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09.02.2015, admin  
Category: Law Of Attraction Subliminal

We've taken a look into the point at which you should actually care about the Powerball lottery, factoring in the relationship between participation and jackpot size. The key question we wanted to know is whether a winner should take the all the cash up front or whether one should take the annuity, which consists of more money spaced out over several years.
You mostly hear about winners taking the lump sum, because they want to control the entire amount of money. A Powerball spokesman said most winners take the lump sum these days because the annual payments are based on very low interest rates. If you live in one of ten states that don't tax lottery winnings, you're probably off the hook for state income taxes. You'll pay more than $33 million if you live in one of the other high-tax states like Iowa, Vermont, New Jersey and New York. Ten states, for example, now raise more tax per capita from lotteries than from taxes on corporate income, including Rhode Island, West Virginia, South Dakota, Ohio, Texas, Georgia, Oregon, Washington, Delaware and South Carolina.
Nobody is going to hide their winnings in a large cube of bills in a storage unit outside of Albuquerque, occasionally returning to spray for silverfish. The Lottery is not responsible for inaccurate listings in newspapers, online, or any other sources. The very day you cash in your winning ticket you'll be hit with a withholding that is deducted immediately from your payout.
As state and local taxes fell after the Great Recession hit in 2007, lotteries have become a booming source of revenues to make up the shortfall. Depending on your state of domicile, each may have advantages and disadvantages in terms of taxation, as well as privacy.
The Wyoming Lottery Corporation shall not be responsible for lost or stolen Mega Millions tickets. You can take your time before contacting the lottery authorities, but be aware that ticket expiration periods vary from state to state, from 90 days to one year.
If you’re lucky enough to win the upcoming $600 million Powerball, you’ll also be putting a big smile on Uncle Sam’s face.
A: Contacting a lawyer and a financial planner would be a lot wiser than updating your Facebook status. Even before you claim the prize these six steps will help you get control of your sudden money and will put you on the right financial path so you can make the most of winning the lottery and enjoying your new life. This step has nothing to do with your lottery prize and everything to do with you and your health.

Don McNay, author of the book “Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery,” says nine out of 10 winners go through their money in five years or less.
That said, there’s a major caveat to going this route — if you die before collecting the entire amount, the remainder of your winnings may or may not pass to your heirs. The big problem with a lump sum is that winners often end up blowing the entire amount doing dumb things. As we figured out before the lottery, it really only makes sense to play provided that you take the annuity, according to the expected value.
Prizes $600 and over and jackpots must be claimed at the Wyoming Lottery headquarters or by mail. For the annuity (red lines), you invest the annual post-tax winnings once you receive them each year. And when it comes time to give the tax man his share, your total bill will have a lot to do with which state you live in.
If you live in one of ten states that don't tax lottery winnings, you’re probably off the hook for state income taxes. With a half-billion-dollar multistate lottery jackpot up for grabs, plenty of folks are fantasizing about how to spend the money. A: As it stands now, the Mega Millions will pay out a lump sum of $389 million before taxes.
With a big lottery win, you will often have the option of taking a lump sum payout or to receive the payout over time. First, spreading the payments out protects you from becoming the latest lottery winner who's lost all their money. It's definitely something to think about sooner rather than later, because in some states while you may have 180 days from the drawing to claim the prize, you may only have 60 days if you want a lump-sum check. If you plan to share your winnings with your family, you'll owe a 35 percent federal gift tax if you give more than $14,000 to any one individual in a year. For example, if you buy a ticket and live in Florida, you'll pay less than if you live in New York; Florida does not collect state tax on lottery winnings. Making sure you don't blow the nation's largest-ever lottery jackpot within a few years means some advice is in order before the Mega Millions drawing Friday, especially if you're really, really, really lucky. If you plan to share your winnings with your family, you’ll owe a 35 percent federal gift tax if you give more than $14,000 to any one individual in a year. When you win a large lottery, you'll want to make sure you have a stellar team who can help you make the best decisions.

Oklahoma City attorney Richard Craig, whose firm has represented a handful of lottery winners, says it's essential to assemble a team of financial managers, tax experts, accountants and bankers.
And once you start giving it away, everybody will label you an easy touch and be right there after you. Even if you don’t win the Jackpot, you can still win cash prizes for getting as few as one correct number (the Mega Ball). Mega Millions is governed by state law and the rules, regulations and directives of the Wyoming Lottery Corporation. For smaller pots, you might be able to reduce your tax burden by opting to take your winnings in smaller annual installments to fly below the top state and federal tax brackets. Total lottery sales in the 2012 fiscal year came to $68.7 billion – up 9 percent from 2011, according to the North American Association of State and Provincial Lotteries. Lottery winners often complain that after winning their lives are turned upside down and that they are thrust into a new life.
If something unforeseen happens, these steps can go a long way to prove you are the winner. If you’re a winner, you can claim prizes up to $599 at any WyoLotto retailer or the Wyoming Lottery office. As lotteries have raised more money over the years – both on the winnings of the lucky few and the ticket receipts from the vast majority of losers – the overall tax burden in some states has shifted heavily to those who can least afford it.
And a few states require you to show up and receive your oversized check in front of a bunch of cameras, making it impossible to stay anonymous. Match all five white balls (in any order), and the yellow Mega Ball, and you’re a Mega Millions jackpot winner! If you should ever be so lucky as to win a major prize in a lottery, there are some things you need to know about.
If you're lucky enough to win the upcoming $600 million Powerball, you'll also be putting a big smile on Uncle Sam's face. For these winners, sudden wealth brings a whole raft of considerations about what to do with the windfall. Although a great majority of lottery winners opt to receive a lump sum payment, there are definitely some advantages (and disadvantages) in taking the payout over time.

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