Are taxes based on the full payout or each individuals portion? I think it is portion.
So 10M in “payout immediately” and @twig93’s 30 people, then each gets about 333K so after taxes you might get 250K, even better than twig93’s estimate.
Well if you had no other income on the year. If you also have W-2 income from before you hit the jackpot and/or interest on the after tax portion of the $333,333 afterwards then your average taxes will be higher.
$333,333 is in the 35% tax bracket, so it’s a question of how much is getting taxed in lower brackets.
And that’s just federal. You might have state and local tax on top of that. If you live in Ohio you might hit the quad-fecta of federal, state, city, and school district income tax!
My rule of thumb is assume 40% goes to taxes, but certainly YMMV.
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But yes, if 30 people share a $10,000,000 jackpot then each person reports $333,333 on their taxes. Lottery commission will probably withhold at least 25% in federal taxes plus the applicable state taxes (based on the state where the ticket was purchased, which is technically where the income was generated.)
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Wednesday’s Powerball Jackpot is at $1 Billion. And Megamillions is $640 Million for tonight.
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I figure for $1billion it’s worth a shot. Just got my ticket.
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I just want to say, “Good luck. We’re all counting on you.”
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Coincidentally, I discovered yesterday that Connecticut has revised its “Advanced Action” option to permit playing one set of numbers for 39 consecutive Powerball draws, up from the former 26 draws.
Sadly, it’s now “39 draws for $78” instead of “26 draws for $50”.
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It would totally suck to have your numbers picked on the 40th draw
But it’s nice to only have to remember to go in to cash in an old ticket and get a new ticket once a quarter, rather than once every 8.667 weeks.
I use an Outlook recurring task to remind me when I want to replace my lottery tickets…or I did until Powerball went to thrice a week.
When I go back tomorrow to get new MegaMillions and CT Lotto tickets, I’ll probably not do the full 13 week advance action option; I’ll either do the 5 or 10-week option, so that I’m not in a position of feeling like my actuarial credentials are being tarnished by potentially handing over $156 in a single week. $78 is bad enough.
(I’m not in that position this week, because I’ll be cashing in tickets worth $262 so far…)
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Megamillions at $1.55B for 8/8. No winner for the 1.35B Friday 8/4.
Decent chance it goes to $1.6 maybe 1.75 or higher by Tuesday.
Should we buy one of every megaball #. It’d cost us an extra $30
Maybe even do all the same regular #s? Everyone pick a number and I’ll distribute those?
I’m mostly indifferent…I’m for it since you’re doing all the work, but I wouldn’t otherwise do it…but it would spice up the fun for a ginormous jackpot
Of course, if we won the whole enchilada, we’d also pick up an extra $24M for matching all 5 w/o the gold mega ball, so that would be noteworthy & sure to be mentioned by the talking heads.
I would pick one of these numbers
16 59 8 14
im down for whatever you want to do.
I’m flexible and am down for whatever, but would vote to stick with the standard purchase.
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I’ll keep it with the standard.
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I want to play! I’ve never bought a ticket before. How does the group thing work?
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i have reviewed this application and accepted it for entry, pending funds transfer and T-roy accepting the funds.
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T-Roy will send you a PayPal request for money.
Whenever the PB or MM cash value gets up to $200M (this is a guideline and not a strict lower bound), T-Roy buys one two dollar ticket per player in the pool (this is a guideline and not a strict upper bound) & posts the tickets to our super secret private group.
We all dream about how rich we’re going to be.
The drawing occurs and T-Roy updates us on the results, thus reminding us in not so many words to not give up our day jobs.
Lather. Rinse. Repeat.
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I’ll send you $20 request from Venmo - I think I have your phone # from the Colorado trip. Let me know if you have another cash app (I pretty much have them all).
We’ll get you in the 8/8 drawing
Venmo is preferred - as it is instantaneous transfers to my bank.
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Yay! Thanks for including me! 
When do we start planning the massive po’tacular???