Welcome to Happy Hour! Sit back, relax, and enjoy some of the great reads and topics I found interesting to wrap up the week.
The Mega Million Lottery Taxes
If you don’t know already, the Mega Millions lottery drawing is sitting at $540 million. It will probably end even higher, but at the moment it means a lump sum payout of $389.8 million or 26 annual payments of about $20.7 million. The return on investment is incredible. But so are the state lottery income and withholding taxes. So if you happen to be the lucky 1 in 176 million to win, be ready to pay. Not a bad deal for the states, since it keeps about 40% of ticket revenues too. Looks like the states always hit it big!
The Roth IRA Movement
Jeff Rose, at Good Financial Cents, was the mastermind behind the recent Roth IRA Movement. It’s all about improving financial literacy for young adults. You couldn’t have kicked off April’s Financial Literacy month any better. When you have some free time, head over and check out the 140 plus bloggers that contributed so far. Continue Reading…