MegaMillions is up to $1.6 Billion dollars if you take the 30 year annuity. It's at $904 million dollars if you take the lump sum. The drawing is next Tuesday so there is a fairly good chance that the lump sum payout will grow to exceed $1 billion dollars.
The current maximum federal tax rate is 39.6% and the Massachusetts tax rate is 5.1%. That means the most you'll have to pay in taxes is 44.7% of the lump sum payment or the monthly annuity payment.
If you take the lump sum and it does become $1 billion dollars, you will take home $553 million dollars after the taxes are withheld.
If you take the monthly annuity and it is $1.6 billion dollars, you will get $53.3 million a year for the next 30 years. After taxes, you or your heirs will receive a check each year in the amount of $29 million dollars.
No matter which way you decide to go, that works out to a shitload of money and I know that if I hit it, everyone in my family will be happy, some schools will be happy and some hospitals will be happy.
I will be very happy.
They say money can't buy happiness. I say that is bullshit. Money can indeed buy happiness. I know some fairly wealthy people and they are all pretty damned happy.
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Having said all of that, I'm going to add that we spent the evening listening to our youngest play music tonight and we didn't get home until 11:15.
That means you get no links.
Oh, and it looks like the Red Sox will be playing the Dodgers in the World Series.
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