Support NeoGAF

[sarcastor]

There's not so much a law about it, but the organization that handles it requires that you disclose your name, get photographed for publicity's sake, et cetera. So no, you can't win a jackpot this big anonymously.

you can hire an attorney to represent you and he/she can claim the ticket for you. that's what i plan to do when i win

 

[ronito]

I like getting reminded I'm stuck here forever. I'll be in for like $5

 

[Wellington]

90 percent certainty to have your life destroyed with that amount, too many horror stories and folks that follow the winners, no thanks.

My dad's cousin's wife's mother (yeah :lol) won the lotto in FL a while back and she's like into her 80s. They were telling me how they had a news van parked outside her house 24 hours a day until she came out. Could have been a huge problem considering it's an old lady and there are a lot of money hungry psychos out there.

Me personally, if I could I would just try and stay anonymous. If not I'm pretty sure I'd have to move out of my neighborhood.

Let's shift the conversation, what would you do with that much cashola? Or half of it after taxes I guess.

I'd quit my job right away, duh. Pay off my parent's house, my house, splurge on a sick car then hold for a little while. Set up a trust so I can't really access all of the money. I'd try and run for congress, I want to make some kind of difference in this world. I'd just talk shit tho, about how so many EBT recipients get pretty much only junkfood, and how a lot of welfare recipients work jobs that are off the books and abuse the system.... yeah I'd definitely have to move out of my neighborhood.

 

[McBacon]

let's just play this and see who can win the most fake money

http://www.cockeyed.com/citizen/poker/lottery_simulator100.php

That's a fun website. I lost about $4000

 

[badcrumble]

It varies by State, actually. Some allow anonymity but you can also legally incorporate before collecting the funds and have a corporate representative, like a lawyer or accountant collect them. There are also federal tax benefits to doing this.

Ah, okay, that makes sense (and is probably a very, very smart thing to do).

 

[BotoxAgent]

Winner will most likely some senile old couple :-/

 

[Get'sMad]

I'd probably quickly become a drug addict, but that's cool because I'm sure being really rich gets old after awhile....or at least that's what I hope.

fuck you rich people is what I mean to say.

 

[Cimarron]

It varies by State, actually. Some allow anonymity but you can also legally incorporate before collecting the funds and have a corporate representative, like a lawyer or accountant collect them. There are also federal tax benefits to doing this.

Go on.... tell us more. I have never heard of this.

 

[Wellington]

Winner will most likely some senile old couple :-/

It always is. :lol

 

[Mister Zimbu]

In for some tickets. Still unsure of how many... probably $10.

I actually worked out the math and I believe even after accounting for tax and split pots that this has a positive expectation because of the absurdly high jackpot.

 

[Prez]

Buying $100+ worth of tickets that only improve your chances by .000002% is a sucker's bet.

People like to think their chances are 100 times bigger when they buy 100 tickets. While that's true, it's just silly.

 

[Kaako]

Ok I lied...too lazy to drive today.

 

[joeblackisback]

I don't see why everyone is so down on people buying lottery tickets once in a while. Not everyone assigns the same value to the same activities. I'll get more than my $5 worth just daydreaming about what I would do if the near impossible happened. In fact, I might spend the rest of the day doing just that.

 

[Azzurri]

Yes.

 

[joelseph]

I don't see why everyone is so down on people buying lottery tickets once in a while. Not everyone assigns the same value to the same activities. I'll get more than my $5 worth just daydreaming about what I would do if the near impossible happened. In fact, I might spend the rest of the day doing just that.

Fuck yes!

 

[Nemesis121]

Winner will most likely some senile old couple :-/

:lol :lol :lol so true....


Edit: I am spending $1......

 

[Salmonax]

let's just play this and see who can win the most fake money

http://www.cockeyed.com/citizen/poker/lottery_simulator100.php

That really does put it in perspective. Out of 1000+ plays the most I got was three balls. I lost about $910. :lol

 

[Stinkles]

In for some tickets. Still unsure of how many... probably $10.

I actually worked out the math and I believe even after accounting for tax and split pots that this has a positive expectation because of the absurdly high jackpot.

What would the actual takehome be? I live in a state where there's no State tax, so the cash option would be 208 mil, the maximum federal tax would be 35% so I would be TAKING HOME 135.5 million dollars.

Yoink.

 

[CajoleJuice]

In for some tickets. Still unsure of how many... probably $10.

I actually worked out the math and I believe even after accounting for tax and split pots that this has a positive expectation because of the absurdly high jackpot.

You're right, actually. Wikipedia puts chances of winning the jackpot at 1 in ~176 million, and the cash value is $224.2 million. Unless the stated cash value is before taxes?

 

[Clydefrog]

The way I see it, you have a 50% chance. You either win or you don't. I'M IN!

 

[UpperCaseN]

I found $1 the other day, got a scratch card and won $5. I'll use that $5 for some mega millions tickets tonight, when's the drawing?

 

[DasRaven]

In for $8. The enjoyment I've had imagining what life would be like with that much money is almost worth $8.

.

I'm only in for $2, but the daydreams are more than worth it.
Besides, a good chunk of lottery ticket money goes to decent State causes like roads/schools/etc.

 

[Skiptastic]

Shit, may as well...

 

[J Tourettes]

Suckers, here in Canada if the jackpot is $50 million, you win $50 million. It's not a bullshit before tax accumulated value of a 30 year annuity number.

A few years ago Wendys did a "Kick for a million" contest at the Grey Cup. The winner kicked a 50 yard field goal to win $1 Million dollars. The contest rules stated the million dollars was $40k/year for 25 years. After the guy won and the news media found out it wasn't a one time payment they chewed out Wendy's something fierce and they changed it for the next "Kick for a million" contest :lol

Same in the UK, tax free lottery winnings.

 

[krae_man]

Do you not have to pay taxes on lottery winnings in Canada?

No, Lottery winnings are tax free. Lottery tickets themselves are tax, making you pay tax on the winnings would just be stupid.

 

[Alucrid]

I might buy one. 18+ right? When's the drawing?

 

[thirty]

in california, you can claim the winnings in the form of a blind trust.

there are also attorneys who specialize in dealing with people who have come into large sums of money; heirs to estates, lottery winners, etc.

the trust will claim the winnings and nobody but you and the people who you choose to disclose the info to will know who won.

 

[Zoe]

No, Lottery winnings are tax free. Lottery tickets themselves are tax, making you pay tax on the winnings would just be stupid.

Why? It's income.

 

[krae_man]

It varies by State, actually. Some allow anonymity but you can also legally incorporate before collecting the funds and have a corporate representative, like a lawyer or accountant collect them. There are also federal tax benefits to doing this.

There's different degrees of publicity. You will have to disclose your name and stuff as they always check for things like unpaid taxes, if you're behind on child support etc. And I'm sure winners names are available under the freedom of information act or whatever. But that's not the same thing as your name and picture on the front page of your local newspaper.

 

[Mister Zimbu]

What would the actual takehome be? I live in a state where there's no State tax, so the cash option would be 208 mil, the maximum federal tax would be 35% so I would be TAKING HOME 135.5 million dollars.

Yoink.

I suppose I should look into how things actually work before spouting off numbers. That's even before the inevitable mathematical errors I probably made all over :lol.

I was assuming annuity instead of lump sum and an overall takehome of $251m (which is probably incorrect under any circumstances). My math says an overall takehome of over $150 million should be positive.

 

[krae_man]

Why? It's income.

Lottery tickets themselves are an optional Tax. The winnings are a fraction of the tax revenue generated. The government doesn't need a cut of the winnings as they are already getting the profit.

Think about it for a second. Lets say the prize payout is 50% of revenue generated. If you have to pay income tax on the winnings as well that would mean like at least 75% of all money collected would be payed out. Who in their right mind would want to buy a lotto ticket when the prize payout is so small?

Well, that's the mentality here. I guess in the US you're willing to play with those horrible payouts.

 

[joelseph]

When I won a decent amount on a scratch off I was amazed at how much they tax that shit.

 

[captmcblack]

Are there ever young/healthy winners of lotteries? Like younger than 30, and above 1 million dollar winners?

Has there ever been a young "win for life" winner?

 

[Wellington]

Any lotto winnings (even scratch offs) are supposed to be reported to the federal government.

 

[Get'sMad]

Are there ever young/healthy winners of lotteries? Like younger than 30, and above 1 million dollar winners?

Has there ever been a young "win for life" winner?

I've wondered this too. there was some documentary on HBO I saw a couple months ago about lottery winners and they're all basically the dregs of society.

 

[ghst]

the one truly representative tax.

 

[entremet]

I've wondered this too. there was some documentary on HBO I saw a couple months ago about lottery winners and they're all basically the dregs of society.

What's the name of the documentary?

 

[krae_man]

Are there ever young/healthy winners of lotteries? Like younger than 30, and above 1 million dollar winners?

Has there ever been a young "win for life" winner?

Here in Ontario we have a $1000/week for life scratch ticket and there's been some local winners in their 20's in the paper before.

 

[Zoe]

Well, that's the mentality here. I guess in the US you're willing to play with those horrible payouts.

What are your feelings then on taxing other kinds of winnings?

 

[joelseph]

Any lotto winnings (even scratch offs) are supposed to be reported to the federal government.

Over 300 and you have to claim it at an office and they include the special W2, how nice of them!

 

[Alucrid]

Any lotto winnings (even scratch offs) are supposed to be reported to the federal government.

Oops. Sorry government you can't have my free tickets or percentage of my $1!

 

[Drkirby]

People like to think their chances are 100 times bigger when they buy 100 tickets. While that's true, it's just silly.

You do have 100x more chances to win, but you odds are still super tiny.

 

[krae_man]

What are your feelings then on taxing other kinds of winnings?

Gameshow winnings and all other contest winnings are tax free here as well. Honestly, 99% of them aren't worth the time and effort to track and wouldn't be a significant source of revenue generation for the government anyway. It's not like the US government is making a killing off taxing Million Dollar Money Drop winnings:lol

From what I understand the IRS's mentality is pretty much if you find a nickel on the ground, you have to report it as income. But that's just stupid.

 

[Nemesis121]

Any lotto winnings (even scratch offs) are supposed to be reported to the federal government.

I don't know if the Law has change but in NY only winnings of $600 plus has to be reported, I won $300 once and never had to report it....

 

[DasRaven]

Are there ever young/healthy winners of lotteries? Like younger than 30, and above 1 million dollar winners?

Has there ever been a young "win for life" winner?

There is/was actually a show on TLC "Lottery Changed My Life" about lottery winners and there were a few 20- and 30-something winners.
There was even a young couple that won and actually hadn't self-destructed in something like 5 years since the win.

As to what I'd do with the money, it includes effectively disappearing my family from our current location and safely investing the proceeds for 1 year post-win.
By then, the crooks and sob stories will have moved on to the latest "big winner."

 

[JORMBO]

I got 5 tickets. Dude in front of me bought 50... :lol

 

[krae_man]

I don't know if the Law has change but in NY only winnings of $600 plus has to be reported, I won $300 once and never had to report it....

You're still probably supposed to report all lottery winnings regardless of amount. There's probably just a different amount where they force you to do it as opposed to the honor system. It's probably based on the whatever the maximum amount that can be cashed out at a lottery retailer.

 

[thirty]

I've wondered this too. there was some documentary on HBO I saw a couple months ago about lottery winners and they're all basically the dregs of society.

well you'd think the ones who aren't the "dregs of society" would be smart enough to disappear into anonymity.

 

[sangreal]

I've got the winning ticket; don't waste your money

 

[Manmademan]

There's a huge difference between having your name in the pot and giving yourself a nonzero chance, and buying up tons of tickets with the hopes that it'll significantly improve your odds.

I admit I bought some when getting gas this morning. 10 bucks, nothing huge.

the dude in FRONT of me though bought $200 worth of tickets, telling everyone else "yall can just go home, I got this" :lol :lol

Are there ever young/healthy winners of lotteries? Like younger than 30, and above 1 million dollar winners?

Has there ever been a young "win for life" winner?

a few years back there was a young woman in her 20's or so that won a multi-hundred million dollar powerball. claimed she had never played it before, it was her first time.

wouldn't be shocked if she's blown it all and ended up in a ditch right now :lol