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*** Official FFA Lotto Club *** (2 Viewers)

so looks like we've got 15 that are good with it. That is the majority... so I will go with it. Will purchase and scan 145 PB tickets tonight.

 
Spreadsheet updated with special PB drawing.

FWIW... estimated haul assuming $700M jackpot:

Prize Cash Option Less Taxes Per Member
$700,000,000 $430,500,000 $304,148,250 $10,487,871

 
I'm always in favor of going in for extra tickets with big jackpots available, whether it be from reserves or if you need new money.

$10 million after tax would be incredible. I don't know exactly what I'd do with it, but one thing for sure is I'll put a painting of Keerock on the wall of my new mansion.

 
Keep in mind that the tax that Keerock is showing is the 25% mandatory withholding. You will still be on the hook for the additional 14% (39% is the highest federal income tax bracket) plus any local/state taxes.

 
eoMMan said:
Keep in mind that the tax that Keerock is showing is the 25% mandatory withholding. You will still be on the hook for the additional 14% (39% is the highest federal income tax bracket) plus any local/state taxes.
Click to expand...
Does where the tickets being bought have any impact on taxation? Federal obviously does not matter but what about local/state. So, if the ticket is bought in NY and I live in IL would the local/state double dip from both NY and IL? If you won- could you move to a more tax friendly state before getting your winnings to avoid the taxes? Hey- I won $10 million. Oh look, there is an apartment available in Florida and I just happened to move there right away- oh by the way, let me collect my funds now.

Just curious---- if anyone happens to know the answers off the top of their heads.

 
Chadstroma said:
eoMMan said:
Keep in mind that the tax that Keerock is showing is the 25% mandatory withholding. You will still be on the hook for the additional 14% (39% is the highest federal income tax bracket) plus any local/state taxes.
Click to expand...
Does where the tickets being bought have any impact on taxation? Federal obviously does not matter but what about local/state. So, if the ticket is bought in NY and I live in IL would the local/state double dip from both NY and IL? If you won- could you move to a more tax friendly state before getting your winnings to avoid the taxes? Hey- I won $10 million. Oh look, there is an apartment available in Florida and I just happened to move there right away- oh by the way, let me collect my funds now.Just curious---- if anyone happens to know the answers off the top of their heads.
Click to expand...
The short answer is yes, because some states, like MI and FL don't have state income tax. Check the last page of the "what would you do..." thread. There's some discussion about this question.

 
Tecumseh said:
Chadstroma said:
eoMMan said:
Keep in mind that the tax that Keerock is showing is the 25% mandatory withholding. You will still be on the hook for the additional 14% (39% is the highest federal income tax bracket) plus any local/state taxes.
Click to expand...
Does where the tickets being bought have any impact on taxation? Federal obviously does not matter but what about local/state. So, if the ticket is bought in NY and I live in IL would the local/state double dip from both NY and IL? If you won- could you move to a more tax friendly state before getting your winnings to avoid the taxes? Hey- I won $10 million. Oh look, there is an apartment available in Florida and I just happened to move there right away- oh by the way, let me collect my funds now.Just curious---- if anyone happens to know the answers off the top of their heads.
Click to expand...
The short answer is yes, because some states, like MI and FL don't have state income tax. Check the last page of the "what would you do..." thread. There's some discussion about this question.
Click to expand...
FYI... MI (where I buy the tickets) DOES have a state income tax (4.25%)

 
If he doesn't open it up I can run one. I've done it in the past. It would have a minimum buy in of $20 and would have a limited number of participants.

 
I'll obviously do another club special draw. Not opposed to running another one as well... But don't want to mix the two

 
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