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540,000,000 at stake. (Update as of 3/29/2012 @ 4:00PM EST)

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  • Finance
Last response: in News & Leisure
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March 28, 2012 8:19:20 PM

http://news.blogs.cnn.com/2012/03/28/mega-millions-jack...

What woulds you do with this number?

UPDATE.

More about : 540 000 000 stake update 2012 00pm est

March 28, 2012 8:24:18 PM

First, I would cash the check.
Second, I would be out in front of my office before anyone got to work. Sitting in my lawn chair drinking beer while waving at my ex-coworkers as they walked into work.

I'd invest heavily.
Buy a nice house, nice car, all paid off.
Live off a modest $300-500k a year, hopefully mainly interest.

And then I'd go to philantrophy stuff where ever, whenever I wanted.

And then from there, who knows, whatever I feel inspired to do.
March 28, 2012 8:30:08 PM

Tax rate is 67% so take your winning, multiply it by .7, subtract it from 3.59 x 10^8, then your total winnings would be about ~100,000,000 United States Dollars.

359,000,000(.7)=252,000,000

"x"-252,000,000=107,000,000
March 28, 2012 8:42:48 PM

I thought the tax on lottery winnings was ~47%. Or roughly half.

First thing I would do is change my phone number.
March 28, 2012 8:49:39 PM

if I won, I would want to be anonymous. If anyone found out I won, I woudl have to lose my friends and leave my home town...and state!

However, I would relocate, go to school, get a degree and act like nothing happened. Living a simple middle class life like the rest of us...and maybe give to charity. That sounds nice, charity.
March 28, 2012 8:51:19 PM

Oldmangamer_73 said:
I thought the tax on lottery winnings was ~47%. Or roughly half.

First thing I would do is change my phone number.


The state I am in has a 67% rate on all winnings.

I always wondered how much to give to Uncle Sam. I am afraid of winning and not having the money to pay the gov't!
March 28, 2012 9:06:57 PM

$500k a year on $100 million would still afford my great grandkid a good life.
March 28, 2012 9:24:04 PM

dogman_1234 said:
The state I am in has a 67% rate on all winnings.

I always wondered how much to give to Uncle Sam. I am afraid of winning and not having the money to pay the gov't!



Holy crap! Virginia is only 4% on lottery winnings. Then the Feds also get their cut of course.
March 28, 2012 9:28:39 PM

Hey, we can afford to put our kids in HS and College where I live! It may be a pain in the butt, but we get off pretty well over here.

How much does the Fed get?

EDIT: I really don't want to tell you where I live. Figure it for safety.
March 28, 2012 9:32:13 PM

The Feds consider it income so you'll be taxed at whatever the top rate currently is.
March 28, 2012 9:35:49 PM

Oldmangamer_73 said:
The Feds consider it income so you'll be taxed at whatever the top rate currently is.


Income or Capital Gain... :p 

I take it the 35% annual per January?
March 28, 2012 11:18:40 PM

You will have to pay capital gains tax as well if you earn interest. Taxed coming and going and we wonder why it becomes harder and harder for the middle class to move to the upper class.
March 28, 2012 11:34:26 PM

so, which is better: Annuity or Cashout.
March 28, 2012 11:53:20 PM

dogman_1234 said:
so, which is better: Annuity or Cashout.


Depends on how long you expect to live.

FYI, you cant hand down the annuity as part of your estate to your children. God bless the government. :sarcastic: 
March 28, 2012 11:56:00 PM

Yet, if I allocate the annuity for the 26 months, then I will be able to pass it down through a will...unless I get offed by nature.
March 29, 2012 2:04:13 AM

Death tax was reinstated in 2009. Half your *** you want to leave to your kids gets taken away.
March 29, 2012 12:29:10 PM

Well you don't live in Tennessee or New Mexico based on what you've said.
March 29, 2012 2:27:07 PM

I see that you revised that you don't have a state tax now, which could put you in Tennessee.
March 29, 2012 7:39:26 PM

There are many states that have no income tax...or state tax as you put it.
March 29, 2012 8:30:43 PM

State income tax.. like 7. Of those 7, only a couple have fusion based initiatives going on.
March 29, 2012 10:13:14 PM

Fusion based initiatives?
!