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Originally posted by Druid42
reply to post by kdog1982
Well, that's tricky. You can give money to family, true, but you can't claim it as a charitable deduction on your taxes the next year, unless they are registered as a 301(c) non-profit. Since that is not likely, you can give them all the money you want, but THEY will have to report it as income on the next tax return, in which they are are responsible for taxes at about a 35% rate.
Honestly, since you would have paid taxes on your winnings, they should be exempt. You will pay taxes on your winnings, and if you give some to a family member, they will be taxed again.
Originally posted by Teeky
I wont be playing. Tptb are probably scamming the people with this. I'm not
contributing to some insider's bunker.
Originally posted by danj3ris
I was bored earlier and did some random "strategery".
The way I look at gambling, you absolutely must have the mindset that you are willing to lose. Once you've come to grips with this and accept it, you're better off losing once and getting over it then losing continuously ( or at least I think so ).
So here's what you do. Find 9 people willing to lose 520 dollars right now. 520 dollars is how much you would pay to have 5 chances at each megamillions drawing throughout a single year, with two drawings a week at 52 weeks a year ( 1 dollar * 5 chances * 104 drawings = 520 ). When you add yourself you have 10 people willing to lose 520 dollars.
Choose your numbers via quickpick. Just make sure the megaball numbers are 10 different numbers. Everyone else does the same, and also makes sure they don't have a megaball anybody else has. Since there are only 46 choices for a megaball number, each number will be chosen as a megaball twice, with a random other 8 numbers being repeated a 3rd time. You can either have two ticket holders pick these random numbers, or you can have each of the other 8 repeat a megaball number they already have, leaving two ticket holders to play the missing number from each of the other 8 tickets on their tickets.
An easy way to set this up is give the 1st ticket holder megaballs 1-10. The 2nd ticket holder megaballs 11-20. The 3rd ticket holder megaballs 21-30. The 4th ticket holder megaballs 31-40. The 5th ticket holder megaballs 41-46, and then they can choose 4 random numbers as the other megaballs. Repeat this same pattern with the 6th, 7th, 8th, 9th, and 10th ticket holders. Just make sure the 10th ticket holder chooses a different 4 random numbers than the 5th ticket holder chose.
OK! EVERYONE PLAYS THE SAME NUMBERS EACH TIME. This guarantees at least winning 4 dollars because two people in the group will have the megaball! You split the 4 dollars among the 10 people after every drawing ( thats 40 cents each ). The worst case scenario is that over the entire course of the year none of your 10 players matches anything more than the megaball. This means everyone ends up with 40 cents every drawing, for 104 drawings, totaling 4160 cents, or $41.60 back! This means you originally spent $478.40 instead of $520 at the beginning of the year!
Any winnings beyond this you simply split evenly. And since I already did the math for coming up with this ridiculous scheme, you can figure out the applicable tax ramifications.
My head hurts.
Originally posted by nixie_nox
reply to post by Druid42
We had this discussion. Apparently you heirs don't get the money if you die, so better to opt for the lump sum. But I may be wrong about being able to inherit it.
Not to mention that the same amount of money will have less value 20 years from now.