Stop in for a cup of coffee

71GSSDemon said

Take home 6.3M with a 1B jackpot? that is a lot of taxes! and you are right, just a splash. Paid $133.50 to fill up to go to doc today

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Well no. if you read the fine print, the jackpot taken in lump sum accounts for X percentage of the money the lottery has on hand from ticket sales. In this case, roughly 630 million, you would pay taxes on that 630 million, not the 1 billion. Which is about 40-45 percent depending on your location. Some states also charge income taxes in addition to it. So move to Florida before you claim the prize

if you take the 10 year or whatever number of years it is annuity, you get the full 1 billion by the end of it. Minus yearly taxes. But the tax rate is actually less, so you’d save more from taxes. The pay out schedule is weird, it’s something like 30 percent the first year, than 50k a month until it’s paid out fully.