540,000,000 at stake. (Update as of 3/29/2012 @ 4:00PM EST)

[dogman_1234]

http://news.blogs.cnn.com/2012/03/28/mega-millions-jackpot-hits-record-476-million/?hpt=hp_t2

What woulds you do with this number?

UPDATE.

 

[riser]

First, I would cash the check.
Second, I would be out in front of my office before anyone got to work. Sitting in my lawn chair drinking beer while waving at my ex-coworkers as they walked into work.

I'd invest heavily.
Buy a nice house, nice car, all paid off.
Live off a modest $300-500k a year, hopefully mainly interest.

And then I'd go to philantrophy stuff where ever, whenever I wanted.

And then from there, who knows, whatever I feel inspired to do.

 

[dogman_1234]

Tax rate is 67% so take your winning, multiply it by .7, subtract it from 3.59 x 10^8, then your total winnings would be about ~100,000,000 United States Dollars.

359,000,000(.7)=252,000,000

"x"-252,000,000=107,000,000

 

[dogman_1234]

if I won, I would want to be anonymous. If anyone found out I won, I woudl have to lose my friends and leave my home town...and state!

However, I would relocate, go to school, get a degree and act like nothing happened. Living a simple middle class life like the rest of us...and maybe give to charity. That sounds nice, charity.

 

[dogman_1234]

I thought the tax on lottery winnings was ~47%. Or roughly half.

First thing I would do is change my phone number.

The state I am in has a 67% rate on all winnings.

I always wondered how much to give to Uncle Sam. I am afraid of winning and not having the money to pay the gov't!

 

[riser]

$500k a year on $100 million would still afford my great grandkid a good life.

 

[dogman_1234]

Hey, we can afford to put our kids in HS and College where I live! It may be a pain in the butt, but we get off pretty well over here.

How much does the Fed get?

EDIT: I really don't want to tell you where I live. Figure it for safety.

 

[dogman_1234]

I apologize. There is no state tax on our winnings. only if it is a State Game does the state win 67% of winnings. We only pay out the 25% Federal. That is where we get the 359,000,000

http://www.usamega.com/mega-millions-jackpot.asp

 

[dogman_1234]

The Feds consider it income so you'll be taxed at whatever the top rate currently is.

Income or Capital Gain... 😛

I take it the 35% annual per January?

 

[dogman_1234]

so, which is better: Annuity or Cashout.

 

[dogman_1234]

Yet, if I allocate the annuity for the 26 months, then I will be able to pass it down through a will...unless I get offed by nature.

 

[dogman_1234]

That sucks.

 

[riser]

Well you don't live in Tennessee or New Mexico based on what you've said.

 

[dogman_1234]

Why is that?

 

[riser]

I see that you revised that you don't have a state tax now, which could put you in Tennessee.

 

[dogman_1234]

There are many states that have no income tax...or state tax as you put it.

 

[riser]

State income tax.. like 7. Of those 7, only a couple have fusion based initiatives going on.

 

[dogman_1234]

Fusion based initiatives?