Are You Lucky Enough To Live In One Of These 9 Countries Where You Wona€™t Pay A Cent Of Tax On Your Lottery Winnings? Whatever Happened To 2009 Mega Millions $75.6 Million Winner Joe Denette?Do You Really Have To Reveal Your Identity?
Maureen and William McLean of Reserve Mines, Cape Breton Island won $1 million in Canada's 649 game. Did you know many countries have compulsory government and personal taxes which eat up a huge amount of lottery player's winnings? But are you living in one of the countries which have a tax on winnings - without knowing it? 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 a $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. So, can you get around this problem and claim most of the prize for yourself if you don't live in these countries? 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. 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.
Due to the holiday, the Maryland Lottery Claim Centers and Offices will be closed on Monday, May 30, and will reopen Tuesday, May 31. When there is no Jackpot winner, all of the Jackpot prize money is rolled over and added to the Jackpot for the next Powerball drawing.
Power Play® – Adding the Power Play® option for an extra $1 per play increases your winnings on all except the Jackpot prize. For confidential help or information at any time about gambling problems, please visit mdgamblinghelp.org or call 1-800-GAMBLER.
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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. When a prize is claimed, Jackpot winners will have the option to receive your Jackpot prize in a single (“cash”) payment or in annuity payments.


Following a drawing with a Jackpot winner, the Jackpot will start at an estimated $40,000,000†. A Jackpot prize will be paid as an annuity of 30 graduated payments over 29 consecutive years, unless the winner selects the cash payment method within 60 days of the Ticket validation date. The jackpot is the amount paid out over 30 years and not the amount a winner could receive immediately. So while the current jackpot is listed at $1.4 billion, a sole winner would only get that much if the person received 29 annual payments.
Winners can also choose the cash prize, which is the total amount currently up for grabs, but that is "only" $868 million.Gary Grief, executive director of the Texas Lottery, responded that Powerball prominently displays both the annuity and cash prize figures.
But far from hiding the change, the organization trumpeted it as part of an effort to build larger jackpots while also giving away more prizes of $2 million or less.
Your odds for each ticket are 1 in 292.2 million regardless of the jackpot size or how many other people play. If you buy more tickets, your odds increase, but they're still woefully small.However, it's true that as jackpots increase, more people typically play the game. But when weighed against typical government spending, the $1.4 billion looks like a more modest amount.



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