billryan
billryan
Joined: Nov 2, 2009
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September 7th, 2021 at 9:02:27 AM permalink
Quote: AxelWolf

Quote: billryan

Most million dollar jackpots are paid off over twenty years. I gather that isn't the case here.

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    Generally, not in the casino. I can only think of a few things that are not paid off instantly in a casino.
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    My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?
    The difference between fiction and reality is that fiction is supposed to make sense.
    AxelWolf
    AxelWolf
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    September 7th, 2021 at 9:21:31 AM permalink
    Quote: billryan

    Quote: AxelWolf

    Quote: billryan

    Most million dollar jackpots are paid off over twenty years. I gather that isn't the case here.

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    Generally, not in the casino. I can only think of a few things th at are not paid off instantly in a casino.
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    My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?
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    Those would be among the few things. Generally, that's how big state-wide progs work.

    I guess I never really thought about how many higher limit slots or multi-line VP had a potential million-dollar jackpot.
    ♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
    DRich
    DRich
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    September 7th, 2021 at 9:32:24 AM permalink
    Quote: billryan

    Quote: AxelWolf

    Quote: billryan

    Most million dollar jackpots are paid off over twenty years. I gather that isn't the case here.

  • link to original post

    Generally, not in the casino. I can only think of a few things that are not paid off instantly in a casino.
  • link to original post




    My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?
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    I think the general rule is that if it is a multi site progressive they are paid in annuities.
    Order from chaos
    rxwine
    rxwine
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    September 7th, 2021 at 10:20:24 AM permalink
    Itd be interesting to know what his loss was on vp at that level. Or maybe that was the tail end of some sort of Martingale and now hes $1 ahead.
    The Hall of Unverified Claims is a vast place with many shelves.
    AlanMendelson
    AlanMendelson
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    September 7th, 2021 at 11:49:33 AM permalink
    Quote: billryan

    Most million dollar jackpots are paid off over twenty years. I gather that isn't the case here.

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    Certain progressive games such as Megabucks and other Wide Area Progressives will be labeled showing that they are paid over a period of years or you can elect a smaller cash option. Lotteries do this.

    The $3-million Keno at Station Casinos has this.

    I doubt this game had any limitations on payouts. So I'm sure the winner is collecting his million on the spot.
    AlanMendelson
    AlanMendelson
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    September 7th, 2021 at 11:56:43 AM permalink
    Quote: rxwine

    Itd be interesting to know what his loss was on vp at that level. Or maybe that was the tail end of some sort of Martingale and now hes $1 ahead.

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    If you notice the photo he had an odd amount of dollar credits which shows he had been playing previously. The credits are north of $35k. So be didnt hit this on his first play.

    It wouldn't surprise me if he started with 10x or 20x of a $1250 bet.

    10x would be $12,500. 20x would be $25,000.
    ChumpChange
    ChumpChange
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    September 7th, 2021 at 12:25:12 PM permalink
    I found a lottery tax calculator.
    In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
    In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
    In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.

    https://blog.taxact.com/lottery-tax-calculator/
    All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
    "If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
    I'd take an 8 year annuity, lol.
    billryan
    billryan
    Joined: Nov 2, 2009
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    September 7th, 2021 at 12:29:16 PM permalink
    Quote: ChumpChange

    I found a lottery tax calculator.
    In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
    In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
    In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.

    https://blog.taxact.com/lottery-tax-calculator/
    All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
    "If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."

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    A tax pro could save you a lot of those taxes.
    The difference between fiction and reality is that fiction is supposed to make sense.
    AlanMendelson
    AlanMendelson
    Joined: Oct 5, 2011
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    September 7th, 2021 at 3:25:58 PM permalink
    Quote: billryan

    Quote: ChumpChange

    I found a lottery tax calculator.
    In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
    In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
    In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.

    https://blog.taxact.com/lottery-tax-calculator/
    All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
    "If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."

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    A tax pro could save you a lot of those taxes.
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    How?

    What exactly would a tax pro do that you couldn't do yourself?

    The only thing a tax pro could do is remind you of legal deductions you might overlook. But you could just as easily find those legal deductions yourself.
    billryan
    billryan
    Joined: Nov 2, 2009
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    September 7th, 2021 at 3:42:38 PM permalink
    Quote: AlanMendelson

    Quote: billryan

    Quote: ChumpChange

    I found a lottery tax calculator.
    In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
    In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
    In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.

    https://blog.taxact.com/lottery-tax-calculator/
    All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
    "If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."

  • link to original post



    A tax pro could save you a lot of those taxes.
  • link to original post



    How?

    What exactly would a tax pro do that you couldn't do yourself?

    The only thing a tax pro could do is remind you of legal deductions you might overlook. But you could just as easily find those legal deductions yourself.
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    Okay.
    The difference between fiction and reality is that fiction is supposed to make sense.

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