$1.6 Billion Lottery .. this supersedes the $1 Billion Lottery :)

[ivinsfan]

There are always many comments about security and 10k "new friends", etc.
I wonder if Gates and Buffett travel with security guards everywhere, etc?
Not a negative comment, just wondering aren't they more of a well known face recognition target and have much more wealth than the lottery winner?

We still wouldn't nearly as rich as those two....but I often wonder why anyone would go on that HGTV show, Lottery Dream Home, why even do that?

 

[aaronc879]

Privacy and stopping the calls, as there will be more than you believe.

Buy a burner phone and only give the number out to people you want to have it. Or let people you care about know that you only respond to texts and turn your ringer off.

 

[aaronc879]

Nice layout.
I would think that the actual net payout would be lower, since the 24% Federal withholding would not match (be lower than) the actual ultimate Federal taxes due on the winnings.

I think that is just the amount you would get after initial witholding. You would still owe a lot more after you settle up with Uncle Sam at tax time.

 

[zedd]

Not seeing this addressed anywhere - Should I win, which version of TurboTax would be right for me ? ��

 

[target2019]

Nice layout.
I would think that the actual net payout would be lower, since the 24% Federal withholding would not match (be lower than) the actual ultimate Federal taxes due on the winnings.

I do not understand why they use 24%, as it seems extremely likely you'll pay 37%. I think one should subtract another 15% before deciding how to spend.

So, in NJ, my immediate problem is what to do with 13,919,566.85 in the first year. I would have to find help in dealing with the thought that next year's payment would be even higher.

Eventually I would be in NBA/NFL player territory. Might buy a suit and awesome hat?

First thing I'd do is set up a trust for one niece that will have a difficult future. Second, I would report back here for more ideas.

 

[target2019]

Not seeing this addressed anywhere - Should I win, which version of TurboTax would be right for me ? ��

Be sure to wait for the best possible price, too!

 

[Fedup]

Be sure to wait for the best possible price, too!

Price, no, I’m going to get the free one from Fidelity.

 

[fosterscik]

I do not understand why they use 24%, as it seems extremely likely you'll pay 37%. I think one should subtract another 15% before deciding how to spend.

The answer can b found in the footnotes to the page:

All of the tax amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden. Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be. For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses. The chart above provides the information that we know for sure: the money that you will initially receive from the lottery

 

[Music Lover]

Privacy and stopping the calls, as there will be more than you believe.

A woman I used to work with had a brother who won $15 million. She told me that they got an unlisted phone number a week later after dozens of requests for some "help". Neighbors, strangers, and 2nd and 3rd cousins were all looking for a handout.

 

[Totoro]

At $600M after tax, it's mind-boggling to see that this unprecedented lottery prize is still not enough for you to buy this yacht. Actually, you can, but that leaves you with no money to hire a crew to operate it, maintain it, put fuel in it.

Just charter it whenever you want, no need to deal with any crew issues and such. Pretty sure you can do that for a million a week or so?

Or you can buy LIND and have a choice of 15+ cruise ships at your disposal. Assuming as (near) full owner you can commandeer an entire ship?

 

[Dtail]

I do not understand why they use 24%, as it seems extremely likely you'll pay 37%. I think one should subtract another 15% before deciding how to spend.

So, in NJ, my immediate problem is what to do with 13,919,566.85 in the first year. I would have to find help in dealing with the thought that next year's payment would be even higher.

Eventually I would be in NBA/NFL player territory. Might buy a suit and awesome hat?

First thing I'd do is set up a trust for one niece that will have a difficult future. Second, I would report back here for more ideas.

Agree on the first paragraph, although when we used to get bonuses, they withheld a standard 20% no matter what your tax category was.

As for living in NJ, perhaps you can establish a residency in a no state tax state while waiting the year to cash the ticket and save around 70mm.

 

[Looking4Ward]

The annuity option isn't 1/30th of the total each year, it's actually a bit more convoluted than that:

"The Mega Millions annuity is paid out as one immediate payment followed by 29 annual payments. Each payment is 5% bigger than the previous one. This helps protect winners’ lifestyle and purchasing power in periods of inflation.

For a typical jackpot of $100 million, the initial payment would be about $1.5 million, and future annual payments would grow to about $6.2 million.

When the jackpot is $200 million, each payment is twice as big. When the jackpot is $50 million, each payment is half as big, etc."

 

[Fedup]

Sound like RMDs to me, bigger every year. Maybe the IRS has something to do with it.

 

[bobandsherry]

You already commented about your ACA subsidy which made me laugh and think I could afford to pay the bill of everyone here and have a few bucks left over.

Heh, if I know I have ACA sugar daddy I'll squeeze a little harder on my portfolio.... Lol

 

[bobandsherry]

70% of Lotto winners go bankrupt

https://www.google.com/amp/s/articl...sf/2016/01/why_do_70_percent_of_lottery_w.amp

 

[Fedup]

Com’on, not this ER crowd. We’re in the other 30%.

 

[bobandsherry]

Com’on, not this ER crowd. We’re in the other 30%.

I'd like to be the one that tests that out.

 

[Looking4Ward]

70% of Lotto winners go bankrupt

https://www.google.com/amp/s/articl...sf/2016/01/why_do_70_percent_of_lottery_w.amp

The cited source of this statistic claims it is not backed or confirmed by them:

https://www.nefe.org/Press-Room/News/Research-Statistic-on-Financial-Windfalls-and-Bankruptcy

 

[GravitySucks]

With this size windfall I could afford a 2bd, 2ba condo in a good San Francisco neighbourhood.

 

[NW-Bound]

At $600M after tax, it's mind-boggling to see that this unprecedented lottery prize is still not enough for you to buy this yacht. Actually, you can, but that leaves you with no money to hire a crew to operate it, maintain it, put fuel in it.

Who would want it? Just one measly helipad?

I would be SOL with my two helicopters.

Curiously, this meager single-chopper-pad yacht was touted on the Web as the world's most expensive yacht at $600M. What gives?

Here's a way out if you need two helipads (which is really needed to accommodate your guest who flies over from his own yacht and needs a place to land).

You can use the lottery winning for a down deposit on the custom yacht of your design, then do a WR on your own stash for the final payment upon delivery.

 

[braumeister]

No, that's just extravagance. Paul Allen's yacht had two helipads and only cost $250 million. A bargain at the price.

 

[NW-Bound]

Bargain? What's wrong with the "blow the dough" movement?

There has to be something with that Azzam yacht to make it cost that much. I think you need to tour it and walk through it first to know what you will be missing.

At the end, you might just say "build me one like this, but with two helipads".

 

[Fedup]

Gold inside maybe?

 

[braumeister]

At the end, you might just say "build me one like this, but with two helipads".

Why stop at two?

 

[NW-Bound]

With enough money, you do not have to stop at helicopters either. How about converting a Nimitz class carrier into a yacht, and have your air-superiority squadron with you all the time? Never know if you may run into a band of pirates you want to destroy. Or a small country with a despot you want to overthrow.

But about Paul Allen's yacht of mere 303 ft despite having two helipads, I just found this article. Aye, aye, aye...

MV Tatoosh, Paul Allen’s 303-foot yacht, has destroyed about 80 percent of a protected coral reef — 14,000 square feet — in the Cayman Islands, according to officials there.

See: https://www.seattletimes.com/nation...d-most-of-protected-coral-reef-officials-say/


PS. A new US carrier costs $13B, and that does not include the aircraft cost, and who knows what else.