There is no way your number is right. I donât even want to brother with the math. Your not even looking at compounding interesting and the tax implications.
I did the math I think 12.85% is a drop high but I would fight you on it. I am not even disagreeing with that part its the taxes. The state and fed government take 1/3. So itâs really like 5% or 6%.
Let me give you some sound advice since I know about this stuff. First, it is true on his $1 Million winning scratch off ticket that he will get paid over 20 years..It will be $50k per year LESS 28% that the lottery will automatically withhold for federal taxes..... So the yearly amount deposited into his checking account will be $ 36K..Out of that there will be New York State taxes to be paid and city taxes if he is a resident of New York. Now, understand this. If he died say in 6 months, the Lottery will still pay off on the million dollars to his estate...With that said, it would be in his interest to talk to the NY State Lottery and explain his lung cancer supported by doctors statements of course and ask the Lottery to make a special waiver in this case instead of yearly checks over 20 years to pay him a lump sum....In over 20 years @ $36k a year comes to $ 720k. If he told them he would accept say $400k immediately they just might work with him or put him in touch with the right people or company that will. Chances are they will work with him because even if he dies soon, they will pay his estate the entire amount anyway. Here are recent winners in scratch off tickets...One of them I know...which one is he? http://www.nylottery.org/ny/nyStore/cgi-bin/WinnerNewsProducts_Cat_353_SubCat_353_NavRoot_304.htm
No, in NY State, scratch off jackpot winners must take it over 20 years...In Lotto games they have a choice but not in the scratch off game.
Have you ever noticed people talking out of their ass before they know all of the facts? You are right when you say there are some stupid people at ET. I think you have just joined the club. Congratulations!...
<b>Handsome</b>, it's great to see a voice of sanity, maturity and reason in this forum. <b>traderich, keeper and spike 500</b>, I already explained myself to the nth degree in here. The ticket holder's name is removed by admin. If you are still stupid enough to call me a liar or fraud, please give Wayne a call at removed by admin and ask him if the story is true. Then when he verifies the truth, you can hang up the phone, open a browser and apologize to everyone else right here in this thread. Or you can just kiss my a** and call that a romance. Take your pick. * I went thru all this time & effort here merely trying to help someone else out in life... that is all. There was never one dime involved for me in any way regardless. To imply I am part of any hint of a scam is ludicrous to be very kind. To say I'm a bit short on patience here pretty much sums up my stance. Holly talked to Wayne on the phone for a long while tonight. Long story short... he's keeping the ticket and annual payments for now. He had an offer in the $300k range from a local businessman, but the tax implications made him balk. I don't know what the difference is in taxes via lump sum (36%?) or annual (28%) but the bottom line is he passed. Health prognosis is several years' life expectancy if he quits smoking (did that) and goes thru usual radiation, chemo or whatever. Wayne is seeking aggressive treatment and trying to come out on top. He's a helluva nice guy, real good ol' boy to say the least. The regional newspaper, Rochester Democrat & Chronicle is slated to do a weekend feature piece on his story. Y'all can be real damn sure that article link will post in this thread right here before ink dries on the paper copy. Meanwhile, call the Orange Inn any time at # above and speak with whatever barmaid/bartender answers the phone. Go ahead and test my honesty... you'll make my day. ** Thank you to the seven PM responders who were seriously interested in the offer. I guess it was yesterday that Wayne decided to keep the payments for now and hope for the best. I appreciate your time & effort reading and replying to his offer. That's my attempt at a doing good deed for someone who has nothing I want or need. Best Trading Wishes