January 13, 201610 yr I just hope that if there is 1 winner that it goes to someone with common sense who will improve, at minimum, their community.
January 13, 201610 yr Author Mark Cuban says do not take the cash option, take the annual payments. That will help you avoid going nuts with money you are not equipped to handle. You get the first payment up front, then 29 equal annual payments. That would be 50 million bucks up front and 50 per year for the next 29 years. Not too shabby. Honestly, though, I am not equipped to handle 50 million dollars either.
January 13, 201610 yr Author Several states, including TN, TX, and CA do not tax lottery winnings. If you took the annual payments and moved to TN or CA after you got the first payment, would the future payments be free from state tax? At 6%, that would be a savings of $3 Million per year. Or would the whole lot be taxed in KY because you lived here when you won it?
January 13, 201610 yr Honestly, though, I am not equipped to handle 50 million dollars either. If you win it, you're buying me AT LEAST one Chick-fil-A meal at WKU every year during the state championships!
January 13, 201610 yr Several states, including TN, TX, and CA do not tax lottery winnings. If you took the annual payments and moved to TN or CA after you got the first payment, would the future payments be free from state tax? At 6%, that would be a savings of $3 Million per year. Or would the whole lot be taxed in KY because you lived here when you won it? Should You Take The Annuity Or The Lump Sum If You Win The Lottery - Business Insider Some states, according to this article, have a rule that say, that tax accrued income that isn't paid yet. So, if you win the ticket in KY, choose an annuity, and move, that income is accruing still and not taxed until paid annually.
January 13, 201610 yr Author a 6% tax would be the least of my worries.6% of 1.5 Billion is a significant $90 Million
January 13, 201610 yr Author If you win it, you're buying me AT LEAST one Chick-fil-A meal at WKU every year during the state championships! I'll buy you the whole Chick-fil-A
January 13, 201610 yr Mark Cuban says do not take the cash option, take the annual payments. That will help you avoid going nuts with money you are not equipped to handle. You get the first payment up front, then 29 equal annual payments. That would be 50 million bucks up front and 50 per year for the next 29 years. Not too shabby. Honestly, though, I am not equipped to handle 50 million dollars either. No thanks, I don't trust the government and potential tax implications 30 years down the road.
January 13, 201610 yr Should You Take The Annuity Or The Lump Sum If You Win The Lottery - Business Insider Some states, according to this article, have a rule that say, that tax accrued income that isn't paid yet. So, if you win the ticket in KY, choose an annuity, and move, that income is accruing still and not taxed until paid annually. Click on the article. It has a breakdown of what rates of return make the most sense, if you invest most of the money.
January 13, 201610 yr Mark Cuban says do not take the cash option, take the annual payments. That will help you avoid going nuts with money you are not equipped to handle. You get the first payment up front, then 29 equal annual payments. That would be 50 million bucks up front and 50 per year for the next 29 years. Not too shabby. Honestly, though, I am not equipped to handle 50 million dollars either. My only concern with taking the payments is will I REALLY get all my money?
January 13, 201610 yr Looking at past winners in Kentucky, it looks like a winner has the option of remaining anonymous. That would help tremendously. I think that would be the way to do it. No need for people to target you. No doubt. I know enough people as it is that I'd like to take care of in some way. #NoNewFriends I feel you should compensate those that didn't get graced by your presence at Molly Malone's in Louisville. $2 million a piece sounds fair :lol2: I know of two animal rescue organizations that will never have to want for a thing again, if I win. Same here. There are some good ones that I would help. And I don't know why two you are thinking of but I work with one in NKY that would love your generosity as well! Three words. Never Getting Married. :lol2: Why would you? With that kind of loot you are the new Hugh Hefner.
January 13, 201610 yr Same here. There are some good ones that I would help. And I don't know why two you are thinking of but I work with one in NKY that would love your generosity as well! Done! If you win, consider one of both of mine to help, too!
January 13, 201610 yr Done! If you win, consider one of both of mine to help, too! You got it! I posted in the What Could It Buy thread that I'd help animal rescues so I can add both to my list.
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