Re: Powerball. What could you do with a 425 million dollar lottery win
Locutus of Bored wrote:
Mr. Laser Beam wrote:
After taxes, there probably wouldn't be much of it left anyway...
With a $425 million dollar jackpot, a single winner’s one-time lump sum cash payout would be $278,300,000.
Depending on which state you purchased the ticket in, your state taxes can range from a low of 0% (California and some other states don't tax in-state lottery winnings) to a high of 10.8% (New Jersey).
Federal taxes would be 25% of the lump sum or $69,575,000. New Jersey (highest) state withholdings would be $30,056,400.
In California (0%), you'd take home $208,725,000. In New Jersey (10.8%), you'd take home $178,668,600
(not counting back taxes, outstanding student loans, mandated child support payments, etc. which they would collect as well).
Sounds like a pretty damn good chunk of change to me (especially since I live in California).
I'd always thought the grand total of taxes was closer to 50%, due to it being lottery winnings.
Either way, being in my mid-40's, I'd go for the 25 or 29 yearly payments rather than give up around 40% for a lump sum.
It would also prevent me from blowing through a lump sum in some ridiculously short amount of time.
Rimmer, on what period of history to live in-
“Well, It’d be the 19th century for me, one of Napoleon’s marshals.
The chance to march across Europe with the greatest general of all time and kill Belgians” - (White Hole).