Lottery

[Papa_Complex]

If it isn't enough to buy a large island or a small Central American country, then I don't want it.

[Rsv1000R]

You have to pay Fed, State, and Local taxes.
That $89M isn't after all taxes, If the lump sum payout is $115M, Fed taxes alone are going to be close to $40M.

[Amber Lamps]

Originally Posted by Rsv1000R

You have to pay Fed, State, and Local taxes.
That $89M isn't after all taxes, If the lump sum payout is $115M, Fed taxes alone are going to be close to $40M.

Um nope, I just watched it on the news last night, it's 88.5 after all taxes.

[shmike]

Originally Posted by TIGGER

Um nope, I just watched it on the news last night, it's 88.5 after all taxes.

See my previous post.

$115M would put you in the 35% bracket, which equals $40.25M in Federal taxes plus any applicable state, local, etc.

They may have withheld less than that but it doesn't mean he won't owe them come 4-15-2010.

Edit: just noticed, The $115M number came from Trip, not a reputable source.

The $88.5 may be a true net number but that would mean his lump sum payout was far greater than $115M.

[Rsv1000R]

Originally Posted by TIGGER

Um nope, I just watched it on the news last night, it's 88.5 after all taxes.

You do the math on 35% then.

Plus in Ohio I pay iirc ~7% state taxes, and I also pay another 2% to the village I live in. That puts my total taxes at ~44%.

[Amber Lamps]

Originally Posted by shmike

See my previous post.

$115M would put you in the 35% bracket, which equals $40.25M in Federal taxes plus any applicable state, local, etc.

They may have withheld less than that but it doesn't mean he won't owe them come 4-15-2010.

Edit: just noticed, The $115M number came from Trip, not a reputable source.

The $88.5 may be a true net number but that would mean his lump sum payout was far greater than $115M.

Well I got it from the news which isn't necessarily a perfect source of information either! They were making a big deal out of the fact that he's 23 and lives on a large ranch. They had his picture all over the screen and even video of his house and property! There is no way I'd let them do that! I'd sneak in, get my loot and sneak out if it were me!

[Rider]

$89 mil is still a lot of money. A conservative investment with a return of only 5% will earn you $4.45 mil a year. I can live comfortably on that and never have to touch the principle.

[shmike]

Originally Posted by Rider

$89 mil is still a lot of money. A conservative investment with a return of only 5% will earn you $445K/ a year. I can live comfortably on that and never have to touch the principle.

Ninja edit FTW.

Many people would be glad to have a return of "only" 5% over the last few years.

[Amber Lamps]

Originally Posted by Rsv1000R

You do the math on 35% then.

Plus in Ohio I pay iirc ~7% state taxes, and I also pay another 2% to the village I live in. That puts my total taxes at ~44%.

35% of what? I don't know what the lump sum pay out was... do you? The total was 232 million, normally I believe that the lump sum penalty is half or maybe less...

[Rider]

Originally Posted by shmike

Ninja edit FTW.

Many people would be glad to have a return of "only" 5% over the last few years.

Too many zero's so early in the morning. LOL

The last few years yes but if you look at many mutual funds over their lifetime they are well above 5%.