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Florida MegaMoney - 76% payout?

justxploring's avatar - villiarna

I've never seen the cash value so high.   Well, good for him.   I just wish we could have shared the joy! Smiley

 

The Florida Lottery announced today that MEGA MONEY™ winner Celso Pereira, 39, of Titusville claimed the December 2 $2 million MEGA MONEY jackpot.

Pereira chose the one-time, lump-sum payment option for his winnings in the amount of $1,525,768.00. The winning MEGA MONEY Quick Pick ticket was purchased at Kwik Stop Food Store, located at 530 Cheney Highway in Titusville. The retailer received a bonus incentive of $8,000 for selling the jackpot-winning ticket.

KY Floyd's avatar - sunflowers avatar.jpg

That's what happens when a lottery still uses a 20 year annuity and interest rates get really low. With a 26 year annuity, the cash value for MM is up to a bit over 67% right now, and it's been going up a bit with each rollover. When it gets hit and we start over it will probably be about 70%.

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This guy is also gonna pay 25% on that $1.525M, netting him around $1.14 M. Still not bad at all! Smile

justxploring's avatar - villiarna

If he doesn't have a heck of a lot of deductions, he'll be paying a lot more.   Even with deductions, he'll probably pay about 30%.  The FL Lottery always deducts 25%, but clearly states winners are responsible for any additional tax.

justxploring's avatar - villiarna

Since the subject is MegaMoney, maybe I should start a new thread, but it's still the same subject - RE: Lump Sum Payouts in Florida

On Christmas Eve 2 winners split $38 million.   Yesterday one of the winners claimed $13,340 which is over 70% of $19 million.   

I can't imagine taking the 30 year installments now because the lump sums are so high. However, my question is... do annual payments also increase?   In other words, if he chose to take annual payments would they be $644K ($19M : 30)  or more to reflect the increased annuity rate?

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