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$325 MILLION: Powerball lottery jackpot goes through the roof

Topic closed. 161 replies. Last post 2 years ago by LottoBoner.

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gocart1's avatar - lighthouse
da bronx,city island,n.y.
United States
Member #30516
January 17, 2006
333 Posts
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Posted: November 23, 2012, 1:47 pm - IP Logged

$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 avatar - tiana the-princess-and-the-frog.jpg
    Oklahoma
    United States
    Member #82391
    November 12, 2009
    5273 Posts
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    Posted: November 23, 2012, 2:01 pm - IP Logged

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

    I Love Pink & Green 1908

      savagegoose's avatar - ProfilePho
      adelaide sa
      Australia
      Member #37136
      April 11, 2006
      2790 Posts
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      Posted: November 23, 2012, 4:06 pm - IP Logged

      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

      2014 winnings

      JAN -$48.50;  FEB  -$77.5; MAR -$18.05;  APR -$96.05 MAY -$61.10; JUN $-85; JUL $-88.9;AUG -$144.10

      yearly grand totalspent = 938.05won= 318.8-$619.25


        Avatar
        Windermere, FL/Franklin, TN
        United States
        Member #50210
        March 1, 2007
        839 Posts
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        Posted: November 23, 2012, 5:45 pm - IP Logged

        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 avatar - batman14

          United States
          Member #121750
          January 16, 2012
          3216 Posts
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          Posted: November 23, 2012, 6:48 pm - IP Logged

          Artist, what is an ND?

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

          Just as the bird sings or the butterfly soars,

          because it is his natural characteristic,

          so the artist works.

          by Alma  Gluck

            Artist77's avatar - batman14

            United States
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            January 16, 2012
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            Posted: November 23, 2012, 6:49 pm - IP Logged

            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.

            Just as the bird sings or the butterfly soars,

            because it is his natural characteristic,

            so the artist works.

            by Alma  Gluck

              Original Bey's avatar - Lottery-022.jpg

              Bahamas
              Member #133467
              September 30, 2012
              5462 Posts
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              Posted: November 23, 2012, 7:07 pm - IP Logged

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

              An embarrassment of riches!

               

              ROFL

              "Everything works  ONCE!"

                Avatar
                WV
                United States
                Member #107179
                March 2, 2011
                68 Posts
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                Posted: November 23, 2012, 7:10 pm - IP Logged

                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.


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                  May 25, 2011
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                  Posted: November 23, 2012, 7:15 pm - IP Logged

                  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

                    Avatar
                    WV
                    United States
                    Member #107179
                    March 2, 2011
                    68 Posts
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                    Posted: November 23, 2012, 7:33 pm - IP Logged

                    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 avatar - batman14

                      United States
                      Member #121750
                      January 16, 2012
                      3216 Posts
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                      Posted: November 23, 2012, 7:35 pm - IP Logged

                      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.

                      Just as the bird sings or the butterfly soars,

                      because it is his natural characteristic,

                      so the artist works.

                      by Alma  Gluck

                        RedStang's avatar - 55CHEVYCustom zpsff17f2e3.jpg
                        Dutchess , NY
                        United States
                        Member #121966
                        January 21, 2012
                        2588 Posts
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                        Posted: November 23, 2012, 7:39 pm - IP Logged

                        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.

                          Avatar

                          United States
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                          September 9, 2012
                          49 Posts
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                          Posted: November 23, 2012, 8:51 pm - IP Logged

                          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 avatar - Lottery-022.jpg

                            Bahamas
                            Member #133467
                            September 30, 2012
                            5462 Posts
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                            Posted: November 23, 2012, 9:05 pm - IP Logged

                            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.

                            "Everything works  ONCE!"

                              golfer1960's avatar - images q=tbn:ANd9GcRrT_aqD1AR0JipFSPNrYwpV7HY4uVoKxOgcUYLzZ3SEdif
                              Eatontown, NJ
                              United States
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                              November 29, 2011
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                              Posted: November 23, 2012, 10:19 pm - IP Logged

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

                              Thanks gocart, you too. Good luck!

                                 
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