How does the government make money off of the Mega Millions lottery?
Only 50% of the revenue goes into the variou pari-mutuel jackpot funds and the high jackpot value is built up over multiple draws when the jackpot rolls over so it represents money gathered from previous draws as well, in general only about 50% of the money goes into prizes for the players hence the various state governments split the remaining 50% by whatever their agreement was with the consortium. Then the governments tax you on the winnings. Some states don't have state income tax but there's still federal income tax, the lottery commission is required to withhold 25% of the winnings above a certain value for federal income tax but a jackpot winner is certainly in a much higher tax bracket and especially if they choose the cash value option, would wind up with millions in federal taxes alone.
Don't worry about the government, they make billions off the lotteries.
Does Buying Mega Millions Lottery Tickets Give You Tax Deduction?
Let's pretend you went to a casino and won $1,500 on a slot machine. You could claim up to $1,500 worth of lottery tickets as a gambling loss. As Icon said, if you are NOT claiming any winnings then you can NOT claim any gambling losses.
In the Mega Millions Lottery do you have to match the numbers in the exact order? Or just any number?
no as long as you have the numbers they can be anywhere they don't have to be in order but you have to have a certain amount of numbers to win any money,look at back of ticket or call lottery office to find info
What would be the first thing you would do if you won this 330 million dollar Mega Millions lottery?
I would start with getting a lawyer, and making sure no one knows I won it.
Then I would give my parents 2 million, and my sister's family 2 million, so they can send their kids to college, and pay off their house. I'd probably eventually give money to my niece and nephew, but I wouldn't want them growing up thinking they will be rich so they don't have to do anything, so I'd wait.
Then give my boyfriend 1 million to pay off his uni loans, and car, and give his parents 1 million.
I'd make sure my grandparents had money to live comfortably, and be taken care of.
I'd make sure the people I care about, had enough money to be comfortable.
I'd pay off my stuff, and get a new car. I would still want to work doing something, I'd want to open a store or something.
What are some causes you would make a donation to if you won the mega millions lottery?
I'd give the biggest chunk of money I could to the groups of angels who work with orphans and kids in foster care who are emancipated when they turn 18 and have no families to depend on. A lot of these young people end up homeless on the streets. I'd like some of it to provide full, 4 year scholarships with room and board to any of these kids who earned the grades to go to college.
When playing mega millions lottery should I get the cash option or annuity? Why or why not?
i win a dollar every time i DON'T buy a lottery ticket.
edited- fwiw: I don't buy lottery tickets because in general I think it's a very foolish way to waste money; the odds are astronomically against you so i think it's just not a smart choice at all..
however regarding the question of taking an annuity vs. a cash option - There is no way to know with any certainty what the future holds however there are a considerable number of signs suggesting that the US will enter a stage of inflation; quite possibly hyper inflation where those future payments may not be worth as much. If it were me; i'd rather get the lump sum and invest it into something a lot more diverse than "dollars" which is essentially all your annuity payments are.
If we do enter a stage of hyper inflation You will need to be invested in markets that will grow with that inflation. This would mean things like commodities, energy, gold, platinum ...
Now I could be wrong about the future inflation spike so i only mention this as my personal opinion. It's your call; you know yourself better than i. If you aren't likely to make sound investment choices then you are probably better off going with the annuity.
Just do a little bit of math to discover the reality of winning the Mega Millions jackpot. I've done the math on this many times myself.
If you were to spend $50 per week for the next 70 years of your life, that would be $182,000 worth of lottery tickets.
After all that money, and after all those years of wasting $50 per week, you STILL would have, for all PRACTICAL purposes, ZERO chance of hitting the lottery jackpot. This is after a LIFETIME of excessive lottery playing!
Do you know that the lottery companies only pay out around 50% of all the money they receive to winning tickets? In other words, for every $100,000 they collect from ticket sales, only around $50,000 goes towards the winning tickets.
At a 50% payout rate, this makes playing the lottery the WORST bet you can possibly make.
As for your specific question, you can analyze the numbers, analyze dreams, consult a psychic, buy lottery software, visit lottery websites, say a prayer, and perform Voodoo magic. After ALL that, you would still have the same exact chance of winning a lottery jackpot as anyone else.
If you really must play, buy just ONE quick-pick ticket when you see the jackpot get very big once in a while. For the cost of a buck it's worth it to give you that dream of "hitting it big". Any more spent than that is a total waste of money.
Do know anyone who won the Mega Millions Lottery or some other kind of lottery?
No i have never talked to anyone have read some names though. I think your luck matters when you think of winning mega millions. We human beings always dream big there is no harm in that. From me i wish u all the best that you get lucky and win yourself millions...
What are you supposed to do once you have won the Mega Millions lottery?
The first thing you do when you get that lucky is don't tell anyone. Once people know you have that sort of loot they'll be begging you for money.
You can hire a CPA or tax attorney to advise you on how to invest it and keep your taxes to a minimum. But, you don't have to do that.
I have a friend who sort of won a lottery. He had stock options at his job and made a huge amount of money on them.
His family had the gall to expect him to cover every bad business deal, every out of control credit card, and every sick niece or nephew that needed an operation. Good grief. Just because he had that sort of wealth doesn't mean he obligated to be Daddy Sugar to everyone.
okay so my friend got a mega ball number on the mega millions lottery?
she won $3 only if you match only 1 number and the mega ball number you win only $3 it says it on the back of my lottery ticket,
and if you want to hit any thing big you would have to match 4 numbers in the same row and a mega ball number to actually get any worth while money.and chances of getting that is 689,065
Questions about the Georgia Mega Millions Lottery.?
32 to 35 million
its roughly 40% if you take cash lump sum
how long it takes to get paid
not sure -an amount like that you probably have to set up some large bank accounts/trusts - you cant just have an amount like that wired into a checking or savings account
probably a few weeks to a month but cant say for sure Ive never won!!!!
Who won the Mega Millions Lottery in New Jersey in March?
If you go to the Mega Millions web site
and register in the "Players Center", you will be able to view past press releases concerning winners.
Otherwise you can check out several news sources that cover New Jersey and find articles about the drawing:
Hi people. Does the person who wins Mega Millions Lottery have to be American to claim the prize?
No, you do not have to be American to play.
Non-US citizens can legally play, and non-US citizens are eligible to win any prize offered in the game.
If a non-US citizen wins, they would claim their prize in the same manner that a US citizen would, but the taxes withheld would be different. For example, federal withholding for non-US citizens is a flat 30%. Also, individual states may have different tax structures for non-US citizens than they do for US citizens. Depending on which country the person is a legal resident of, there also may be tax treaties between the US and that other country which could be helpful in offsetting whatever the US tax liabilities are.
In short, non-US citizens can play and win Mega Millions. If a non-US citizen wins a large prize, they will be responsible for some amount of tax, which in the end will probably be an amount similar to what a US citizen would pay, but there are so many possible variations with international tax codes that you'll need to consult with a local tax attorney if you need to know a precise amount of tax liability.
How Much Money Should A Person Put In The Mega Millions Lottery?
Why not put up $10 each per week? That would be $15 worth of tickets for each draw, twice a week.
Or alternatively pool the money each week, and wait until the prize gets over $100m, and then buy more tickets each week with the money you saved up.
And the amount of money you are going to be able to spend is unlikely to make people think you are compulsive gamblers.
I wouldn't hold your breath though. The math is not on your side.
How many numerical combination possibilities are there for the Mega Millions lottery?
Using the numbers you gave:
60C5 * 50 = 5461512 * 50 = 273,075,600
In the actual lottery, you pick 5 different numbers from 1 to 56, and a sixth number from 1 to 46, which could be a duplicate of one of the first five. This works out to:
56C5 * 46 = 3819816 * 46 = 175,711,536
for mega millions lottery, i play my regular number and then a quick pick. do you think this is a good idea?
If you "know" that you are going to win - so be it, but you should remember that if you do win it is not that You did it, it was just luck, therefore there are no good or bad ideas to play - you just play and either win or not.
Even if you decide to participate in a syndycate, it is still the same.
Does anyone know about mega millions lottery or mass lottery working?
Check out my eHow article on how to play Mega Millions:
The article has a link to a site that explains the prizes and odds for this game. As far as choosing winning numbers, it is all random.
What are my chances of winning The Mega Millions Lottery. How many states are included? ?
The following 12 states CA · GA · IL · MD · MA · MI · NJ · NY · OH · TX · VA · WA have Mega Millions.
odds of hitting the jackpot 1 in 175,711,536
Odds of hitting second place 1 in 3,904,701
Someone hit the jackpot last night. So, miracles do happen.
How are the odds to the Mega Millions Lottery calculated????
I often wonder why questions are asked here that require less than a minute to find the answer somewhere else on the Internet!
And usually a more complete and correct answer.
Your answer is a bit involved, though well explained at either of the two websites below.