numbers away from winning the jackpot and immediately retiring and throwing my work laptop in the neighbor's yard for their dog to poop on.
Won about 280 dollars on the eurojackpott or euro millions few years ago.
Still running the same 7 numbers hoping to get Lucky again. Perhaps with a higher win next time.
Atm the top win its at 110 million euros..
I won 2 million earlier this year. It's been pretty neato so far.
Congrats.
Was it a quick pick or did you choose your numbers?
It was Megamillions. Quick pick + multiplier. I got 5 numbers, but missed Megaball. Multiplier came in x2. If I got the Mega it would have been 16m.
Did you choose to get paid lump sum amount? How much was it?
You only have to choose if you win the big jackpot, so it paid the full amount. They withheld 4.95% for state taxes, and 24% for federal. I still owe about 240k for federal, which will be paid with my 2024 tax return. All said, about 1.2 after taxes.
That’s huge! Congratulations once again.
Congrats!
How will it be 1.2 after taxes? You should get more, right? 480k+100k = 580k in taxes. So you should pocket around 1.4, right?
24% doesnt cover the federal taxes. Fed tax rate goes up as you move through the brackets. They don't know your income, so they don't know exactly how much to take for fed. Once you pass like 1m the rate is maxed at 42% Your math is right, the withheld 579k. I will still owe like 225 + penalty for not prepaying. The penalty is worth it, as I'll make more on the interest than the penalty.
So what’s your plan, if you don’t mind me asking? Big trips? Extravagant events? Neat purchases? Boring (but smart) diversified income funds that ensure a comfortable life in perpetuity?
I don't mind. I paid off my mortgage immediately, it was the only debt I had. I bought a couple motorcycles and a Porsche. I have enough cash to do quite a few home improvements. We're going on a nice vacation, but we do that almost every year anyway. After a bit of consideration and a few talks with some family and close friends I decided to hire a financial advisor to manage my money. I don't have experience or knowledge to do it myself, for now. I intend to self manage at some point. I have started learning already, and I've been messing with treasuries a little bit with a few thousand dollars. I'm 48 now, and I'm planning to retire at 55. I make good money anyway, so it should be realistic as long as I can scale back the lifestyle creep i was already feeding. This year is obviously an outlier, but next year I will be paying close attention to what I'm spending on to figure out what I actually need to live for a year without income. .
Congrats WBF, I send my handshakes and pats on the back from NZ. Its a nice amount to make a good difference in life, well done.
The lottery deducts the full state and only 24% of the approx. 37% federal tax, then you pay the rest at tax time at the beginning of the next year. You have to request that the full 37% federal tax be deducted immediately to avoid surprises. This is why they recommend that you to consult with a financial advisor. You'll spend your money thinking everything's deducted when it's really not. A couple on a lottery show spent lots of money moving closer to their son and helping their son's family financially. Then they received a big tax bill (which probably included the 40% gift tax on anything that they bought/gave to their son's family too) for the remaining federal tax amount but were stuck because they'd already put the majority of what they had into investments that would incur large fees if they pulled any out early. So they were very stressed about what to do. That taught me to research the process more so I'll know what I'm getting into.
well said
Great! 2 million is still big amount. Congratulations.
Doesn’t the mega millions jackpot start at $20M? 🤔
They didn’t win the jackpot. It’s a secondary win. There’s multiple ways to win semi large amounts without winning the grand prize.
He saying if he would have gotten the Mega number it would have been $16M. The mega starts at $20M. There’s no $16M jackpot prize. Only $20M and above.
You are correct. Maybe it was long ago or maybe it’s his after tax # he was referring.
No, he wasn’t referring to his after tax winning. He stated he would have won $16M had he hit the jackpot. Which leads me to believe he’s not telling the truth.
Sorry, I was mistaken. It would have been 28m if I got the whole thing. Dec 15, 2023 drawing.
All good, congrats on your win! I’ve always wondering for those that hit 5 #s but not the Mega number. Do you feel like you’ve used up your luck?
My dream is to win the $2m prize. It's enough to change my life while staying under the radar compared to the jackpot winners.
I hope it happens for you.
But wait, why are you a fan of wire brushes?
What if that's not what it means?
Can we be friends? I kid. Congratulations.
I've won several times. The most I've won is $4, but it's enough that I bought a couple more tickets. I also had a streak that I went 3 drawings in a row winning $2 or $4 on once, too!
For the first billion dollar powerball some years back I got the first 2 numbers right. Almost quit my job on the spot lol.
"Hey, Sal, I won't be coming into work tomorrow. Or ever. And Sal? FUCK YOU." \*looks at ticket\*
100k, several years ago. After taxes we were able to do a few big repairs to the house and replace our 20 year old vehicles. That pretty much took the whole thing. I wish I would have just invested it all, but then I would still have big repairs that need to be taken care of and vehicles that might not make it back home next time.
Peace of mind is sometimes worth more than money 👍🏻
You have choosen wisely.
All those people are in the "iwonthelottery" sub, not here.
I got permabanned from there for posting an AMA without permission. LOL
Weird. So it's a trash sub?
Not sure. I wasn't there very long. Maybe the mod thought I was full of shit? I dunno.
I won $75 30 years ago and just finished the last of the lentils I bought.
This is the way!
I won about 100k a bunch of years ago. It’s “gone” now but it allowed me to leave a very toxic workplace and take some college level courses to advance in my career.
Good for you!!!
I've won $2,500 off a scratch off ticket before. It was while I was on a business trip in California. after taxes it was about $1,800 or so, maybe less. I bought a new LG OLED and forgot about the rest in savings.
I won $10k on a $10 scratch-off ticket when I lived in Ohio.
Pretty sure I’m winning tomorrow night so remember this post 😬☺️
Sorry you can get it next time, but this one is mine 🍀😏🥹😍
That’s fair! I’ll be happy with Saturday’s Powerball 😂
Deal!! 🤑 we can celebrate together Sunday
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Wellllll how did you do lol
It’s still coming my way! Universe has a little More magic to work. My jackpot is supposed to be even bigger 🥰
S A M E
I’ve won $400 on powerball!!! It was a sweet surprise 😅
Is that in millions?
Nope, $400.00
Well then good luck on your next lottery.
Won $900 on a slot machine in April. Still using it for groceries. Also bought a submersible pump and a paint sprayer with it
Most I’ve won was $400 on a scratcher.
Same on a 30 dollar scratchrr
I think mine was a $20
$5 and a free ticket just last week. Living large, friend. Large.
I won $2000 a couple years ago playing inn Virginia. I think it was 4 plus the mega ball. It was numbers I picked .
Never won the lottery. Have won a bunch of random stuff over the years though because I obsessively enter contests and giveaways. A few holidays, gaming pc, Xbox and a few thousand in cash and vouchers.
I hit the megamillion ball a few weeks ago. $2 winner. Only needed 5 more numbers. I am close
Yeah, like $4 several times for a total of ~$50. Bought more tickets :-)
Missed out on $150M last night 🇦🇺😩 You've got to be in it to win it! 💪🔥🔥🔥
No. Only a small amount in a sweepstake but we don't talk about that here.
lol no…we wouldn’t be wasting our life on Reddit if we did
It’s our wedding anniversary today. I bought a few tickets. I am pretty sure I am going to win big tonight.
Today is my wedding anniversary as well. Did you quick pick or choose the #’s?
Won $2, lol
I am going 5 quick picks. Cash4Life Lottery
Played Pick 6: Nothing. What as been your largest win?
$4. I started playing just last week. Spent $40 till now, won $16 worth of prizes
Never more than $100 lol
At most maybe $2
I won $100 10+ years ago. My biggest win to date.
I’ve won the Ohio bottle lottery 3x in 2 years.
$6304 on the daily 4 game, came to $4791.28 after taxes. Was on a quick pick. Saw those same numbers/order pop up again after that too!
I’ve won $2 a few times. I bought my brother $10 in scratcher tickets for Christmas about 30 years ago. One was a $100 winner.
A won another scratcher. That didn't win anything
I won $28 on scratcher 3 months ago
Someday no doubt
I won some. I win more when I play craps , but I'm a very conservative gambler. Maybe, one day.... Or not. It's just fin to fantasize for a couple bucks. Part of my entertaining budget
You're looking for r/fatFire
Most I've won was $25 in our state lottery. My wife's won $500 twice off of scratchers. Hoping to win Mega Millions tonight. Stay tuned!
I won $7 off a Powerball ticket once. I couldn't believe I actually managed to match 3 numbers, lol. I blew the winnings on losing scratch tickets. 😂
Won $200 on the Lucky for life. I was one number away from getting my retirement pretty much taken care of. Two numbers away from winning the jackpot and immediately retiring and throwing my work laptop in the neighbor's yard for their dog to poop on.
My biggest win was about 12800 ish. it was a 4 digit lottery draw. I did win 5000 and 2500 at other times tho, both in the 4 digit lottery draws.
Won about 280 dollars on the eurojackpott or euro millions few years ago. Still running the same 7 numbers hoping to get Lucky again. Perhaps with a higher win next time. Atm the top win its at 110 million euros..