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$400 MILLION: Powerball jackpot skyrockets

Topic closed. 259 replies. Last post 3 years ago by mypiemaster.

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mypiemaster's avatar - 2015021003pileofcash
JACKPOT HUNTER

United States
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April 2, 2013
1408 Posts
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Posted: August 4, 2013, 11:45 am - IP Logged

I've always heard that you make enemies, of your friends and relatives, if you win a monster jackpot, and decide to give them money. That they never ever think, that you gave them enough. Should you just give their share to charity, and tell them to just suck it up?

    stunna6036's avatar - Lottery-033.jpg
    chicago,il
    United States
    Member #141327
    April 11, 2013
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    Posted: August 4, 2013, 11:48 am - IP Logged

    Thumbs Down

    It would really suck thou if mega has another jackpot winner before pb...........

      dpoly1's avatar - driver
      PA
      United States
      Member #66141
      October 16, 2008
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      Posted: August 4, 2013, 11:51 am - IP Logged

      Ima gonna win big time ................. If I have the right numbers on Wednesday LOL

      It's good to be 'Green' ........................ with money Jester

      dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

       

      Eschew Poverty ........... Vote Conservative!

        Uff Da!'s avatar - InCelebration 001.jpg
        Washington State
        United States
        Member #33973
        February 26, 2006
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        Posted: August 4, 2013, 11:54 am - IP Logged

        That sounds like a real nice gesture but once you start giving all of them money how will you be able to stop giving them money without going broke or having them hate on you?

        Simple.  At my age, I probably won't have long to worry about it.  Plus, I'll make it clear from the start that the bulk of the money will be going to charity.

          Romancandle's avatar - moon
          Upacreek
          United States
          Member #136306
          December 8, 2012
          428 Posts
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          Posted: August 4, 2013, 12:13 pm - IP Logged

          Wow... it rolled Crazy !!!!

          Will PB finally dethrone MM for the #1 lottery game jackpot of all time on this run???

          Strap yourself in... this could be one heck of a ride this week Guitar

          -RC

            Uff Da!'s avatar - InCelebration 001.jpg
            Washington State
            United States
            Member #33973
            February 26, 2006
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            Posted: August 4, 2013, 12:18 pm - IP Logged

            Yes, that's true! THEY won't pay any taxes, but YOU will have to pay some of the taxes (you can only get a charitable tax deduction on a portion of such a large donation (you cannot deduct more than 30% of your income)--the rest is taxable)

            However, it will be worth it on your part, because you will be doing a selfless, wonderful thing!!! Good for you!!!

            That's only partially true.  There are 30% organizations - and there are 50% organizations.  If you set up your own trust and make all your donations through that trust, yes, the limit is 30%.  But you can donate directly to 50% organizations, in which case your limit is obviously higher.  Many well-known organizations are 50% organizations.  The community foundation located in my county, through which I could create scholarships, support the local library, support the local animal welfare groups, etc., is a 50% organization.  See the IRS website for more details on the taxation of charitable donations.

              mypiemaster's avatar - 2015021003pileofcash
              JACKPOT HUNTER

              United States
              Member #141034
              April 2, 2013
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              Posted: August 4, 2013, 12:42 pm - IP Logged

              That's only partially true.  There are 30% organizations - and there are 50% organizations.  If you set up your own trust and make all your donations through that trust, yes, the limit is 30%.  But you can donate directly to 50% organizations, in which case your limit is obviously higher.  Many well-known organizations are 50% organizations.  The community foundation located in my county, through which I could create scholarships, support the local library, support the local animal welfare groups, etc., is a 50% organization.  See the IRS website for more details on the taxation of charitable donations.

              So 30% orgs. might really get shortchanged, if the general public, are aware of the disparity in the tax implications. Then again, if I  have $400m, Lovies this disparity will only be but a mute point.

                whiteballz's avatar - Lottery-015.jpg
                Nutley, New Jersey
                United States
                Member #131058
                August 1, 2012
                875 Posts
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                Posted: August 4, 2013, 1:46 pm - IP Logged

                So 30% orgs. might really get shortchanged, if the general public, are aware of the disparity in the tax implications. Then again, if I  have $400m, Lovies this disparity will only be but a mute point.

                I think you mean moot point.

                http://grammarist.com/usage/moot-mute/

                In the common phrase moot point, moot means (1) of no importance or (2) merely hypothetical. This is where moot most often gets confused with the adjective mute, which means (1) refraining from making sound or (2) silent.

                Moot also has a verb definition—to bring up for debate—that is almost nonexistent in American English and rare in British English.

                .

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                  Place noon can live
                  United States
                  Member #142735
                  May 18, 2013
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                  Posted: August 4, 2013, 1:52 pm - IP Logged

                  on wednesday jackpot will roll over 600 million, i am going to win. US FlagPartyWhite Bounce

                    Artist77's avatar - batman14

                    United States
                    Member #121745
                    January 16, 2012
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                    Posted: August 4, 2013, 2:00 pm - IP Logged

                    I think you mean moot point.

                    http://grammarist.com/usage/moot-mute/

                    In the common phrase moot point, moot means (1) of no importance or (2) merely hypothetical. This is where moot most often gets confused with the adjective mute, which means (1) refraining from making sound or (2) silent.

                    Moot also has a verb definition—to bring up for debate—that is almost nonexistent in American English and rare in British English.

                    I am always amazed at the number of people who confuse the two terms, even well educated people. I was at a meeting years ago and heard a guy use the word mute and it took me 5 minutes to get what he meant...lol

                    J'aime La France.

                      Uff Da!'s avatar - InCelebration 001.jpg
                      Washington State
                      United States
                      Member #33973
                      February 26, 2006
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                      Posted: August 4, 2013, 2:00 pm - IP Logged

                      So 30% orgs. might really get shortchanged, if the general public, are aware of the disparity in the tax implications. Then again, if I  have $400m, Lovies this disparity will only be but a mute point.

                      The difference between 30% and 50% of the cash value of this jackpot is roughly $46 million. And the taxes on that amount would be roughtly $18 million. I wouldn't call that a moot point.  Who do I think would make the best use of those millions - the federal government or the specific organizations to which I'd choose to donate.  Hmmmmmm, I wonder.

                      Tax considerations, though, should not be the main factor in deciding where to donate IMO.  It all depends upon one's objectives.  In reality, if I had the kind of money we are talking about here, I'd probably end up with a combination of donating through a community foundation, donating directly to specific 50% organizations that didn't meet the rules of the community foundation (e.g. not located specifically in this community), and setting up my own foundation for the rest.

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                        New Jersey
                        United States
                        Member #21206
                        September 4, 2005
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                        Posted: August 4, 2013, 2:14 pm - IP Logged

                        I don't remember ever seeing more than 2 winners for a PB jackpot.

                        It was a joke.

                        I was merely remarking on the fact that whenever a jackpot gets huge, many people make posts indicating that they are going to win it.   If everyone who says they are going to win the jackpot here actually did so, the jackpot would be small.

                          Goteki54's avatar - Lottery-007.jpg
                          Baltimore, MD
                          United States
                          Member #143332
                          May 30, 2013
                          398 Posts
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                          Posted: August 4, 2013, 2:42 pm - IP Logged

                          The only reason why I didn't win the jackpot Saturday Night is because I am not ready to retire yet.Big Smile I might be ready to make an exception Wednesday Night though. I'll think about it.Big Smile

                          Following the trends and patterns means following the money!Banana

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                            WV
                            United States
                            Member #107175
                            March 2, 2011
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                            Posted: August 4, 2013, 2:58 pm - IP Logged

                            Wow... it rolled Crazy !!!!

                            Will PB finally dethrone MM for the #1 lottery game jackpot of all time on this run???

                            Strap yourself in... this could be one heck of a ride this week Guitar

                            Will have to roll Wed and roll agaian Saturday to beat the Mega JP record. Especially the cash value record which was 471 mill when the MM record was set. When the MM record was set the annuity value was 656 mill and the cash value was 471 mill which was almost 72% of the annuity. Right now there saying 400 mill annuity with cash value at 230 mill which is a little under 58% of the annuity. at that rate it would take an annuity of over 800 mill to break the cash record. Need to have 2 rollovers to get to that.

                              Avatar
                              Place noon can live
                              United States
                              Member #142735
                              May 18, 2013
                              46 Posts
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                              Posted: August 4, 2013, 3:44 pm - IP Logged

                              Will have to roll Wed and roll agaian Saturday to beat the Mega JP record. Especially the cash value record which was 471 mill when the MM record was set. When the MM record was set the annuity value was 656 mill and the cash value was 471 mill which was almost 72% of the annuity. Right now there saying 400 mill annuity with cash value at 230 mill which is a little under 58% of the annuity. at that rate it would take an annuity of over 800 mill to break the cash record. Need to have 2 rollovers to get to that.

                               i think i this money enough for me. I am going to win it big.Wink

                                 
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