$325 MILLION: Powerball lottery jackpot goes through the roof

Nov 22, 2012, 7:50 am (161 comments)

Powerball

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.

  1. Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
  2. Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
  3. Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
  4. Powerball: $365 million, Feb. 18, 2006 - Nebraska
  5. The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
  6. Powerball: $340 million, Oct. 19, 2005 - Oregon
  7. Powerball: $337 million, Aug. 15, 2012 - Michigan
  8. Powerball: $336.4 million, Feb. 11, 2012 - Rhode Island
  9. Mega Millions: $336 million, Aug. 28, 2009 - California, New York
  10. The Big Game: $331 million, Apr. 16, 2002 - Georgia, Illinois, New Jersey
  11. Mega Millions: $330 million, Aug. 31, 2007 - Maryland, New Jersey, Texas, Virginia
  12. Powerball: $325 million, Nov. 24, 2012 - preliminary estimate, not won yet
  13. Mega Millions: $319 million, Mar. 25, 2011 - New York
  14. Mega Millions: $315 million, Nov. 15, 2005 - California
  15. Powerball: $314.9 million, Dec. 26, 2002 - West Virgina
  16. Powerball: $314.3 million, Aug. 25, 2007 - Indiana
  17. Powerball: $295.7 million, Jul. 29, 1998 - Indiana
  18. Powerball: $295 million, Aug. 25, 2001 - Delaware, Kentucky, Minnesota, New Hampshire
  19. Mega Millions: $294 million, Jul. 2, 2004 - Massachusetts
  20. Powerball: $276.3 million, Mar. 15, 2008 - West Virgina
  21. Mega Millions: $275 million, Feb. 22, 2008 - Georgia
  22. Mega Millions: $270 million, Feb. 28, 2006 - Ohio
  23. Mega Millions: $266 million, May 4, 2010 - California
  24. Mega Millions: $265 million, Apr. 18, 2006 - Ohio
  25. 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.

  1. Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
  2. Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
  3. Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
  4. Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
  5. Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
  6. Powerball: $212.8 million cash, Nov 24, 2012 ($325 million annuity) - preliminary estimate, not won yet
  7. Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
  8. Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
  9. Mega Millions: $194.4. million cash, Aug. 31, 2007 ($330 million annuity) - Maryland, New Jersey, Texas, Virginia
  10. Mega Millions: $185 million cash, Nov. 15, 2005 ($315 million annuity) - California
  11. The Big Game: $180 million cash, May 9, 2000 ($363 million annuity) - Illinois, Michigan
  12. Powerball: $177.3 million cash, Feb. 18, 2006 ($365 million annuity) - Nebraska
  13. Mega Millions: $168 million cash, July 2, 2004 ($294 million annuity) - Massachusetts
  14. Mega Millions: $167.7 million cash, Feb. 22, 2008 ($275 million annuity) - Georgia
  15. Powerball: $166 million cash, Aug. 25, 2001 ($295 million annuity) - Delaware, Kentucky, Minnesota, New Hampshire
  16. Mega Millions: $165.2 million cash, May 4, 2010 ($266 million annuity) - California
  17. Powerball: $164.4 million cash, won Oct. 19, 2005 ($340 million annuity) - Oregon
  18. Mega Millions: $164 million cash, Feb. 28, 2006 ($270 million annuity) - Ohio
  19. Powerball: $161.5 million cash, July 29, 1998 ($295.7 million annuity) - Indiana
  20. Mega Millions: $156.1 million cash, Sept. 16, 2005 ($258 million annuity) - New Jersey

Lottery Post Staff

Comments

THRIFTY's avatarTHRIFTY

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

sully16's avatarsully16

Good luck everyone,

delS

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.

mcginnin56

Will Powerball   Lover's  and  "haters"  Let It All Out  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?  Big Grin Santa

Cletu$2's avatarCletu$2

I could live on 325 million dollars.It would be tough,but I could do it!

GiveFive's avatarGiveFive

Quote: Originally posted by mcginnin56 on Nov 22, 2012

Will Powerball   Lover's  and  "haters"  Let It All Out  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?  Big Grin Santa

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."

Ronnie316

Does this mean I didn't win the JP last night....... What?

mcginnin56

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Does this mean I didn't win the JP last night....... What?

It only means that your a  Turkey

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

Will Powerball   Lover's  and  "haters"  Let It All Out  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?  Big Grin Santa

The biggest JP ever is by design because of longer odds and higher ticket prices.......

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

It only means that your a  Turkey

Gobble gobble, gobble gobble.

mcginnin56

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Gobble gobble, gobble gobble.

LOL  Just for today only.

             Tomorrow you turn back into your normal  Hat

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

It only means that your a  Turkey

Having LP handy means I don't need to look at my ticket to see if someone in AZ is the JP winner....

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

LOL  Just for today only.

             Tomorrow you turn back into your normal  Hat

LOL Ya have to be one Jester to see one Jester

jamella724

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..

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

It only means that your a  Turkey

If the 3 of us had hit the JP. I think the story would already be out. lol. lol. lol.

Ronnie316

I wonder if anyone else here played those numbers and didn't say anything??????

mcginnin56

Quote: Originally posted by jamella724 on Nov 22, 2012

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..

So it probably won't be you.  Sad

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

So it probably won't be you.  Sad

I vote mcginnin56  as "most deserving" in the graduating class of 2012...........Yes Nod

Todd's avatarTodd

Quote: Originally posted by GiveFive on Nov 22, 2012

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."

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.

Ronnie316

Quote: Originally posted by Todd on Nov 22, 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.

I Agree! As do all JP lovers (and haters) everywhere.....

mcginnin56

Quote: Originally posted by Ronnie316 on Nov 22, 2012

I vote mcginnin56  as "most deserving" in the graduating class of 2012...........Yes Nod

Although clearly I am the most deserving, my humility prevents me from excepting this most prestigious award.  Cool

Rather let it go to someone who least deserves this jackpot. Paris Hilton would get my vote.  Hurray!

Ronnie316

Quote: Originally posted by Todd on Nov 22, 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.

Excellent point,

we live in a world where a "pool member" should NEVER be disenfranchised for not paying their due.

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

Although clearly I am the most deserving, my humility prevents me from excepting this most prestigious award.  Cool

Rather let it go to someone who least deserves this jackpot. Paris Hilton would get my vote.  Hurray!

Your political correctness is right on target as always mcginnin56, keep those intuitive powers flowing.

mcginnin56

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Your political correctness is right on target as always mcginnin56, keep those intuitive powers flowing.

Cheers

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

Cheers

       Cheers

Ronnie316

Quote: Originally posted by mcginnin56 on Nov 22, 2012

Cheers

Just sayin..... With those kind of extraordinary powers your next 5 of 5 will no doubt include the bonus...

                                                       Banana

RedStang's avatarRedStang

Quote: Originally posted by GiveFive on Nov 22, 2012

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."

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.

maringoman's avatarmaringoman

Quote: Originally posted by Ronnie316 on Nov 22, 2012

If the 3 of us had hit the JP. I think the story would already be out. lol. lol. lol.

3 of those numbers came within a digit of the infamous combination. Lottery gods love teasing players. Thats for sure.

Ronnie316

Quote: Originally posted by RedStang on Nov 22, 2012

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.

Perhaps you could be a news story WITHOUT winning....  What?

Ronnie316

Quote: Originally posted by maringoman on Nov 22, 2012

3 of those numbers came within a digit of the infamous combination. Lottery gods love teasing players. Thats for sure.

Yes they do, but every once in a while the joke is on them...... lol. I'm going to play them again.... lol.

maringoman's avatarmaringoman

Quote: Originally posted by Ronnie316 on Nov 22, 2012

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

GiveFive's avatarGiveFive

Quote: Originally posted by Todd on Nov 22, 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.

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.

Ronnie316

Quote: Originally posted by GiveFive on Nov 22, 2012

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.

GiveFive's avatarGiveFive

Quote: Originally posted by Ronnie316 on Nov 22, 2012

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.

Ronnie316

Quote: Originally posted by GiveFive on Nov 22, 2012

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.......

Original Bey's avatarOriginal Bey

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Like I said.... everyone in "the pool" gets an equal share regardless if their current on "dues" or not.

"Dues or not?"

 

I guess those abled individuals on government assistance  hold to the same philosopphy!

whiteballz's avatarwhiteballz

Forget powerball, I'm playing mega millions instead. I'll settle for a measly 41 million dollars LOL

Ronnie316

Quote: Originally posted by Original Bey on Nov 22, 2012

"Dues or not?"

 

I guess those abled individuals on government assistance  hold to the same philosopphy!

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...What?

Original Bey's avatarOriginal Bey

Quote: Originally posted by Ronnie316 on Nov 22, 2012

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...What?

This is what political psychiatrsits refer to as Election Post Traumatic Stress Syndrome. You are identfiying with the "dictator"! Oogle

conduit

Right on my birthday Hurray!

ryanm

Quote: Originally posted by whiteballz on Nov 22, 2012

Forget powerball, I'm playing mega millions instead. I'll settle for a measly 41 million dollars LOL

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!!

Ronnie316

Quote: Originally posted by conduit on Nov 22, 2012

Right on my birthday Hurray!

Happy Thanksgiving Birthday conduit

Ronnie316

Quote: Originally posted by Original Bey on Nov 22, 2012

This is what political psychiatrsits refer to as Election Post Traumatic Stress Syndrome. You are identfiying with the "dictator"! Oogle

Does this mean I could randomly start taking "dictation" in public...........What?

Ronnie316

Quote: Originally posted by conduit on Nov 22, 2012

Right on my birthday Hurray!

                         

Original Bey's avatarOriginal Bey

Wash down the Xanax with some JD

Ronnie316

Quote: Originally posted by Original Bey on Nov 22, 2012

Wash down the Xanax with some JD

JD and Coke if you dont mind......

Original Bey's avatarOriginal Bey

An increase of 75 million dollars in this recent rollover - impressive. Two more rollovers at we'll be north half a billion!

Ronnie316

Quote: Originally posted by Original Bey on Nov 22, 2012

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.......

Original Bey's avatarOriginal Bey

Quote: Originally posted by Ronnie316 on Nov 22, 2012

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!

Ronnie316

Quote: Originally posted by Original Bey on Nov 22, 2012

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.

Original Bey's avatarOriginal Bey

Quote: Originally posted by Ronnie316 on Nov 22, 2012

I have seen the bill boards in my small town change over night when needed.

 GuitarThat's how we get down, in a Hick Town! Guitar

conduit

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Happy Thanksgiving Birthday conduit

It is actually on the 24th of November Smile

weshar75's avatarweshar75

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

US Flag

Ronnie316

Quote: Originally posted by weshar75 on Nov 22, 2012

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

US Flag

I Agree!  Go for it weshar75

Libra0926

Quote: Originally posted by Cletu$2 on Nov 22, 2012

I could live on 325 million dollars.It would be tough,but I could do it!

Hurray!Lurking

Cletu$2.....I always love UR Posts.......LMAO....2 much for me.....;...)

LottoGuyBC's avatarLottoGuyBC

$325M+ Winner on Saturday November 24th

 

Dance

Libra0926

Quote: Originally posted by weshar75 on Nov 22, 2012

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

US Flag

Lurking 

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.....;...)

Libra0926

Quote: Originally posted by Ronnie316 on Nov 22, 2012

JD and Coke if you dont mind......

PartySmashLurking

OHHHHHH...But U R a "naughty spice"...lovin it......;..)lololololol but I prefer Champagne and Popcorn ...'..)

Brcebrce

Thats a big jump for a Wensday. Its gonna clear $400 million by Saturday.

HoLeeKau's avatarHoLeeKau

I KNEW they'd save the jackpot for me to win on my birthday.  Jester

CAL-LottoPlayer

Quote: Originally posted by THRIFTY on Nov 22, 2012

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

.

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...  Approve

.

bigboy90000

Only 1 hour to Georgia for me might be Georgia's time again,

Erzulieredeyes's avatarErzulieredeyes

New York won't get this one.

This one is coming home to Painesville, Ohio!

Specifically, just for me! ALL MINE! LO L

NearNewBrit

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.

scarchelli's avatarscarchelli

Uhhh, why do you know that? I feel bad for whoever figured that out.

Artist77's avatarArtist77

The next winner will be from the DC area! Time for me to move to Scottsdale AZ and hang out with the posh people.

mcginnin56

Quote: Originally posted by Artist77 on Nov 22, 2012

The next winner will be from the DC area! Time for me to move to Scottsdale AZ and hang out with the posh people.

       LOL          You and Ronnie316 should make a cute couple!   Love

Original Bey's avatarOriginal Bey

Quote: Originally posted by Erzulieredeyes on Nov 22, 2012

New York won't get this one.

This one is coming home to Painesville, Ohio!

Specifically, just for me! ALL MINE! LO L

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

Justwinbaby

Ohio is due for a win and so am I.

Win$500Quick's avatarWin$500Quick

It is time for Florida to hit the jackpot.

mightwin's avatarmightwin

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.

mightwin's avatarmightwin

Lets have michigan win back to back 300+ jackpots..............lol

bigboy90000

Next winner comes ffr Tallapoosa Ga

Factorem's avatarFactorem

Quote: Originally posted by mightwin on Nov 22, 2012

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.

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.

mediabrat's avatarmediabrat

Quote: Originally posted by Brcebrce on Nov 22, 2012

Thats a big jump for a Wensday. Its gonna clear $400 million by Saturday.

Indeed. If this rolls over once more, it will most likely set the Powerball records for both jackpot and cash value.

bigboy90000

Went to Georgia and brought 160 tickets someone has to win this (ME).

Simba774

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.Big Grin Santa

KY Floyd's avatarKY Floyd

Quote: Originally posted by Ronnie316 on Nov 22, 2012

Excellent point,

we live in a world where a "pool member" should NEVER be disenfranchised for not paying their due.

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.

bigboy90000

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.

kyokushin187's avatarkyokushin187

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.

Erzulieredeyes's avatarErzulieredeyes

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!

Uff Da!'s avatarUff Da!

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 . . .

golfer1960's avatargolfer1960

$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!!!!

Atlanta, GA master bath

Artist77's avatarArtist77

I bought a second ticket!

golfer1960's avatargolfer1960

Quote: Originally posted by Artist77 on Nov 23, 2012

I bought a second ticket!

Artist, what is an ND?

Original Bey's avatarOriginal Bey

Quote: Originally posted by Artist77 on Nov 23, 2012

I bought a second ticket!

Shocked

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!

xenia128

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.

LottoGuyBC's avatarLottoGuyBC

Quote: Originally posted by Simba774 on Nov 22, 2012

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.Big Grin Santa

yeppers Hurray!

Saturday is gonna be the day Smash

Cheers

Cletu$2's avatarCletu$2

I wanna win the MegaMillions tonite.Then let someone else win the Powerball tomorrow so they can have all of the media attention!

gocart1's avatargocart1

Quote: Originally posted by golfer1960 on Nov 23, 2012

$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!!!!

Atlanta, GA master bath

Wow..  Very nice house.....good luck ...golfer1960

dallascowboyfan's avatardallascowboyfan

$325 Million sounds good to me.......White Bounce

savagegoose's avatarsavagegoose

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

Jill34786's avatarJill34786

Quote: Originally posted by Uff Da! on Nov 23, 2012

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 . . .

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 Smile

Artist77's avatarArtist77

Quote: Originally posted by golfer1960 on Nov 23, 2012

Artist, what is an ND?

nooooooooooo.....You are killing me golfer. Who is #1 in college Football?

Artist77's avatarArtist77

Quote: Originally posted by Original Bey on Nov 23, 2012

Shocked

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!

lol....300 cents!!! I always aim for that 2nd level prize.

Original Bey's avatarOriginal Bey

Quote: Originally posted by Artist77 on Nov 23, 2012

lol....300 cents!!! I always aim for that 2nd level prize.

An embarrassment of riches!

 

ROFL

alexnt55

Quote: Originally posted by Original Bey on Nov 22, 2012

An increase of 75 million dollars in this recent rollover - impressive. Two more rollovers at we'll be north half a billion!

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.

mcginnin56

Quote: Originally posted by alexnt55 on Nov 23, 2012

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.   Yes Nod

alexnt55

Quote: Originally posted by mcginnin56 on Nov 23, 2012

Sounds like a likely scenario.   Yes Nod

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.

Artist77's avatarArtist77

Quote: Originally posted by mcginnin56 on Nov 23, 2012

Sounds like a likely scenario.   Yes Nod

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.

RedStang's avatarRedStang

Quote: Originally posted by Jill34786 on Nov 23, 2012

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 Smile

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.

Hulk311

By how much do you increase your chances of winning the jackpot by purchasing, say, 100, 160 or 200 tickets over just one?

Original Bey's avatarOriginal Bey

Quote: Originally posted by Hulk311 on Nov 23, 2012

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.

golfer1960's avatargolfer1960

Quote: Originally posted by gocart1 on Nov 23, 2012

Wow..  Very nice house.....good luck ...golfer1960

Thanks gocart, you too. Good luck!

golfer1960's avatargolfer1960

Quote: Originally posted by Hulk311 on Nov 23, 2012

By how much do you increase your chances of winning the jackpot by purchasing, say, 100, 160 or 200 tickets over just one?

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.

good luck

Simba774

Quote: Originally posted by Hulk311 on Nov 23, 2012

By how much do you increase your chances of winning the jackpot by purchasing, say, 100, 160 or 200 tickets over just one?

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.

Brcebrce

Quote: Originally posted by Simba774 on Nov 23, 2012

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.

golfer1960's avatargolfer1960

Just $325M and a little bit of golf. That's all I want!

hot golf

KY Floyd's avatarKY Floyd

Quote: Originally posted by Uff Da! on Nov 23, 2012

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 . . .

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.

KY Floyd's avatarKY Floyd

Quote: Originally posted by Jill34786 on Nov 23, 2012

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 Smile

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.

Simba774

Quote: Originally posted by Brcebrce on Nov 23, 2012

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.

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.

Uff Da!'s avatarUff Da!

Quote: Originally posted by KY Floyd on Nov 24, 2012

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.

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.

Original Bey's avatarOriginal Bey

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!

 

Party

See what I mean - lol!

Ronnie316

Quote: Originally posted by Original Bey on Nov 24, 2012

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!

 

Party

See what I mean - lol!

I Agree! That dance has reached a fever pitch and no winners will emerge tonight.......

Nikkicute's avatarNikkicute

Quote: Originally posted by Original Bey on Nov 24, 2012

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!

 

Party

See what I mean - lol!

What in the world???Green laugh

Ronnie316

Quote: Originally posted by Nikkicute on Nov 24, 2012

What in the world???Green laugh

Green laughIts all true, I'm an eye witness.....

BuyLow's avatarBuyLow

Quote: Originally posted by Original Bey on Nov 24, 2012

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!

 

Party

See what I mean - lol!

Aren't the drawings now conducted in Tallahassee??

Original Bey's avatarOriginal Bey

Quote: Originally posted by BuyLow on Nov 24, 2012

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.

BuyLow's avatarBuyLow

Quote: Originally posted by Original Bey on Nov 24, 2012

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

Original Bey's avatarOriginal Bey

Quote: Originally posted by BuyLow on Nov 24, 2012

I have LONG AGO.....ok......will take your word for it

Thumbs Up

diablo1714

 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.

Original Bey's avatarOriginal Bey

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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?

Cletu$2's avatarCletu$2

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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.

If the prospect of winning 212 million dollars cash doesn't excite you,you must be DEAD!

whiteballz's avatarwhiteballz

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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.

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.

Marconis's avatarMarconis

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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.

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.

zinniagirl's avatarzinniagirl

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!

Uff Da!'s avatarUff Da!

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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.

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.

Cletu$2's avatarCletu$2

Quote: Originally posted by Uff Da! on Nov 24, 2012

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.

steph219121's avatarsteph219121

Come on OHIO it is our time!

krey zee

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. Group Hug

Piaceri

Quote: Originally posted by Uff Da! on Nov 24, 2012

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.

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!!!!!!

 

PartyDancePartyBananaPartyHyperParty     White Bounce

Piaceri

Quote: Originally posted by krey zee on Nov 24, 2012

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. Group Hug

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! See Ya!

krey zee

Quote: Originally posted by Piaceri on Nov 24, 2012

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! See Ya!

It gotta be Texas tonight... Good luck!

Piaceri

Quote: Originally posted by krey zee on Nov 24, 2012

It gotta be Texas tonight... Good luck!

I agree! Texas tonight!  Good luck to you, too! Dance

sandia's avatarsandia

Quote: Originally posted by diablo1714 on Nov 24, 2012

 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.

 "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"

Ronnie316

Quote: Originally posted by sandia on Nov 24, 2012

 "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"

I Agree!

Ronnie316

Very nicely said sandia

Ronnie316

This thread has become sooooo quiet, everyone is holding their breath for the BIG drawing.........

Original Bey's avatarOriginal Bey

Quote: Originally posted by Ronnie316 on Nov 24, 2012

This thread has become sooooo quiet, everyone is holding their breath for the BIG drawing.........

Last minute QP shopping

Ronnie316

Quote: Originally posted by Original Bey on Nov 24, 2012

Last minute QP shopping

I wonder if anyone stands at the vending machine and buys QPs til the machine quits serving?

Ronnie316

naijaman

Forgot to pick up my tickets for tonight's drawing when I was out and about today - I better to get the tickets now.

bigboy90000

Got mine ready to be a millionare

dpoly1's avatardpoly1

Good luck to all! Noel

RedStang's avatarRedStang

Surprised its still 325. Expected it to go up by now. Maybe tommorrow.

Original Bey's avatarOriginal Bey

Quote: Originally posted by RedStang on Nov 24, 2012

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.

bigboy90000

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.

sandia's avatarsandia

Quote: Originally posted by Ronnie316 on Nov 24, 2012

Very nicely said sandia

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!Noel

 

 

    "I said to myself, all is possible if I am in the right place at the right time"

Original Bey's avatarOriginal Bey

Draw Date

Powerball
11/24/2012 22 32 37 44 50 34
sully16's avatarsully16

Quote: Originally posted by Original Bey on Nov 24, 2012

Draw Date

Powerball
11/24/2012 22 32 37 44 50 34

Hubby had the powerball, maybe next time.

fwlawrence's avatarfwlawrence

Quote: Originally posted by Original Bey on Nov 24, 2012

Draw Date

Powerball
11/24/2012 22 32 37 44 50 34

In other words, I didn't get any numbers!

golfer1960's avatargolfer1960

Nope, no numbers (sigh)...

 

sad face

but how come I didn't get any numbers?

savagegoose's avatarsavagegoose

pb only here, another 2 numbers next week

Piaceri

Quote: Originally posted by Original Bey on Nov 24, 2012

Draw Date

Powerball
11/24/2012 22 32 37 44 50 34

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.......

Original Bey's avatarOriginal Bey

Quote: Originally posted by Piaceri on Nov 24, 2012

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.

RedStang's avatarRedStang

I don't get how 1+1 pays the same as 1pb. At least make it $6. Lets see how big it grows now.

Piaceri

It rolled! $425m/$278.3m

 

Parrrrrrtayyyy!!!

 

Party

Original Bey's avatarOriginal Bey

Quote: Originally posted by Piaceri on Nov 25, 2012

It rolled! $425m/$278.3m

 

Parrrrrrtayyyy!!!

 

Party

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!!!

Simba774

I cannot believe it. That sucker rolled over!

mediabrat's avatarmediabrat

Quote: Originally posted by Simba774 on Nov 25, 2012

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.

LottoBoner

Quote: Originally posted by Original Bey on Nov 25, 2012

10k plus members online at this late hour. We're all waiting to see if this is going to ROLLOVER.

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 Conehead to bet online for this mega game is

a conflict of interest and to betEvil on a American voluntary tax as an outsider is unconstitutional.

End of comments
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