$2 million winning lottery ticket sold in Ada..

[Lurkerinthewoods]

Haha! Not near high enough on your tax liability estimate. Try again.

Every documentary on lottery winners I have seen have said their federal withholding was 35%, so they owed another 10% on April 15th. The luck ones lived in a no income tax state and was able to recoup some of the difference.

 

[doctorjj]

Every documentary on lottery winners I have seen have said their federal withholding was 35%, so they owed another 10% on April 15th. The luck ones lived in a no income tax state and was able to recoup some of the difference.

Yeah and that rate went to 39% this year.

 

[Tim KS]

Set up a trust and your attorney will claim the ticket in the name of the trust. No one but your attorney, the lottery commission and the IRS will know your name. Don't tell anyone else that you won.

I can't think of one attorney that I'd trust enough to do that. 99% of them give the rest a bad name.

 

[Poke78]

The lottery prize is stated as the value when paid out as an annuity, not lump sum. If you wish to understand the difference, use your search engine to look up "net present value". That is always a smaller amount than the headline prize. Taxes then come out of that total. For a rough calclulation, you can generally estimate the actual lump sum amount, after taxes, to be around 30 - 40% of the announced prize.

 

[OKC03Cobra]

If you were a member of a certain mega church in Tulsa, the Pastor has made it clear he doesn't want your lottery money.. LOL

If it was one of those emergent, seeker-sensitive, Christian lite churches that tickle people's ears with entertainment, pop psychology and self-help motivational speakers and never talk about sin, redemption or the Book of Revelation; then no, I would not give them any money.