how much will he win if he choses the lump sum and after taxes
2007-01-13 12:33:05 · 5 answers · asked by Jackawoose2002 1 in Games & Recreation ➔ Gambling
If the totaly prize paid over 29 years was 100 million, the cash option would be roughly half or 50 million. The tax rate for that is 35% so you would end up with 32.5 million - about 1/3 of the advertised prize.
2007-01-13 12:42:30 · answer #1 · answered by huskie 4 · 0⤊ 0⤋
Lump sum = 1/2 of the prize, then figure that the Feds take 30% of that. My state does not take 'State Taxes' from any lottery winnings.
You are always better off taking a lump sum. I don't trust that the lottery will be here for 40 years or if I would live another 40 years. get it and GO! As long as the state has your money, you never know what will become of it. As long as Bush is in some sort of power, you may get screwed too.
You can invest that lump sum and do something with it, or live on the interrest.
2007-01-13 20:38:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
about 2/3's of it
2007-01-13 20:36:26 · answer #3 · answered by barb 6 · 0⤊ 0⤋
Are we mind readers as to how much the powerball is up to...
2007-01-13 20:35:54 · answer #4 · answered by Heather 3 · 0⤊ 0⤋
500000000000000000000000000000000000000000000000000000$$$
2007-01-13 20:35:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋