Someone in Texas won a lotto jackpot worth $800 million on Tuesday

[chill doggie]

Mega Millions player wins $800 million jackpot with ticket bought at Texas gas station

The winning numbers for the $800 million Mega Millions jackpot were white balls 1, 2, 16, 24 and 66, and the gold Mega Ball 6.

www.cbsnews.com

“A jackpot-winning ticket worth an estimated $800 million for the Mega Millions drawing held on Sept. 10, marking the largest lottery jackpot prize ever won by a Texas Lottery player.
The ticket was purchased in Sugar Land at Murphy Express 8848, located at 7520 Highway 90A. It matched all six of the numbers drawn (1-2-16-24-66, Mega Ball 6).
The player chose the cash value option at the time of purchase, which was estimated at $404 million before taxes. The prize has not yet been claimed.“

The lucky soul will have the Texan privilege of both choosing whether or not to remaining anonymous and also of not paying any state taxes.

They also have the option to change their mind on their payment method, after doing some research I finally confirmed that the initial selection between “lump sum” and “annuity payments” isn’t binding.
So if they do the right thing and choose annuity they will avoid forfeiting about half of the prize (before taxes), and then they would “only” lose about $300 millions in federal tax.
The first payment would be $7.3 million, next year it would go up to $7.9M, and the subsequent payments would fractionally increase until the last one which would be $30m.

So much for local lotto conspiracy folks that say Texans never win because they hate our liberties.

 

[Cool Hand Luke]

'only' 240ish million after the IRS get their cut basis the cash option

 

[chill doggie]

'only' 240ish million after the IRS get their cut basis the cash option

+505 million if they choose annuity.



Which is almost the right prize for betting $2 on a 300,000,000 to 1 wager.

 

[Long Dark Blues]

Plus, the annuity is inheritable/transferable to kin.

Never understood taking the lump sum.

 

[chill doggie]

Plus, the annuity is inheritable/transferable to kin.

Never understood taking the lump sum.

Makes some type of sense if the prize was smaller and you’d think you could for example flip $2 millions to get to $5 millions or more faster than the 30 years it would take to collect an annuity prize.

 

[Pittie Petey]

Plus, the annuity is inheritable/transferable to kin.

Never understood taking the lump sum.

I wouldnt be able to trust the government to not screw me down the road, gimme my chips now please!

 

[Tone C]

I mean I know everything is bigger in Texas but still..

 

[Tone C]

Plus, the annuity is inheritable/transferable to kin

Never understood taking the lump sum.

Maybe you think your kids are cunts....

 

[Cool Hand Luke]

+505 million if they choose annuity.
View attachment 1062338


Which is almost the right prize for betting $2 on a 300,000,000 to 1 wager.

sounds about right, I'm 47 and basically ay an age where the cash option .makes more sense. if I were in my 30s I'd take the annuity

 

[Batjester]

@Kowboy On Sherdog you holding out on us dog?

 

[TankAbbott4Eva]

Fuck me that buys a lot of assault rifles!

 

[chill doggie]

sounds about right, I'm 47 and basically ay an age where the cash option .makes more sense. if I were in my 30s I'd take the annuity

With annuity it would take 17 years for you to get paid $218m, you would be 65 with 12 yearly payments left to go worth an average of $23m (17m to 30m). Not too bad.
There’s companies that buy lottery annuity payments so you could also sell the rest of your jackpot at that point. Like a middle ground between both options.

 

[chill doggie]

Fuck me that buys a lot of assault rifles!

 

[IIIIIIII]

i've never had that kind of money, but i would imagine managing it is a job until itself. if i ever were to win the lottery, i'd retire. but i'd retire to simply focus on the money and the best way to invest it, etc. i hear too many stories of money managers stealing from clients, so you should do it yourself. something like ten million would be enough for me. have enough to have all i want, and the rest can earn interest and i don't have headaches to deal with. like what bill gates did with his kids. ten million for each, and that should be enough of a foundation to start on.

 

[Kowboy On Sherdog]

@Kowboy On Sherdog you holding out on us dog?

Nope. Still poor

 

[IDGETKTFO]

Plus, the annuity is inheritable/transferable to kin.

Never understood taking the lump sum.

Its dumb to take a lump sum when your payments are in the millions, but if you only won like 50k and the payments were like 5k i could see someone wanting a lump sum of 25k. I am just using this senario to make my point, i have no idea what the lump sum would be on 50k.

 

[5crew]

I'm always flabbergasted when I see USA lottery. Advertised at so and so million but winner only really getting back like 1/3 or 1/4 of pool prize. No doubt the amount is insanely high though.

Highest in Singapore is capped at the 3rd non winning draw, the 4th draw WILL give out the pool prize of what is usually 10m to 15m. If no one won the exact numbers, pool will be divided to winners of Group 2.

From what I heard Australia lottery goes to triple digit lottery as well but no tax?

 

[Flower2dPeople]

I'm always flabbergasted when I see USA lottery. Advertised at so and so million but winner only really getting back like 1/3 or 1/4 of pool prize. No doubt the amount is insanely high though.

Highest in Singapore is capped at the 3rd non winning draw, the 4th draw WILL give out the pool prize of what is usually 10m to 15m. If no one won the exact numbers, pool will be divided to winners of Group 2.

From what I heard Australia lottery goes to triple digit lottery as well but no tax?

Had to google the aussie lottery because they love to tax the shit out of them bogans and to my surprised it's tax free.

 

[Jack Reacheround]

So much for local lotto conspiracy folks that say Texans never win because they hate our liberties.

Literally nobody has ever said that until this thread.

 

[chill doggie]

Literally nobody has ever said that until this thread.

I’m talking about fellow Texans that I know and have said it. They think only Californians and New Yorkers win because they pay state taxes and we don’t.