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Mega Millions, Powerball lottery ticket cross-sales begins today

Topic closed. 60 replies. Last post 7 years ago by Guru101.

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Nino224's avatar - Lottery-013.jpg
Miami
United States
Member #62793
July 9, 2008
673 Posts
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Posted: February 1, 2010, 10:26 pm - IP Logged

I started this site because I wanted to do something I loved.  Why would I close it if I won a jackpot? 

I might have to run it from an island though... Big Grin  (Just gotta make sure it has a fast Internet connection!)

God man!

"...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

    Guru101's avatar - rw6jhh
    Indiana
    United States
    Member #48725
    January 7, 2007
    1954 Posts
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    Posted: February 1, 2010, 10:56 pm - IP Logged

    I'm gonna win Powerball Wednesday! Woohoo! I can't wait!Big Grin

    Gonna win.Big Smile

      dpoly1's avatar - driver
      PA
      United States
      Member #66141
      October 16, 2008
      1672 Posts
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      Posted: February 1, 2010, 11:29 pm - IP Logged

      I'm gonna win Powerball Wednesday! Woohoo! I can't wait!Big Grin

      Sorry, I think it is my turn !

      I hope all of the winners need it as much as I do .... but that is really none of my business !

      My only hobby is playing PB ... and now MM ...

      I only spend  $1 ... so good luck to all !

       

      Cool

        Nino224's avatar - Lottery-013.jpg
        Miami
        United States
        Member #62793
        July 9, 2008
        673 Posts
        Offline
        Posted: February 1, 2010, 11:30 pm - IP Logged

        God man!

        I meant "GOOD man!"

        "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

          Bagent's avatar - avatar 10424.gif
          Vancouver, WA
          United States
          Member #53665
          July 15, 2007
          151 Posts
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          Posted: February 2, 2010, 2:06 am - IP Logged

          Well, I got the answer to my question this evening on how will the state know where the ticket was bought.  I bought my first Powerball ticket in Washington this evening and right there at the top was the words - "Washington Lottery"  I guess that takes all the guesswork out of the equation.  HAHA

            wizeguy's avatar - animaniacs04

            United States
            Member #15143
            May 10, 2005
            414 Posts
            Offline
            Posted: February 2, 2010, 3:24 am - IP Logged

            I started this site because I wanted to do something I loved.  Why would I close it if I won a jackpot? 

            I might have to run it from an island though... Big Grin  (Just gotta make sure it has a fast Internet connection!)

            Good luck Todd! I look forward to the annual Lottery Post bbq for jackpot winners on your island Party

              maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
              Massachusetts
              United States
              Member #37433
              April 14, 2006
              2747 Posts
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              Posted: February 2, 2010, 3:53 pm - IP Logged

              It felt unreal asking for a powerball ticket just blocks away from my home.

               I asked the guy for a powerball ticket with powerplay and the guy printed

              out one without powerplay. So me being the easy going guy just said it was

               ok and to just give me another ticket obviously without powerplay. We'll see

              how it goes, won't we?Wink

                Avatar

                United States
                Member #26330
                November 16, 2005
                330 Posts
                Offline
                Posted: February 2, 2010, 3:57 pm - IP Logged

                I started this site because I wanted to do something I loved.  Why would I close it if I won a jackpot? 

                I might have to run it from an island though... Big Grin  (Just gotta make sure it has a fast Internet connection!)

                Doesn't sound like a bad life...LOL    Get up to sun..sand...gorgeous women........grab your laptop go out to the beach or pool to sunbathe.    Get a tropical drink and log on to LP to see whats going on.....Maybe a nice LP Webcam to see what's going on..... Sounds like a pretty nice dream CHEERS!! Cheers       Might have to put it on hold I think this jackpot has my name on it!!   LMAO!Jester

                  Avatar
                  Any town, USA
                  United States
                  Member #46729
                  September 25, 2006
                  112 Posts
                  Offline
                  Posted: February 2, 2010, 4:00 pm - IP Logged

                  It felt unreal asking for a powerball ticket just blocks away from my home.

                   I asked the guy for a powerball ticket with powerplay and the guy printed

                  out one without powerplay. So me being the easy going guy just said it was

                   ok and to just give me another ticket obviously without powerplay. We'll see

                  how it goes, won't we?Wink

                  The same thing happened to me today.  I asked for one Powerball ticket with powerplay, she gave me one WITHOUT powerplay, and then asked me if I wanted a Sweet Millions ticket? Blue Thinking  I just ended up taking the ticket.  

                   

                  I am debating if I should use a playslip to play the same numbers, or just get a new ticket, using a playslip of course, with powerplay?

                    Avatar
                    New Member

                    United States
                    Member #86320
                    February 2, 2010
                    4 Posts
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                    Posted: February 2, 2010, 5:08 pm - IP Logged

                    I have a strange, well for me it is, question.  Since Washington has just started allowing Powerball which has been only available in Oregon, how will the states be able to tell where there tickets were purchased?  Oregon has 8% tax while Washington has no tax.  I see a lot of folks rushing off to Washington who normally buy in Oregon to try and bypass the taxes.  Does anyone have opinion/insight about this?

                    You pay state tax to your resident state minus the state tax where you won. For example, if you won in Washington with a 0% rate, and you are a resident of Oregon, you'd have to pay 8% to Oregon. If you won in Maryland (7.5% state and local tax for non-resident), you'd pay 7.5% to Maryland and 0.5% to Oregon. People who cross the border to avoid taxes aren't informed.

                    I built a complete financial model and related analysis for Mega Millions and Powerball jackpots, complete with variance analysis and yearly income based on risk levels of assets. You don't need a money manager if you know a little about stocks and bonds (I'm a finance MBA, so the first thing I'd recommend a winner to do is go back to school and learn about finance, or just ask a guy like me). You can pretty much assure yourself a 5% yield on a low risk portfolio. However you would be subject to state and local tax because a Municipal Portfolio at this size would be too large to have in one state, even California. Municipal Portfolio interest is shielded from Federal Tax (with few exceptions) and State/Local Tax if the Municipal Bond is owned in the same state as residency. Just some intro to Lottery Winning Investments for those of you who win big.

                    Also, despite what USAMega may have on their analysis, you will always pay the top tax bracket on winnings over $500,000. 25% is the initial withholding required by law, in the event you'll donate all but $250,000 to charity. Currently, the top tax bracket is 35%, so win this year, because 2011 tax is estimated to be 39.6%.

                    Annuities are Worthless. Always take the Cash.

                      Todd's avatar - Cylon 2.gif
                      Chief Bottle Washer
                      New Jersey
                      United States
                      Member #1
                      May 31, 2000
                      23273 Posts
                      Online
                      Posted: February 2, 2010, 5:11 pm - IP Logged

                      You pay state tax to your resident state minus the state tax where you won. For example, if you won in Washington with a 0% rate, and you are a resident of Oregon, you'd have to pay 8% to Oregon. If you won in Maryland (7.5% state and local tax for non-resident), you'd pay 7.5% to Maryland and 0.5% to Oregon. People who cross the border to avoid taxes aren't informed.

                      I built a complete financial model and related analysis for Mega Millions and Powerball jackpots, complete with variance analysis and yearly income based on risk levels of assets. You don't need a money manager if you know a little about stocks and bonds (I'm a finance MBA, so the first thing I'd recommend a winner to do is go back to school and learn about finance, or just ask a guy like me). You can pretty much assure yourself a 5% yield on a low risk portfolio. However you would be subject to state and local tax because a Municipal Portfolio at this size would be too large to have in one state, even California. Municipal Portfolio interest is shielded from Federal Tax (with few exceptions) and State/Local Tax if the Municipal Bond is owned in the same state as residency. Just some intro to Lottery Winning Investments for those of you who win big.

                      Also, despite what USAMega may have on their analysis, you will always pay the top tax bracket on winnings over $500,000. 25% is the initial withholding required by law, in the event you'll donate all but $250,000 to charity. Currently, the top tax bracket is 35%, so win this year, because 2011 tax is estimated to be 39.6%.

                      Annuities are Worthless. Always take the Cash.

                      You obviously have a strong opinion.  You are not correct about always paying the top rate on anything over $500,000.  Flat wrong.  Maybe YOU would, but not everyone.

                      Annuities are not worthless.  That is your opinion.  As Chuck Strutt has said before, you MIGHT be able to get the kind of return that Powerball can give in you in their annuity, but probably not.

                       

                      Check the State Lottery Report Card
                      What grade did your lottery earn?

                       

                      Sign the Petition for True Lottery Drawings
                      Help eliminate computerized drawings!

                        mookyb75's avatar - animaniacs41
                        nashville nc
                        United States
                        Member #81934
                        November 2, 2009
                        657 Posts
                        Offline
                        Posted: February 2, 2010, 5:15 pm - IP Logged

                        mookyb75 winner from nc wins first mega million 12 million dollars i hope this is true lol....

                         Rainbow 

                        My mind on my $$$$
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         

                          Avatar
                          New Member

                          United States
                          Member #86320
                          February 2, 2010
                          4 Posts
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                          Posted: February 2, 2010, 5:26 pm - IP Logged

                          How would it not be true? Unless you gave it all away, your income is officially over the top tax bracket. You can't get below ~$356k which is the cutoff for 35% in any state and local tax, even SF or NYC. Unless you have extraordinary deductions like some house you're paying out the ass in real estate taxes, itemized deductions can hardly get you there. Even so, for people who win the minimum jackpot (Mega Millions $7M cash option), I doubt you can pull off enough deductions to get your AGI below ~$356k.

                          So I guess I can rephrase and say if you win the jackpot, you might as well plan to pay at the top tax bracket. I hardly see any scenario where you could avoid that (without pulling a Geithner)

                            Avatar
                            Any town, USA
                            United States
                            Member #46729
                            September 25, 2006
                            112 Posts
                            Offline
                            Posted: February 2, 2010, 5:30 pm - IP Logged

                            How would it not be true? Unless you gave it all away, your income is officially over the top tax bracket. You can't get below ~$356k which is the cutoff for 35% in any state and local tax, even SF or NYC. Unless you have extraordinary deductions like some house you're paying out the ass in real estate taxes, itemized deductions can hardly get you there. Even so, for people who win the minimum jackpot (Mega Millions $7M cash option), I doubt you can pull off enough deductions to get your AGI below ~$356k.

                            So I guess I can rephrase and say if you win the jackpot, you might as well plan to pay at the top tax bracket. I hardly see any scenario where you could avoid that (without pulling a Geithner)

                             I Agree!

                              Guru101's avatar - rw6jhh
                              Indiana
                              United States
                              Member #48725
                              January 7, 2007
                              1954 Posts
                              Offline
                              Posted: February 2, 2010, 5:36 pm - IP Logged

                              Powerball's jackpot has been updated to $115,000,000! I told you! Hahahaha! Thanks for your dollar everyone! I'm gonna win! Yeehaw!Dance

                              Gonna win.Big Smile