Mega millions question.?

Question

Does anyone know if you choose the annual payments, would you get your first payment when you win or would you have to wait a year to get your first payment?

And if you won the current jackpot right now the cash payout is 101 million, is that what you would get after all the taxes and stuff?

Answer 1

You would get your first payment when you win.

I have read the California lottery website and it states that 25% will be taken out for federal taxes and none for california taxes on a lump sum payment.  

For annual payments there is no with holding.  That may be a good enough reason to take annual payments

If you took the cash payout of 101MM, then cash to you would be $75,750,000.

Answer 2

<<<Does anyone know if you choose the annual payments, would you get your first payment when you win or would you have to wait a year to get your first payment?>>>

If you did win, and you had any sense, you would talking to a financial advisor before making the choice and the financial advisor would tell you take the lump sum. If you did not have any sense, and chose the annual payments, you would get your first payment within  a couple of weeks of making that decision.

<<<And if you won the current jackpot right now the cash payout is 101 million, is that what you would get after all the taxes and stuff?>>>

No, that is before taxes. I do not think there would be any other deductions.

Edit:

<<<Ok so the mega millions is up to 166 million and the cash payout is 101 million. And your saying if i did 101,000,000 * .28 i would get 28,280,000$? That seems wrong for some reason? Are you sure?>>>

I believe what he was saying was that the IRS would withhold 28%, or $28,280,000. Depending on where you live, there could also be state taxes withheld. That would make the amount of your check $72,720,000 less any state taxes.

Answer 3

the jackpots are irrelevant, as it is rigged that you won't win

Answer 4

the amount you would get after taxes if you take the lump sum payment all you have to do to figure that out is multiply the cash out option by .28%.  This is directly from the IRS website in case you're wondering.

I agree with the poster who said it would be INSANE to take the annual payments, I too believe it's rigged but i'm so paranoid that if I did win and took the annual payments I would be afraid the government would force me to add them to my will then have me killed!  LMAO