By mega millions I mean any really large amount in a State sponsored legal numbers game. You hear all the time that people take the lesser amount by taking the "cash payout" why do they do that and how do you get your money if you choose the other option. Do your heirs get the money should you die before the total is paid? Does someone get the entire amount, ever? (this is not a tax question) I know states are different, please name your state and how you know. (I know I could read hundreds of pages of rules but I am interested in the short version. And would you ever pick the standard payout to get all the winnings?
2007-03-11 14:56:33 · 3 answers · asked by chattanooga chip 3 in Games & Recreation ➔ Gambling
I am not a gambler. Actually I am pretty much against the "Legalization of Gambling" (children suffer no matter what the States claim.) BUT I do wonder why any body would put up a company (wal-mart could not get away with it) that said if you buy this and your numbers are actually drawn, even though we said the winnings are at 360 million the winners get only a portion of that amount. (like I said this has nothing to do with what the taxes are on the money) I just want to know if a car manufacturer said you only get 2/3 of a car, Would you buy it? If a gallon of milk was $4.65 and you paid the amount stated, how could they hand you a half gallon? Seems like FALSE AVERTISEMENT.
2007-03-12 01:29:13 · update #1
Over 26 years----payment comes from an annuity
2007-03-11 15:27:08 · answer #1 · answered by chgoxpress 2 · 1⤊ 0⤋
The 'short version'? KO! You are more apt to get hit by lightening TWICE than you are to win a mega lotto! But you already know that, because you have spent so much money trying that you have NOTHING FOR RETIREMENT for crying out loud! Actually, if you take the payout, in California, the IRS will tax ur *** all the way to next Tuesday. You 'might' get some of it back when you file your tax return, hahaha, depending on your status. State sponsored legal numbers game is the biggest oxymoron I have ever heard! hahaha HAVE FUN! Oh, and pleeeeze tell all of us when you win. I will probably be struck by lightening THRICE by then.
2007-03-11 19:36:12 · answer #2 · answered by ravin_lunatic 6 · 0⤊ 2⤋
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2015-02-08 09:27:02 · answer #3 · answered by Graeme 1 · 0⤊ 0⤋