WWTBAM Bored

That's what the MegaMillions jackpot is up to for Friday's drawing.

I was surprised that nobody hit the jackpot last night. All six numbers were under 20, including 13-14-15-18. Usually, low numbers match more often because people play birthdays and anniversaries and similar dates.

Somebody in Maine had the winning ticket.

My luck: three of the winning numbers were 43-45-46.

I had 44

silverscreenselect wrote: ↑

Wed Jan 11, 2023 8:36 am

That's what the MegaMillions jackpot is up to for Friday's drawing.

I was surprised that nobody hit the jackpot last night. All six numbers were under 20, including 13-14-15-18. Usually, low numbers match more often because people play birthdays and anniversaries and similar dates.

This was what I call a "faux birthday" set. Not enough numbers from 1-12 to make three birthdates, but all between 1-31.

Congratulations (after you stop shaking) to whoever won in Maine. I need to call my cousin who lives there.

Cash option of $750MM or so. At this level of jackpot, I don't think it makes a difference between annuity and cash with regard to taxes. Annuity at least guarantees the interest rate on the cash, not a bad thing unless you think you can do better investing the cash yourself. And if you die before the thirty years are up, your beneficiaries get whatever is left of the cash all at once. Either way, winners have to do a lot of financial and estate planning.

gsabc wrote: ↑

Sat Jan 14, 2023 10:06 am

silverscreenselect wrote: ↑

Wed Jan 11, 2023 8:36 am

That's what the MegaMillions jackpot is up to for Friday's drawing.

I was surprised that nobody hit the jackpot last night. All six numbers were under 20, including 13-14-15-18. Usually, low numbers match more often because people play birthdays and anniversaries and similar dates.

This was what I call a "faux birthday" set. Not enough numbers from 1-12 to make three birthdates, but all between 1-31.

Congratulations (after you stop shaking) to whoever won in Maine. I need to call my cousin who lives there.

Cash option of $750MM or so. At this level of jackpot, I don't think it makes a difference between annuity and cash with regard to taxes. Annuity at least guarantees the interest rate on the cash, not a bad thing unless you think you can do better investing the cash yourself. And if you die before the thirty years are up, your beneficiaries get whatever is left of the cash all at once. Either way, winners have to do a lot of financial and estate planning.

It makes a big difference for estate taxes. If you take the annuity and die before it's finished paying out, your heirs will have to find the cash to pay estate taxes on the entire present value of the remaining portion of the annuity. They probably won't have that cash, especially if you die early in the term, and will have to sell the annuity at a discount in order to raise it. --Bob

I take back part of my previous reply. Turns out the beneficiaries can get the remainder of the winnings as annual distributions, with the tax issues Bob mentioned. Your state's lottery rules, however, may let you take the rest of the annuity out all at once.

From annuity.org: "Some lotteries will cash out an annuity prize for an estate, to make it easier for the estate to distribute the inheritance and to pay federal estate taxes when they apply. In order for the lottery to do this, it has to be allowed in the state where the ticket was purchased."

gsabc wrote: ↑

Sat Jan 14, 2023 1:33 pm

I take back part of my previous reply. Turns out the beneficiaries can get the remainder of the winnings as annual distributions, with the tax issues Bob mentioned. Your state's lottery rules, however, may let you take the rest of the annuity out all at once.

From annuity.org: "Some lotteries will cash out an annuity prize for an estate, to make it easier for the estate to distribute the inheritance and to pay federal estate taxes when they apply. In order for the lottery to do this, it has to be allowed in the state where the ticket was purchased."

Oh to have such problems.