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$350 MILLION: Powerball lottery jackpot soars

Topic closed. 77 replies. Last post 4 years ago by Jill34786.

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Teddi's avatar - Lottery-008.jpg

United States
Member #142499
May 13, 2013
1183 Posts
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Posted: May 15, 2013, 12:20 am - IP Logged

Actually if you want to end up with a net payout of $350M you most likely need to hit a billion dollar jackpot.  A $350 million jackpot will net you roughly $130 million after all tax obligations are finalized. The 25% Federal tax initially withheld is just the beginning...you will owe PLENTY more by April, 2014

No. I meant $350 - $500 JP, not the payout. I'm aware that after the total 39.6% federal tax and 5, 6, 7% state tax, $350 would really be $120 or so, give or take. Even on a billion dollar JP, you'd only end up (*laughs* ONLY) end up with maybe $350 after the cash payout and taxes. But Joe Schmoe won't look at you as a multimillionaire. He'd look at you as a billionaire, and that change from an "m" to a "b" will make people do crazy things. 

Do you know how many comments I've read on news articles about Oprah or Bill Gates where people actually eschew virulent hatred that any one person can be a billionaire? I've actually seen this phrase over and over "it's a sin to be that rich" or "no one needs that much money" and those are the tame comments. No matter how much money these people give away, it's never enough for them. Why is Oprah helping those girls in Africa? there are poor people here. Why is Gates donating so much to science, doesn't he know people have no homes? Who cares about the rainforest when children are hungry?

Now worse, you've gotten that money from dumb luck, at least Gates earned his wealth and they hate you for being the one to win it instead of them. Why was it you and not them? I believe that way of thinking + that amount of money will cause unhinged and jealous people to try something crazy. Lottery winners have been murdered before, and recently, for a whole lot less than that.

    Teddi's avatar - Lottery-008.jpg

    United States
    Member #142499
    May 13, 2013
    1183 Posts
    Offline
    Posted: May 15, 2013, 12:34 am - IP Logged

    Unfortunately, no.  I did some research on this, including writing a couple of letters.

    It seemed to me also, that if the games are multi-state, you should be able to buy your ticket anywhere, then cash it in anywhere.  Nope.  Apparently, the states have different computer systems that do not talk to each other.  You have to claim in the same state that you bought the ticket in.

    Oh darn, that seems so unfair and needlessly aggravating if the contest is played in those states. I wonder why they do it like that. Has to be a reason, but I am not seeing it. They're still going to get their taxes regardless.

    Anyway, thanks for answering. I appreciate it.

      Jill34786's avatar - Lottery-006.jpg
      Windermere, FL/Franklin, TN
      United States
      Member #50210
      March 1, 2007
      843 Posts
      Offline
      Posted: May 15, 2013, 11:06 am - IP Logged

      No. I meant $350 - $500 JP, not the payout. I'm aware that after the total 39.6% federal tax and 5, 6, 7% state tax, $350 would really be $120 or so, give or take. Even on a billion dollar JP, you'd only end up (*laughs* ONLY) end up with maybe $350 after the cash payout and taxes. But Joe Schmoe won't look at you as a multimillionaire. He'd look at you as a billionaire, and that change from an "m" to a "b" will make people do crazy things. 

      Do you know how many comments I've read on news articles about Oprah or Bill Gates where people actually eschew virulent hatred that any one person can be a billionaire? I've actually seen this phrase over and over "it's a sin to be that rich" or "no one needs that much money" and those are the tame comments. No matter how much money these people give away, it's never enough for them. Why is Oprah helping those girls in Africa? there are poor people here. Why is Gates donating so much to science, doesn't he know people have no homes? Who cares about the rainforest when children are hungry?

      Now worse, you've gotten that money from dumb luck, at least Gates earned his wealth and they hate you for being the one to win it instead of them. Why was it you and not them? I believe that way of thinking + that amount of money will cause unhinged and jealous people to try something crazy. Lottery winners have been murdered before, and recently, for a whole lot less than that.

      Sadly a large number of the population will feel entitled to a portion of the grand prize. Their main reason is that the winner(s) got lucky and didn't earn it. Many horrible events have stricken past lottery winners but unfortunately that is the world we all live in.