Whatever Happened To 2009 Mega Millions $75.6 Million Winner Joe Denette?Do You Really Have To Reveal Your Identity? How much do you think Timothy Schell will have to pay out in taxes on his $50 Million Canada Lotto Max win?
You’ll be shocked at how much of your winnings you lose to various agencies in many countries. In the USA, taxes and a reduced prize through part payments - known as annuities - can take up to two thirds of your winnings from the advertised prizes.
For example, if you win an advertised $100,000 prize in the United States and choose a smaller lump sum payout, the lower payout, along with depreciation, withholding and personal taxes means there could be as little as $33,000 left in your pocket.
One of the main reasons for small payments is that some games show a lesser annuity payout amount in their jackpot figures. Often these are annual payouts spread over 20 or 25 years, making up the large jackpot totals you see in many games.


For example, the $640 million Mega Millions game drawn on 30 March 2012 gave a cash lump sum payout of $474 million to the winners.
Unfortunately there is little you can do about it, but don't let that stop you from playing! All original content copyright © 2016, Ken Silver, PO Box 22-183, 1 Ganges Rd, Khandallah, Wellington, NZ. The Freundel Stuart administration in Barbados has announced that it will implement a 15 percent tax on lottery winnings over a certain amount, even as it acknowledged that “some changes” had been made to the measure announced in the national budget. A statement from the island-nation’s Ministry of Finance indicated that the new measure would come into effect now that the appropriate legislation has been approved. It said that when the measure was first announced, “some industry players wrote to ask the Ministry to re-examine the proposal, highlighting some challenges which they believed might have been encountered given the changed structure of their industry. The statement added that the Ministry of Finance is now putting the “finishing touches to the proposal, following which industry players will be duly informed.


Under the new proposal, people who win more than BDS$100,000 (US$ 50,000) or more in lotteries would be required to pay a 15 percent tax.
Meanwhile, the administration said that legislation regarding the Consolidation Tax, The Tax on Bank Assets, and the Municipal Solid Waste Tax, have either been completed or are in the final stages of completion and will be laid and debated in parliament over the next 3 weeks. When passed, together with the passage of the Lottery Winnings Tax, they would represent the full legal implementation of the tax component of administration’s fiscal measures from 2013. That's the total amount the winners get in instalments, and it’s taken over an extended period. Yes - move to a country with the tax-free option, or live there as Canada Lotto Max winner Tim Schell does.



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