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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.
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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.
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