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Subscribe to RSSSAN DIEGO -- With no winning ticket in Friday night’s Mega Millions drawing, the lottery jackpot will grow to an estimated $356 million.
The lottery website listed the numbers from the drawing as 6, 17, 19, 20, 21 with the Mega number 20. Anyone who holds a ticket with five numbers and no Mega number will walk away with $250,000.
Read NBCSanDiego's report on the upcoming Mega Millions drawing
Because there was no winner of them main jackpot, it will rise to $356 million for the drawing on Tuesday. If someone were to win and take the prize in a lump sum, instead of over 20 years, the cash payoff would by $255.1 million, according to the website.
Unlike the Super Lotto jackpot, which is California-based, the Mega Millions lottery sells tickets in 43 states.
Last year, three winning tickets were purchased in California. The last winner from San Diego was Todd Moitz of San Diego, who won $47 million in January 2009.
"You go in there picking the tickets, you never actually expect them to land," Moitz said after picking up his big check.
Watch Moitz relive the moment he realized he had won
This article includes reporting by R. Stickney of NBCSanDiego.com and msnbc.com staff.
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Leave a Comment:
Jackput?
They have to hire a proof reader..just using a spell checker will not correct a wrong word spelled correct.
"Because there was no winner of them main jackpot" them=the
"the cash payoff would by $255.1 million" by=be
Time to fire someone!
picky, pickey, pickie
pickle
mike277: spelled *correctly*. Good thing you're not the proof-reader...
go to hellmikey
The jackpot is paid out over 26 years not 20. http://www.megamillions.com/faqs/#11
You spell checker are a riot, and are so idiotic to worry about spell checking and grammar
I don't think there is anything wrong in correcting any grammaatical errors found on sites like these.As Americans,our children are falling behind other countries dramatically in basic education.Texting sure isn't helping correct this situation.I don't text myself because I don't understand the language...LOL
that's spell checkerS
LOL
If I win I might go run for president.
The point is, if they're that sloppy on spelling and grammar, then how much attention do you expect they're paying when reporting the details of the story? Reporters are giving up their jobs to bloggers because of this type of carelessness and unprofessionalism.
Mike 27, you might want to check your own use of the language. "......a wrong word spelled correct". What the hell is a "wrong word"? A word is a word. It may be used incorrectly, or correctly.....never "spelled correct". Man, if I were you, I would "remain silent and let others believe that I am ignorant, rather than open my mouth and prove them to be correct." DO YOU GET IT?
The next thing that lottery officials will tell you is that if ALL the states were in it, instead of 43, you're chances of winning will be greater! Like 350,000,000 to one greater! The balls are loaded, folks!
I may not be able to spell checkers but I do know how to play them <grin>
Well, at least next CA Mega Millions jackpot has been put in correctly – could you imagine the trouble if they accidentally entered an extra zero on the end !?
I heard on TV that your chances of winning the lotto are just as good if you buy one ticket as opposed to one thousand tickets. Any of you statisticians out there know if that's true?
Anyway, I got my ticket. Can't win if you don't play.
That's a mathematical impossibility. What they probably meant is that whether you buy one or a thousand tickets, the odds are still bad enough that your chances are next to nothing.
The more you buy the better the odds.
Instead of 1 in 175,711,536 you would have a thousand tickets with those same odds.
Pretty much zero chance no matter how you spin it - but we do try because eventually someone wins and it could be me - just not you - ;-) (At least that's how most of us think.)
Your practical odds of winning don't improve all that much buying 1,000 tickets, given there are so many potential outcomes.
The lottery is just a tax on people who don't understand math.
One way of looking at the 1,000 tickets is, consider how many tickets are sold? Millions, and how many win?
No sense in playing the odds, you are playing the coincidence. By coincidence someone will have the same numbers that pop up some day.
Unless you buy one thousand tickets with the same numbers, then no not true. With each ticket bought, and the numbers are different, or atleast configured differently, you increase your odds. With one thousand tickets bought, your odds are one thousand times more likely to hit. I can't remember if it's combinations or permutations that give the probabilities of winning. If I win I will probably go to school for the rest of my life for the heck of it. With a few breaks every now and then.
... I've wasted money on worse.
You do increase your odds, but not by any significant number.
One @ 1:175,000,000 or 1000 tickets @ 1:175,000,000 you have almost no chance either way. Still it is fun, and in the end someone wins.
Look at it this way...Buy all 175,711,536 possible tickets [this can not be done because of physical/time limitations...but ignore that for a second]. Now you are 100% guaranteed to win. Of course if someone else does happen to win, you have to split the jackpot and could be out a hundred million dollars (or so)
the odds are really against you, you stand a better chance of becoming an astronaut or winning an oscar, luck of the draw
Well, I just so happen to be an astronaut with an oscar in my closet. So, only thing left to do is win the lottery.
I think I'll spend the buck and take my chances thank you.
I'm with you justaguy. With the after tax I can buy a ride into space making me an astronaut and make a movie about it and get that Oscar. I'm liking my odds already.
Now that's a positive attitude Trust_verify! :)
.... i don't want to be an astronaut because they poop in there pants .... about the Oscar ? well, the movies today stink, so, winning an Oscar wouldn't mean diddle either.... but, to be filthy, filthy rich ???
Statistically you have a better chance of being mauled by a Polar bear and a Grizzly bear on the same day, then you do of winning the lottery!
Bunker like Hitler, check. Water, ammo, toilet paper, vodka, check. Food, check. Kids, check. Wife, ummmmm check mate.
I'll donate my buck for a chance.
i already bought my 5 dollars worth if i win im doing the 20 year installments you get more money that way
I rather take the one lump sum..plus living in one of the eight states left so far that don't tax a lottery win..gives you more also! Not a young guy to wait the full 20 years.
Not sure if all eight didn't change their lottery laws yet..but last I saw these are the eight states:
CA..DEL...NH...PA...SD...TENN...TX...WASH (the state not DC)
democrat4evr, that is not necessarily true. You have to take into consideration that a dollar today and a dollar tomorrow do not have the same value. The first problem is inflation. Those installments may seem to add up to more, but each installment is worth less and less. Take, for instance, $20,000 yearly installments. If inflation keeps an average positive rate over the years that you get those installments, the $20,000 you get in the first year will be worth more than the $20,000 that you get the second year, which will be worth more than the $20,000 you get in the third year, etc. The second is the rate of return on the money that you are giving up by allowing the lottery authorities hold it for you instead of you taking the lump sum and investing it yourself. They aren't holding $356 million dollars for you. They are holding an amount similar to the lump sum and putting it into an annuity that will pay you yearly amounts (the installments). Usually, you can make more money by taking the lump sum and putting it into an investment with a higher rate of return (the annuities that the lottery commission invests in is usually almost no risk but very low return.) The problem with earning a higher rate is that you also have to earn more than the extra taxes that you will pay by taking the lump sum (because it will bump you into a much higher tax bracket.) That may not be as big of a concern in a state that doesn't tax lottery winnings.
So, you take the lump sum if, after taxes, you can earn a higher rate of return than you can on the annuity that would pay you the installments. On the other hand, you should take the installments if you don't think that you can top the returns that the annuity offers.
Pretty much every financial expert I have ever heard on this subject has said; No matter how good of an investor you are, you will never make up the money that is removed by taking the lump sum.
Trying to make up $100 million is nearly impossible in that time frame.
you take the lump sum. you can easily make more money with the lump sum vs. the annuity with smart conservative investments. Also, with our debt and the political environment, I would rather pay fed taxes on the lump sum now vs risking higher rates on an annuity later. Its possible for taxes to go down on multimillionaires, but I would rather take the big hit now and not have to worry with tax rates later on the majority of the money. Lastly, if you invest the lump sum amount, you will be paying capital gain tax on the money the lump sum makes instead of paying ordinary income tax rates on the annuity every year.
To each their own, but no doubt I would take the lump sum and invest in dividend paying stocks and make several million every year and only pay 15-20% capital gains on the investment -- Romney style!
If you take it at once
There is no way you can make up that other half in 26 years.
Even when taking it in the installment system you will still have more than enough to invest so you will be adding to your income that whole time.
if i won ,i would first buy a house and move to one of the states that don't tax lottery winnings then cash the ticket out after the move :P
from what I've seen of the installment payout tables, the annual sum increases over time also, so the final payment is twice the initial payment after 26 years. so inflation is covered
@ Mark S, you can do that if you brought the ticket in a state where they don't have state taxes on a lottery win. Example : you live in Ohio and brought your ticket at a gas station in Ohio, then you move to Texas where there is no state tax on a lottery win and claim the prize there..results you still have to pay Ohio state taxes because you brought the ticket in Ohio even though you live in Texas now.
Only way not to pay state taxes on a win is, you brought the ticket in one of those eight states then move to that state and be a resident before ticket expires, results no state tax then. Or you brought the ticket in a state where there is no tax on a win and you live there already!!
Doesn't work like that Mark. It depends on where you bought the ticket. If you lived in Maryland, yet bought the ticket in PA, there would be no taxes. Reverse, MD would tax the hell out of u.
Even if you buy a ticket in a state that doesn't tax a lottery win, you still have to pay state taxes if you live in a state that does tax for a win.
The current RoR is about .9% for an annuity. The 25 payments pays a lot more! Just saying...
Do the research do the math. It works out the same either way.
Doesn't make any difference. If I win, I'm taking the cash and heading South.....way South. lol.
If the cash lasts 3 or 4 years it will be super. If it doesn't, wth.....it will have been worth the try.
The annual vs lump payments are actually calculated based upon the return on investment, so there is little difference if you are going to USE the money over the 26 year period in an annual fashion.
Gaitana - Be My Guest
It's worth a couple of dollars for the fantasy value, but not more than that. As mentioned, the odds are so far against you that spending more than $5 is virtually the same as throwing money away.
Friend request sent!
Hell, I'd be happy to win $100 bucks on the lotto!!
The real winner in this is the government.
First, they get a percentage of the profits from the sales, then they tax the winnings even though the ticket were purchased with already taxed money.
Just another tax.
Installments? 20 years from now, you'd be kicking yourself for NOT taking installments. 100 million minus taxes and inflation still adds up to many many millions you or your beneficiaries would forego. And you'd still have tons to invest along the way. I dont think its smart to say no to 100 million spread out over 20 years under any circumstances. But that lump sump would be tempting though. Holy crap. It lands to SOMEBODY out there next week. SOMEBODY with the same lousy stinking rotten chance that we all have of winning it.
You don't do math much? The average rate of return on lottery payouts is really low, usually 2-3%. If that isn't enough to scare you, think about the risk of the state 'giving up' on lottery payouts maybe 10-20 years in the future. No way do I let them keep my money.
Not possible because it is in an interest gathering fund. It is still your money the State is earning the interest on it.
By taking it all at once you lose half right at the top. Then you are taxed on what you do receive.
Using what you have left over you will not make up the half that was removed, no matter how well you invest. There is a very good possibility you could lose on your investments.
No matter how you look at it, when you are talking about this big of a pot, by taking it yearly you will get more than most people ever need in their lifetime every single year.
The way I look at it, it all depends how old you are. I would definitely take the lump sum...no matter the losses. :)
I highly doubt I could spend $100 million. Hell, I barely made $2 million in my first 55 years. Even if I didn't invest a penny of the money, if I spent $2 million a year, I would be well over 100!
We buy $5 worth every time the jackpot gets insanely high. Just like others have said, it's worth it for the fantasy value. We'd take the lump sum, not sure the money would be there for them to pay out 20 years down the line. I'd be happy just winning enough to pay off our mortgage.
"Tax on the mathematically illiterate"
Lump sum or payments.....any way you look at it it's a problem I wouldn't mind having ;)
If I held the winning ticket the first thing I would do is get a minister licenses and form a church. Churches aren't taxed. A good tax attorney can set you up where you wouldn't pay a dime in taxes.
Icdollarsigns:
Sorry, but that will not work. Plus, the winning ticket(s) is taxed in the state it was purchased. Think tax deductions...
winnig number was sold in central Texas
The question is, what does the lottery commission really do with your money? They say education, but does everyone really believe this? Most people do not believe what the government does with your tax payers money so why does everyone believe what happens to the lottery money gathered? An uncontrolled monitored lottery system can do whatever they want with the money. You do not know what they do and neither do I and that should be fixed. About 8 years ago, they lottery never even showed the winning numbers live. They did it behind closed doors. What do you think happened then? The sad part, is everyone will waste their hard earned money on this uncontrollable lottery jackpot when everyone knows more than likely one ticket will only be the winner. Odds are against you but we still dole out our money for the dream. I really believe the lottery makes people become gamblers and it is a disease, but the government does nothing about it.
it is debateable regards to lump sum or installment. If you think you can invest the lump sum and get a return of 3.5%, then you breakeven with the installment. there is also tax consequence so you will have to get a return of 5.1% if you are in the 33% tax bracket. Hope this help
lipcrsab:
The top tax bracket is 35%.
It doesn't matter how you take the money, after the posters on MSNBC find out who you are you will be told you're not paying your fair share of taxes and you are a rich 1% piece of crap. My how things can change overnight.
You would only have to pay the Federal 35% tax once, unless you put the money to work in a profitable manner. The smart thing would be to talk to a tax lawyer before collecting, so yyou could use as many loopholes as possible. If you get a good lawyer, you might have to pay well below what you paid for earned wages, because of the loopholes available to the 1%, that allow them to pay a percetage well below the percentage middle class Americans pay.
Mark O Pierce:
I can not stop laughing at your comment about the top 1% income earners. The USA Federal Income Tax Code is the same for ALL USA income earners. There are zero special deductions that only apply to the top 1% of income earners.
Loopholes? Perhaps you mean tax deductions? A legal tax deduction is NOT a loophole. Seek out a dictionary.
If somebody in Alabama, who had bought the ticket in Georgia was to win, after federal taxes, as well as income taxes in Georgia and Alabama, the would net 137.7million.
If I won 255 million after taxes I don't think I would be too worried about any rate of return on investments. My problem would be trying how to spend that much!
A good start is donating to charity...beginning with me.
Ben that 255 is the cash value lump sum BEFORE taxes. Say a bit more than 155 after all the governments putting their hands in your wallet.
like hans solo said never tell me the odds kid,i don,t care about the odds,because sooner or later,someone is going to hit it,and your someone,and i,m someone.odds mean nothing,i just keep rolling the dice.and maybe someday lighting{lotto win} will hit me.
You can determine whether to get the twenty years installment or lump sum by taking a look at your credit card bills and retirement plans. If you pay off your bills every month and have a good amount of retirement money then go for the lump sum. This shows that you are capable of handling your money. If you have credit card bills that you carry over every month and are paying the banks large amounts of interest then you need to get the installment plan. This indicates that you are incapable of handling large sums of money and will probably go broke in five years. If you get the money in installments then at least you can enjoy the money for twenty years.
Just a slight correction. It isn't that the 8 states mentioned don't tax lottery winnings. It's that they don't have a personal Income Tax. At least, that's true in Texas and probably the same for the other states. However, depending on your states personal income tax rate and what ever bracket that would put you in, it may be a good idea to move to one of those states before claiming your winnings, as mentioned, and save your self the state's taxes. As for lump sum or 20/26 year payout, your age and health should have a lot to do with it, too. If you are over 55 and in poor health, for example, you should take the lump sum. I don't count on being around for 20/26 more years. Any of us could be hit by a tractor/trailer rig next week. I'll take the cash and plan on my heirs getting what I don't spend. Yes, I understand that the 20/26 year payout does go into your estate and your heirs would have rights to that, too, but I wouldn't have access to it while I'm still living. And I don't want them getting attorneys to fight over it and wind up with the attorney's getting it all (what's left). I'll decide and have an iron clad will. Of course, if you're under 40 and in great health, you might want the long term payout and be guaranteed you'll have more cash in 20/26 years rather than blow it all in 4 to 8 years and be broke, like most big winner's do. Most people can't, or don't know how to, handle huge sums of new found money. Just a thought to be considered.
I agree with the people who say take the payments. A friend from childhood won the Texas lottery the jackpot was around 33 million, he took the payments, at the time he was in his late twenties. His justification for that was that since he was so young he wanted his money to last the next twenty-five years, if he took it all at once, then one bad investment or a bad divorce and he is dead broke. Even though the amount in this jackpot is ten times as much, I would do the same, I am 40, in very good health, a medical professional who is able to take care of myself, and also who knows when to go see a physician for a problem, so I fully expect to be alive twenty-six years from now barring some kind of accident, in that case no amount of good health or money could protect me, but it will take care of my wife and kids, and make sure they are provided for.
Paladin Texas:
Sorry, that is not correct. You are taxed in the state that you earned the income. A gambling win is income and is taxable in the state it was won regardless where you may live - state or country.
Your income tax bracket would be the top level regardless of your Y2011 bracket.