Crawford County, Robinson, Illinois | I don't know the MO state tax rate, but in Illinois, $600,000 would turn to $306,000 after Federal Tax, $180,540 after 3% Illinois State Tax.
The million dollar winner in Hannibal would have +/- $180,540 to actually spend after taxes and taking all the money in one year, assuming MO is like IL, and 51% is subtracted from the announced lottery winning for taking in one year rather than 30 years.
That is why I never buy a ticket unless the take is over 10 million on the State of Illinois lottery, and $100,000,000 on the multiple state lotteries. We get two draws for a dollar on the State Lotto, only 1 draw on the multiple state lottery.
Yeah, I can do math, I know the odds are against me all the time by millions to one, but I know that the chances to win if I don't buy a ticket are zero. |