12th-largest US jackpot ever; 6th-largest cash value
By Todd Northrop
For only the 16th time in the history of United States lotteries, a lottery jackpot run-up has crossed into $300 million+ territory.
The new high-water mark of $325 million for the current Powerball jackpot was achieved after no winning tickets were sold for Wednesday night's $250 million grand prize.
The lump-sum cash payout value of Wednesday's Powerball jackpot is $212.8 million. After-tax cash and annuity prize amounts are reported state-by-state on the Jackpot Analysis page at USA Mega, a web site devoted to the Powerball and Mega Millions multi-state lottery games.
This is the largest Powerball jackpot since Aug. 15, 2012, when 44-year-old railroad engineer Donald Lawson of Lapeer, Michigan, won a $337 million Powerball jackpot (see Michigan railroad engineer claims $337M Powerball lottery jackpot, Lottery Post, August 31, 2012).
Love it or hate it, Powerball's pricing and prize structure changes that went into effect in January have indeed paid off for those wanting to play for big jackpots. This is the third $300+ million jackpot Powerball has produced in a single year — the first time any lottery game has accomplished that feat.
Players should note that jackpot amounts are conservative estimates provided by the lotteries, and are often somewhat higher by the time the drawing occurs.
The mammoth prize is the result of 14 consecutive draws without a winner. The run-up started as a $40 million prize on October 6, 2012.
The winning numbers for Wednesday, November 21, 2012 were 8, 18, 24, 30, and 39, with Powerball number 26.
Even though nobody won the jackpot Wednesday, 3 lucky players matched the first 5 numbers for a $1,000,000 prize: 1 from Georgia, 1 from New York, and 1 from Texas.
Of all the second-prize winners, only the ticket from Texas was purchased with the Power Play option for an extra $1. Because they purchased the Power Play, that particular ticket is now worth $2 million.
46 tickets matched four white numbers plus the Powerball and won $10,000. Of those tickets, 4 were purchased with the Power Play option, increasing the prize to $40,000.
Following the Wednesday drawing, the Powerball annuity jackpot estimate was raised $75 million from its previous amount of $250 million. The cash value was raised by $46 million from its previous amount of $166.8 million.
When a Powerball ticket is purchased with the Power Play option for an extra $1 per ticket, any non-jackpot prize is increased according to a fixed prize schedule, which can be found on the Powerball Drawing Detail page at USA Mega, as well as on the Powerball Prize Payouts page at Lottery Post.
Powerball is now played in 42 states, plus the District of Columbia and the U.S. Virgin Islands. Drawings are Wednesdays and Saturdays at 11:00 p.m. Eastern Time. Tickets cost $2 each.
Powerball lottery results are published within minutes of the drawing at USA Mega (www.usamega.com). The USA Mega Web site provides lottery players in-depth information about the United States's two biggest multi-state lottery games, Mega Millions and Powerball.
Top 25 United States lottery jackpots of all time
Saturday's Powerball jackpot currently stands as the 12th-largest lottery jackpot of all time in the United States. That position may rise before the drawing Saturday night, as lotteries are typically conservative in their initial estimates, and brisk sales may push the jackpot estimate higher by draw time.
If nobody wins Saturday, it's anyone's guess how high it will go.
- Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
- Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
- Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
- Powerball: $365 million, Feb. 18, 2006 - Nebraska
- The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
- Powerball: $340 million, Oct. 19, 2005 - Oregon
- Powerball: $337 million, Aug. 15, 2012 - Michigan
- Powerball: $336.4 million, Feb. 11, 2012 - Rhode Island
- Mega Millions: $336 million, Aug. 28, 2009 - California, New York
- The Big Game: $331 million, Apr. 16, 2002 - Georgia, Illinois, New Jersey
- Mega Millions: $330 million, Aug. 31, 2007 - Maryland, New Jersey, Texas, Virginia
- Powerball: $325 million, Nov. 24, 2012 - preliminary estimate, not won yet
- Mega Millions: $319 million, Mar. 25, 2011 - New York
- Mega Millions: $315 million, Nov. 15, 2005 - California
- Powerball: $314.9 million, Dec. 26, 2002 - West Virgina
- Powerball: $314.3 million, Aug. 25, 2007 - Indiana
- Powerball: $295.7 million, Jul. 29, 1998 - Indiana
- Powerball: $295 million, Aug. 25, 2001 - Delaware, Kentucky, Minnesota, New Hampshire
- Mega Millions: $294 million, Jul. 2, 2004 - Massachusetts
- Powerball: $276.3 million, Mar. 15, 2008 - West Virgina
- Mega Millions: $275 million, Feb. 22, 2008 - Georgia
- Mega Millions: $270 million, Feb. 28, 2006 - Ohio
- Mega Millions: $266 million, May 4, 2010 - California
- Mega Millions: $265 million, Apr. 18, 2006 - Ohio
- Powerball: $261.6 million, Jun. 2, 2010 - Ohio
For those keeping score, the number of jackpots in the top 25, by lottery game, are:
- Mega Millions: 12
- Powerball: 11
- The Big Game: 2
The Big Game is the original name of Mega Millions, from the game's first drawing on Sep. 6, 1996 through May 14, 2002. The name was changed to Mega Millions starting with the May 17, 2002 drawing.
Top 20 cash value jackpots
Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.
Looking at the cash value, the upcoming Powerball jackpot is even better than the annuity, ranking as the sixth-largest cash value in U.S. history.
- Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
- Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
- Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
- Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
- Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
- Powerball: $212.8 million cash, Nov 24, 2012 ($325 million annuity) - preliminary estimate, not won yet
- Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
- Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
- Mega Millions: $194.4. million cash, Aug. 31, 2007 ($330 million annuity) - Maryland, New Jersey, Texas, Virginia
- Mega Millions: $185 million cash, Nov. 15, 2005 ($315 million annuity) - California
- The Big Game: $180 million cash, May 9, 2000 ($363 million annuity) - Illinois, Michigan
- Powerball: $177.3 million cash, Feb. 18, 2006 ($365 million annuity) - Nebraska
- Mega Millions: $168 million cash, July 2, 2004 ($294 million annuity) - Massachusetts
- Mega Millions: $167.7 million cash, Feb. 22, 2008 ($275 million annuity) - Georgia
- Powerball: $166 million cash, Aug. 25, 2001 ($295 million annuity) - Delaware, Kentucky, Minnesota, New Hampshire
- Mega Millions: $165.2 million cash, May 4, 2010 ($266 million annuity) - California
- Powerball: $164.4 million cash, won Oct. 19, 2005 ($340 million annuity) - Oregon
- Mega Millions: $164 million cash, Feb. 28, 2006 ($270 million annuity) - Ohio
- Powerball: $161.5 million cash, July 29, 1998 ($295.7 million annuity) - Indiana
- Mega Millions: $156.1 million cash, Sept. 16, 2005 ($258 million annuity) - New Jersey
I WILL PLAY THE LOTTERY SOMEDAY TO AVOID THE LOTTERY INSANITY. IT IS OKAY TO DREAM.
I AM A THRIFTY LOTTERY PLAYER BECAUSE I SAVE LINES TO PLAY SOMEDAY.
OUR REGULAR LOTTERY PROGRAMMING.
1) Playing the lottery more often for less lines= Playing a single line.
2) Playing the lottery less often for more lines= Playing multiple lines.
3) Playing the lottery less often for less lines= Playing a single line monthly or yearly.
4) Playing the lottery more often for more lines= Spending more money= Gambling addiction.
SET A LOTTERY STOP LOSS LIMIT TO MINIMIZE OUR LOSSES.
A lottery stop loss limit is very important to be a successful lottery player over the long term.
GOOD LUCK EVERYBODY
Good luck everyone,
There will be an incredible Christmas here in the State of Maryland when i win this coming Saturday. i have worked on my financial plan for 8 consecutive years, non-stop. I have my tax attorney, financial services firm, accounting firm, MY TEAM, all identified. lol. But its true.
Will Powerball 's and "haters" begin to play now in record numbers?
Have many people have already broke their bank, leaving them unable to play until their tax return in 2013?
Who can predict the swelling jackpot if it rolls Saturday?
Why is it at the end of the year towards Christmas, that these jackpots grow so large?
I could live on 325 million dollars.It would be tough,but I could do it!
Good questions.
The article says "This is the third $300+ million jackpot Powerball has produced in a single year — the first time any lottery game has accomplished that feat." Of course, people who post here understand that's because of PB's January price increase to 2 dollars.
I run a lottery pool at work. (I know...bad idea, but I do it anyway) We play MM or PB when either of them gets up to over 100 milion. A guy who regularly partcipates in the pool mentioned to me not too long ago "It seems to me like there's been a lot of big jackpots lately. It seems like we're playing more than we used to." He's a good guy, and he's liked by everybody in the office. If it wasnt for the pool, he probably wouldnt buy himself a ticket. Without elaborating, I just said "Yeah, I think that too."
Does this mean I didn't win the JP last night.......
It only means that your a
The biggest JP ever is by design because of longer odds and higher ticket prices.......
Gobble gobble, gobble gobble.
Just for today only.
Tomorrow you turn back into your normal
Having LP handy means I don't need to look at my ticket to see if someone in AZ is the JP winner....
Ya have to be one to see one
I wish...I wish...I wish...
I pray...I pray... I pray....
This is a huge amount...I am hoping that the money will end up with the most deserving person/s on the planet..
If the 3 of us had hit the JP. I think the story would already be out. lol. lol. lol.
I wonder if anyone else here played those numbers and didn't say anything??????
So it probably won't be you.
I vote mcginnin56 as "most deserving" in the graduating class of 2012...........
And the sentence right before that (which you did not include in your quote) was, "Love it or hate it, Powerball's pricing and prize structure changes that went into effect in January have indeed paid off for those wanting to play for big jackpots."
So people reading the article would understand why this is the third $300+ million Powerball jackpot this year. Because of the price and prize changes. Love it or hate it.
BTW, just make sure you have some kind of rules in writing for your pool at work. You need something in there about how if a person doesn't pay one drawing, they are not included. It has to be really specific around payments, how it is run, and how it is determined who is playing each drawing. Otherwise, you'll end up with gray legal issues and valid lawsuits.
Or just play solo. My own preferred approach.
As do all JP lovers (and haters) everywhere.....
Although clearly I am the most deserving, my humility prevents me from excepting this most prestigious award.
Rather let it go to someone who least deserves this jackpot. Paris Hilton would get my vote.
Excellent point,
we live in a world where a "pool member" should NEVER be disenfranchised for not paying their due.
Your political correctness is right on target as always mcginnin56, keep those intuitive powers flowing.
Just sayin..... With those kind of extraordinary powers your next 5 of 5 will no doubt include the bonus...
Almost thought you were a coworker until you mentioned office. If our pool wins you will see the largest lawsuit in lotto history. The guy running it only writes down first names.
3 of those numbers came within a digit of the infamous combination. Lottery gods love teasing players. Thats for sure.
Perhaps you could be a news story WITHOUT winning....
Yes they do, but every once in a while the joke is on them...... lol. I'm going to play them again.... lol.
Good luck man. If you get lucky I get lucky lol
Very sound advice on the pool.
But do I actually do it? (That's just a rhetorical question that doesn't require an answer. I think you already know the answer to it.) It's on my to-do list... to put the rules in writing... hopefully soon....
I've already run into a sticky/awkward situation. There are enough partcipants that I can usually play all 35 Power Ball numbers, thus generating a 4 dollar win. All of the partcipants have verbally agreed it would be rolled into the next drawing.
One day, a new guy showed up at my desk, he had heard there was a lottery pool, and asked could he join. I said "Sure" and I took his two bucks. It was then that I realized if we win big off those two lines we bought with the 4 bucks we won in the previous draw, what does that mean for the new guy? What if we won just a $10,000 prize??? He hadn't contributed to the 4 dollar win, yet his two bucks would be in the pool that might win $10,000.... not good.
Like I said.... everyone in "the pool" gets an equal share regardless if their current on "dues" or not.
YOU think that way, and so do I. But I can guarantee you, there's folks in that pool who dont sahre our opinion.
Then let them be the ones to pay attorneys fees and court costs to fight it.
Hopefully it wont hold up collecting the winnings.......
"Dues or not?"
I guess those abled individuals on government assistance hold to the same philosopphy!
Forget powerball, I'm playing mega millions instead. I'll settle for a measly 41 million dollars
Its a new day in America. "Dues" are not required of anyone.
Everyone employed by the company should get a share based on the fact that it's a "company" pool...
This is what political psychiatrsits refer to as Election Post Traumatic Stress Syndrome. You are identfiying with the "dictator"!
Right on my birthday
Yeah, I'm playing Mega Millions on Friday because it is on the sixth draw in the current run, and the last jackpot won was on the fifth draw, and seeing that game is still only $1, that is good enough for me. Powerball, I will only play if the advertised jackpot is revised and ends in 2-, 3-, or 4- million (today being the 22, tomorrow the 23, and Saturday the 24), since that game is $2, that condition AND the condition that it is at or past the level where it was last won (which it was on only the second draw last time). An exception to this rule is if the Powerball CASH jackpot rolls to a record (currently $474 million, which is still at least two rolls away), then I will play regardless of the advertised jackpot single millions digit.
On another note, considering the numbers picked, I'm surprised there were only THREE second place winners, when the ticket sales suggests there should have been eight winners. I'll bet the MUSL folks are doing the happy dance because of this! Now, if Saturday's jackpot is not won, imagine how high the pot will go. We may very well see it double!!
Happy Thanksgiving Birthday conduit
Does this mean I could randomly start taking "dictation" in public...........
Wash down the Xanax with some JD
JD and Coke if you dont mind......
An increase of 75 million dollars in this recent rollover - impressive. Two more rollovers at we'll be north half a billion!
It could happen in ONE if everyone goes insane buying tickets.......
You are so correct! It would be at the stage where increases happen daily between draws.
Todd you and your team need to rest up. Pushing out those articles at every increase with all of the other site maintenance and updates can get taxing!
I have seen the bill boards in my small town change over night when needed.
That's how we get down, in a Hick Town!
It is actually on the 24th of November
Oregon has not had a big jackpot like this one in seven years so we are due for a big one. Back in 2005 was when we won a $340 million jackpot so I am hoping that this one comes home to Mcminnville, oregon. Yeah! Baby!-weshar75
Go for it weshar75
Cletu$2.....I always love UR Posts.......LMAO....2 much for me.....;...)
$325M+ Winner on Saturday November 24th
They treat MARYLAND....Like a "step-child" U Greedy Grogs need to "stand down" and let MARYLAND have something.....we haven't seen
a POWERBALL WIN since 1776..........It's our Turn.........;..) BTW.. HAPPY THANKSGIVING ....We R dining on Champagne Brunch in MARYLAND at this hour.....The Turkey and Stuffing R Fabulous....and the Side Dishes R 2 Sumptuous.....there is sooooo much to satisfy everyone that I cannot describe it here....and it's only 12:30 pm est.....The Family Buffet is 2 Impressive...I must take PICS.........later PLAY POWERBALL
MARYLAND DESERVES 2 WIN SOMETHING.......;....) STOP TREATING US LIKE STEP-CHILDREN
BTQW.....I am not a New Member......I joined 2 Years before Jack Wittaker made his pheonomenal win.....;...)
OHHHHHH...But U R a "naughty spice"...lovin it......;..)lololololol but I prefer Champagne and Popcorn ...'..)
Thats a big jump for a Wensday. Its gonna clear $400 million by Saturday.
I KNEW they'd save the jackpot for me to win on my birthday.
.
I'm in California. We don't have PowerBall here. With odds of 1 in 175,223,510, I don't know, seems a bit tough to win.
But $325 Million would be nice. I'd have to drive 400 miles to Arizona to play and then drive back again. Perhaps if nobody won on Saturday...
.
Only 1 hour to Georgia for me might be Georgia's time again,
New York won't get this one.
This one is coming home to Painesville, Ohio!
Specifically, just for me! ALL MINE! LO L
http://en.wikipedia.org/wiki/List_of_television_stations_in_Connecticut
I'm surprised nobody in Connecticut had the winning ticket. ALL of the numbers corresponded with TV stations in the state.
08 ABC New Haven
18 UNI Hartford
24 PBS Hartford
30 NBC Hartford
39 MNT New Haven
26 ION New London
Actually, the 39 would be the RF channel of WCTX, whereas the others are going by their traditional pre-digital designations. Although, the ION station is on RF Channel 26, listed as Channel 26 now, and was Channel 26 before the digital conversion.
So, my guess is the one Connecticut ticket that matched 4+1 either had 59 for the last white ball, or a 3 instead because Channel 3 is the number one station in the state.
Uhhh, why do you know that? I feel bad for whoever figured that out.
The next winner will be from the DC area! Time for me to move to Scottsdale AZ and hang out with the posh people.
You and Ronnie316 should make a cute couple!
New York NEEDS this jackpot. We have to restore the natural order of things. If we don't get back to the schedule Florida won't win a jackpot this year!
Ohio will get its big win in February 2014
Ohio is due for a win and so am I.
It is time for Florida to hit the jackpot.
I read awhile back that some michigan lawmaker introduced a bill to let the powerball/mega winners in michigan remain anonymous. Anyone know if this got shot down or is still moving forward? Can't believe someone in lansing actually thought of doing something useful for a change.
Lets have michigan win back to back 300+ jackpots..............lol
Next winner comes ffr Tallapoosa Ga
The bill is still working its way through the Michigan Legislature, and currently has been referred to the Committee on Regulatory Reform.
It is Michigan State Senate Bill 1222 (2012) and is sponsored by Michigan State Senator Tory Rocca
You can find more information on the bill at http://www.legislature.mi.gov
I personally believe that the bill will eventually pass, for among other reasons, Michigan's neigbor to the south, Ohio, already allows anonymity for its multi-state winners and this does not seem to hurt their sales.
The Michigan lottery, is the only likely objection to the change, has an inherent weak case, because its own historical record and practices show that it does not rely on the faces of winners to promote its games, but on numbers besides the $$ signs of game jackpots.
Indeed. If this rolls over once more, it will most likely set the Powerball records for both jackpot and cash value.
Went to Georgia and brought 160 tickets someone has to win this (ME).
Saturday is going to be someone's lucky day. I hope and pray it's me! But it's not going to rollover after Saturday. I'm sure of it.
I'm dreaming of a very Merry Christmas.
We've been living in a world where people who enter into contracts have to follow the law and do what they agreed to do since long before PB and MM came along. Even if there's a written contract that says everyone has to pay ahead of time that provision may be modified when parties to the contract allow somebody to participate and then pay after the fact. Do that for one guy when you don't win anything and then try to deny a share to somebody who had a reasonable excuse for not paying on time for the drawing where you win and you should expect them to sue for a share. That's why a good contract will cover easily forseeable circumstances, and include a clause that failure to enforce any of the contract's provisions doesn't waive the right of future enforcement of the provision.
As for givefive's scenario of a new member joining when there's money being rolled over from a previous win there are several options. You could make them sit out that drawing, or designate an appropriate number of tickets that they won't own a share in to limit any winnings to those who funded the tickets. You could also go with the common option, and take his money without establishing the rules and then choose between sharing the winnings equally or being sued (and probably losing) if you happen to win.
In the end, if a pool gets sued the odds are very good that it's because they just didn't have a well-written contract in place before allowing people to participate or attempting to remove an established participant.
News hasn't really gotten their hands arounds this yet the stores are pumping this up I would be surprised if this one rolls over.
This would be insane if it was won by one person. I'm not buying anymore tickets,just gonna stick with my 5 advance picks that i have been playing for over six years(a mix of chinese fortunes and self picks). This is the last draw for my advace ticket this saturday so maybe i'll get atleast the first five w/ pp.
My POWERBALL WIN IS FOR ME ONLY NOT FOR ANY STATE RESTORATION .
All the Millionaires and Billionaires in New York can dig deep into their pockets and restore things back in order.
New York has swept the BIG jackpots this year, they do not need anymore wins for at least decade..lol
Like I said this one is coming home to Painesville, OHIO.
I'll let you New YORK Slicketers have the Feburary 2014 Jackpot!
If there is a winner within the next few drawings, what are the chances that the winner's legal team will be able to get an appropriate trust or LLC ready so the winner can claim the jackpot under this year's taxes? I've always assumed it would take a good two months. The difference in taxes between this year and next could be huge, depending upon what they do in Washington D.C. within the next month. Some of the things they've been discussing, like eliminating the charitable deduction or limiting all deductions to $50,000 could result in a difference of millions or even tens of millions of dollars in income and gift taxes in some cases. Not that there wouldn't still be enough left to live very well indeed . . .
$325 Million!!!!! C'mon Powerball. I don't need a Beverly Hills mansion but a mini luxury home in Atlanta, GA for $640K, 5bd/6ba, 4300sq ft, would be really nice!!!!
I bought a second ticket!
Artist, what is an ND?
I am shocked and appalled. Of all people on LP, you were the last one I expected to blow an extra 200cents on the PB!
I hope tomorrow will bring good fortune and a peacefull mind to know. Gotta believe it so good luck everyone and bless you all a safe trip to purchase your tickets.
yeppers
Saturday is gonna be the day
I wanna win the MegaMillions tonite.Then let someone else win the Powerball tomorrow so they can have all of the media attention!
Wow.. Very nice house.....good luck ...golfer1960
$325 Million sounds good to me.......
im going halves in 2 tickets, [rob around %35 tax for me in australia, to us gov of course. but still $78mill buys me everything i want
You bring up a valid concern. What most people don't realize is that lottery winnings are treated like earned income and not investment/capital gains. Our Government WILL be limiting deductions as well as raising taxes on the wealthy starting next year and lord knows where the top rate will be in 10 or 20 years.
Just today alone on a variety of news stations I heard many view points of how someone would spend the $325 million jackpot. These clueless news anchors are insinuating that the winner will get a lump payout of the advertised jackpot amount without mentioning anything about it being an annuity or a little known evil deduction called taxes.
Back in the early 1980's our top Federal tax rate was 70%. Back up a little more to the early 1960's and it was 91%. As a wake up call I will use the rate from the early 1960's just to give you a perspective of what you would be taking home after both Federal and state taxes are witheld. I will not use NJ, NY or any of the other states with a high tax rate as you would most likely owe the government money if you were the lucky winner.
I will factor in a state tax rate of 7% which is about the average rate among most of the states.
Once again I will be using the top Federal rate from 1963. Most of us would opt for the lump sum cash if we were fortunate enough to win so that amount is $212.8 million. Federal tax at 91% would be $193,648,000 and 7% state tax is $14,896,000 making your net payout $4,256,000.
Wouldn't this be a lovely world if you were the sole winner of a $325 million lottery and took home a little over $4 million
nooooooooooo.....You are killing me golfer. Who is #1 in college Football?
lol....300 cents!!! I always aim for that 2nd level prize.
An embarrassment of riches!
My guess is if its not hit Saturday it will rollover to over 1/2 a billion. The Mega Million jackpot that was split between 3 winners for 656 Million was from a Rollover of 363 Million. It wasnt hit for 363 Mill and i cant remember what the first advertised Jackpot was but i think they advertised it around 475 million. They sold so many tickets that it ended up going to 656 million. If none hit this they will probably advertise it at over 400 million but by the time Wed rolls around with 4 days to sell tickets im sure it would go over 500 Million easily.
Sounds like a likely scenario.
Very likely for sure. I just looked back at old stories on it. They first announced it at 476 mill. Less then 12 hrs later they upped it to 500 mill. 12 hrs later they upped it to 540 mill. They then upped it to 640 mill the next day. By the time they drew it ended up at 656 mill. This was with just 3 days between drawings and this one would be with 4 days between drawings. Id like to see it not hit just to see how hi it would go. Well unless i hit it of course lol. They sold 650 million tickests for that drawing by the way.
The number of 2nd place winners always go through the roof when it gets this high. I hope 3 or more people split the jackpot again.
Uncle Sam also wants to make a national sales tax so it won't matter where you live. I would'nt be surprised if lotto tickets get pre-taxed one day.
By how much do you increase your chances of winning the jackpot by purchasing, say, 100, 160 or 200 tickets over just one?
"Chances" improve by 99, 159 and 199. The odds of winning however, are still a drop in the bucket that you'd winner.
You're better off sending Lady Luck a bouquet of her favorite flowers.
Thanks gocart, you too. Good luck!
Hey Hulk, I don't think it would help all that much to play $200 but it can't hurt either. The challenge is that there are 175,711,536 different numerical combinations of numbers in Powerball. You'd need alot of money to play enough combinations to make a dent in turning the odds in your favor.
Play whatever you feel comfortable playing (losing) and have some fun dreaming. The truth is that many people have hit the jackpot by just playing a few bucks.
That's a waste of money. If someone has or wants to spend that much on tickets, he/she can do that, but you're still not guaranteed to win anything.
Yeah I did that in March when the jackpot was half a billion. I realized it's not worth it, set a reasonable limit and stick to it.
Just $325M and a little bit of golf. That's all I want!
The IRS rules are that income is earned when you get constructive possession. You've got constructive possession of the ticket as soon as the clerk hands it to you, and you've probably got constructive possession of any winnings as soon as the numbers are drawn.
I don't know of any challenges yet, but there's a fair amount of thought that when the state allows you 60 days to decide between cash and annuity you can't have constructive possession until you've been able to use that time to make a careful decision, so if a winner of this jackpot wants to take their time and then claim it as January 2013 income they might be able to do so. As a practical matter the IRS isn't going to argue the matter if the resultant tax is higher. If the tax is the same the IRS collects 25% right away as withholdings, anyway. Waiting an extra year for the remaining 10% isn't really meaningful when the tax rates remain the same, so they may have simply chosen not to enforce the letter of the law if some winners have waited from late in the year and claimed the winnings as income for the following year. If the tax rate went down and enforcing the rule meant collecting an extra few million, I expect they'd try to enforce the law and we might see a court ruling.
OTOH, that same rule means that somebody who wins this year is almost certainly entitled to claim the winnings as 2012 income no matter how long they wait before actually claiming the prize. If your employer writes your paycheck today you're free to wait before cashing it, but the income is earned when they write the check. The only exception I can see would be a jackpot that's won between 12/15 or thereabouts and 12/31. Assuming the state never actually pays a prize in less than 2 weeks there's a reasonable argument that you don't get constructive possession until 2 weeks after the drawing. OTOH, you're entitled to the winnings as soon as the drawing makes you a winner, and there's also a very reasonable argument that the stae's inability to pay promptly doesn't change the date of your constructive possession. I'll note that anyone claiming the prize as 2012 income is obligated to pay the full tax by 4/15/2013, and they may have to make an estimated paymewnt by 1/15/2013. If they haven't collected the money by then and can't make the payment they may be looking at a significant interest payment, and perhaps a penalty as well.
Being less paranoid than some I doubt we'd see a scenario like you suggest. The top tax rate from the late 40's until 1964 didn't kick in until taxable income was over $400,000. Just before WW2, when the top rate was as high as 81% it only applied to taxable income of over $5 million. Until fairly recently those wih unusually high income in one year were also able to reduce their effective rate through income averaging.
While I wouldn't be completely surprised if we see a top rate well above 50% somewhere in the future I would be extremely surprised if the taxable income at which it kicks in isn't vastly higher than what it is today. As a practical matter I expect we'd also see changes in state rules on the taxation of lottery winnings, since the states would want to protect sales. At the federal level I expect we'd see senators and congressmen protecting their state's lottery income by changing the federal taxation of lottery winnings. At the very least I'd expect to see a return of income averaging to reduce the effective rate. There's a fair chance we'd see the complete exemption that so many players have been hoping for.
It's really pretty simple. We see the difference in sales between an advertised jackpot of $10 to $50 million and an advertised jackpot of $250 to $500 million. If the actual prizes become a net of only 10% far more people will know the real value of the prize they're buying a chance for, and all of our state representatives in congress are going to have to decide between killing that enormous cash cow or collecting a fraction of it in federal taxes. It seems like a no brainer to me. Then again, it is congress we're dealing with.
When others win because of that, people just believe if they do the same thing, they will win. No, you won't. One ticket or five tickets. It's doesn't matter. If it's meant to be it's meant to be. I'm buying only two tickets today and I can only hope it's meant to be.
One might be entitled to claim the winnings as 2012 income even though it took into 2013 for the legal team to get the trust or LLC together, the claim to be filed with the state and the state to pay out. But the possible tax deductions are in the document, and if one didn't yet have the money to fund a charitable trust by the end of the year, for example, I question whether the money one put in that trust could be a 2012 deduction. With a single winner of a jackpot this large, the money a winner might donate could be huge. I believe I've seen a few previous owners put 30% of the jackpot in a charitable trust. Whether or not one could deduct sixty-some million would be no small matter.
Do not spend heavy in Walmart and do not play heavy on the powerball. Voodoo Dancers just landed in Orlando. This is going to ROLLOVER. The costumes they're wearing alone is enough to scare off any combinations in play from coming up!
See what I mean - lol!
That dance has reached a fever pitch and no winners will emerge tonight.......
What in the world???
Its all true, I'm an eye witness.....
Aren't the drawings now conducted in Tallahassee??
Have you ever been to Tallahassee? They have to perform where they wouldn't be so conspicuous. The dark spirits only require they perform in the state where the drawings are held.
I have LONG AGO.....ok......will take your word for it
Why do people get all excited when the jackpot gets high? the default powerball jackpot is around 18 million after taxes. Unless your already rich, wouldn't that do the same for your quality of life as a 100+ million jackpot? Shouldn't people be this excited for every jackpot then? I'm assuming those who play the lottery are not well off, hence the reason your playing the lottery. If you're already broke right now then wouldn't the prospect of winning 18 million be just as exciting as winning 100 million? that means if someone hits this drawing you should be just as excited for the next drawing as this one.
I smile at cute ladies and drool at super models. Get it?
If the prospect of winning 212 million dollars cash doesn't excite you,you must be DEAD!
The default powerball jackpot is already around 18 million after taxes. It's 40 million starting jackpot for the annuity option, roughly 30 mil for the cash option, then take into account federal and state taxes and that takes you to around 18 million.
As far as being excited for every jackpot, keep in mind each ticket is $2 and the chances for matching 5+ mega in the current powerball matrix is astronomically high against you. The jackpot needs to be over $150 million for most people to get excited.
Personally, if there was a 6/48 lottery with $1 tickets and the jackpot was $18 million after taxes, I'd be very very excited. It's all about price/risk vs rewards.
To me, the prospect of winning 100+ million is more exciting than winning 18 million simply due to the fact that it just looks pretty. Sure, quality of life for me would be exactly the same if I won either amount, but the thought of having so much money that I wouldn't know what to do with myself is incredibly exciting. Also, I'm very frugal with my money, so having the greater jackpot would make me feel less guilty about buying some luxuries that would "break the bank". And that's the point; it's very hard to break the bank winning $300 mil if you have some brains.
My neighbor was showing me his tickets for tonights drawing. They were bought in two states and all seem to be one low number and all the rest above 30. Makes me think that low numbers may win tonight!
The prospect of winning more than 100 million is more exciting to me than 18 million, as with the former I could afford to gift large amounts to more than a dozen relatives, even after paying Uncle Sam's gift taxes. I'd love to be able to set up a trust with enough principal to generate more than $50,000 a year income for EACH of my relatives for their lifetimes. In addition, with the larger amount I could donate millions to the charities I support while still being able to maintain as luxurious a lifestyle as I might choose in the years I have left.
Sounds like a good plan,to me.
Come on OHIO it is our time!
Anybody know when was the last time Texas won Powerball first jackpot? It feels to me like it's bout time Texas gets a win.
That's exactly it. I can set my kids, my parents, my sisters, and niece & nephew up real nice, and still have plenty left over after Uncle Sam takes his fair share in income tax, then more than his fair share in gift taxes on money that's already been taxed. I can still give a good bit to charity right off the bat, and later in my estate. At $18m, that's a stretch. At $100m, that's the whole cake.
But I'd not sneeze at an $18m jackpot either. State lottery is $6m cash before tax, and I'd be excited at that, too. Just not as much as $100m+.
So, let's partaaaayyyyyy!!!!!!
Texas has not won PB jackpot to my knowledge. 2nd place several times, including several times recently. I'm hoping it's a warmup to a jackpot win!
It gotta be Texas tonight... Good luck!
I agree! Texas tonight! Good luck to you, too!
"Why do people get all excited when the jackpot gets high?"
Well, the difference between $18 million after taxes and $130+ million, is tantalizing
Many on this post are not rich and would like to have a taste. Of course, $18 million is fine but $100+ million?! Our daydreams fuel our desires and wants.
Wrong assumption that those who play the lottery aren't well off. While, the lottery is very popular among the lower income, all play to get ahead in life. Rich, poor, life cares not. Some inherit great wealth, some work to get such an amount while, the rest of us hope lady luck smiles on us.
Broke or not $18, million would be" tres excitement mon frere, alors...$100+ million? Zut alors!"
"I said to myself, all is possible if I am in the right place at the right time"
Very nicely said sandia
This thread has become sooooo quiet, everyone is holding their breath for the BIG drawing.........
Last minute QP shopping
I wonder if anyone stands at the vending machine and buys QPs til the machine quits serving?
Forgot to pick up my tickets for tonight's drawing when I was out and about today - I better to get the tickets now.
Got mine ready to be a millionare
Good luck to all!
Surprised its still 325. Expected it to go up by now. Maybe tommorrow.
Me too!
I have been "refreshing the PB Web page all day waiting to be the first to break the news - lol.
Sales haven't been as brisk because of the Black Friday shopping .When I went and got my tickets it wasn't like the last time the jackpot got high people were lined out the door.I think people are buying but not clamoring for tickets.
Thank you Ronnie, I dashed out to grab a bite and admire the richest neighbor's house. He decked his house for the holidays, even Santa would see it from the North Pole!
"I said to myself, all is possible if I am in the right place at the right time"
Draw Date
Hubby had the powerball, maybe next time.
In other words, I didn't get any numbers!
Nope, no numbers (sigh)...
but how come I didn't get any numbers?
pb only here, another 2 numbers next week
Had the PB twice, QP on the same ticket. Nothing else though. I'll be rolling $8 back in.
Come on PB, roll baby roll.......
10k plus members online at this late hour. We're all waiting to see if this is going to ROLLOVER.
I don't get how 1+1 pays the same as 1pb. At least make it $6. Lets see how big it grows now.
It rolled! $425m/$278.3m
Parrrrrrtayyyy!!!
And to think how I was MOCKED by my peers. I was even threatened by PM that they would take this up to Todd and call for my resignation if the Voodoo Dancers proved to be a fluke - lol!
All roads lead to Wednesday!!!
I cannot believe it. That sucker rolled over!
I can believe it. The nation's attention this week has been elsewhere, namely Thanksgiving and Black Friday. Lack of attention means ticket sales were probably what you'd expect for smaller jackpots. Now that the kickoff to the holiday season is out of the way, the news media should have the time to crank up the hype machine leading up to Wednesday night, especially now that we're in record-setting territory.
Taking a voluntary tax out of a country is a criminal act.
Unless there is some sort of tax structure given to altruistic values.
This is just some advanced form of tax and control.
For non resident to bet online for this mega game is
a conflict of interest and to bet on a American voluntary tax as an outsider is unconstitutional.