If I win the lottery ...

[Ergel]

Question is can you move to FL and establish residence before cashing in the ticket?

No worky if you bought the ticket in NYS (at least for the state portion)

[skyguy918]

27.6

That's incorrect. You just divided $800m by 30. They do it as 30 'graduated payments', which means that each annual payment is higher than the last. The percentage they use is 4%. So the first payment would be ~$14.25m, reaching all the way up to nearly $45m for the 30th and final payment.

[jj1000]

Question is can you move to FL and establish residence before cashing in the ticket?

#FLFTW

[coralsnake]

#FLFTW

First you need to win. Otherwise all you have is humidity.

[yos9694]

Question is can you move to FL and establish residence before cashing in the ticket?

Gotta buy it there and move there today. Otherwise the income is "earned" in the state you bought the ticket, and in addition to owing income tax to that state you will also need to report it as income earned while a resident to the state you are a resident of when the drawing happens (on that messy income allocation form for partial year residents).

[grodnoking]

So, one payment or 30 years?

[skyguy918]

Question is can you move to FL and establish residence before cashing in the ticket?

I know a family where the father was selling his company for some obscene amount of money, he was personally netting upwards of $300m on the deal. They moved to FL in preparation .

[Dan]

First you need to win. Otherwise all you have is humidity.

[Dan]

So, one payment or 30 years?

One.

I know a family where the father was selling his company for some obscene amount of money, he was personally netting upwards of $300m on the deal. They moved to FL in preparation .

Only makes sense. 12.8% of that buy one heckuva house in FL.

[skyguy918]

So, one payment or 30 years?

One payment. At least according to the annuity actuaries in my department that know these things.

[Shmulie]

Would be less than that.

496 lump sum less 40% fed and 12.72% NY/NYC.

the State and city is federally deductible so it comes out to about 48% tax

I heard if you move out of NYC before you cash it then you can avoid the city tax

[Dan]

Is state/city deductible at all income levels?

[Shmulie]

Is state/city deductible at all income levels?

Yes I think so
http://www.forbes.com/sites/janetnovack/2013/03/23/tax-on-320-million-powerball-jackpot-millions-more-than-in-2012/

[Sport]

It would be amazing if no one wins this one and it starts over a billion. Probably hit 2 billion no problem.

If it hit 2 billion would it be worth it to buy all 292 million posiible numbers to guarantee a win ?

[Brian93]

If it hit 2 billion would it be worth it to buy all 292 million posiible numbers to guarantee a win ?

Not if you have to split it with even one winner

[sillypainter]

If it hit 2 billion would it be worth it to buy all 292 million posiible numbers to guarantee a win ?

Good point. There could be 10 smarties like you and they all lose :-)

[jj1000]

If it hit 2 billion would it be worth it to buy all 292 million posiible numbers to guarantee a win ?

nope.There would probably be 10 winners.

[Sport]

Not if you have to split it with even one winner

Yeah thought of that right after I posted.

[coralsnake]

Dont know if its changed since 2012, but this article says that you need just over 173Mil tickets to guarantee a win:
http://www.cnbc.com/id/49981575

[Centro]

Buying the lottery shows a little bit of "Chesuren emunah" because if it's 'bashert' to lose a dollar you'll lose it anyway.