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Powerball lottery jackpot storms back to $203 million

Topic closed. 35 replies. Last post 3 years ago by jamella724.

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Jill34786's avatar - Lottery-006.jpg
Windermere, FL/Franklin, TN
United States
Member #50210
March 1, 2007
843 Posts
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Posted: September 6, 2013, 3:13 pm - IP Logged

I enjoy reading some of the posts on this webiste and I finally decided to join.  I live on the East Coast and I just wanted to say "Hi" to all the members of the Lottery Post.  Maybe it is just me, but am I the only one that finds it weird that the Powerball jackpot is $203 million but the take home is only $86 million. A blessing is a blessing but that doesn't seem fair.  I really wish Mega Millions had this jackpot, at least, it would probably be almost half of the $203 million.

Welcome to LP islandgirl5! The take home pay of $86 million is what the winner would initially receive after 25% in Federal taxes are withheld. The "true" net amount after the balance of the Federal taxes are paid is under $70 million and that is only if the winning ticket was purchased in a state that doesn't charge a state income tax. In many states the true net payout after all taxes are paid is under $60 million...that is a far cry from the $203 million that is plastered on their signs and billboards.

It would be nice if the US would advertise a true jackpot which would be paid out in full and not based on a 30 year annuity. Many other countries pay out the entire advertised jackpot and don't even take out any taxes! Unfortunately our Government feels they are entitled to a large chunk of your windfall so that they can waste it  on anything they feel is appropriate.

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

    Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
    SW Florida
    United States
    Member #145673
    August 11, 2013
    152 Posts
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    Posted: September 6, 2013, 4:28 pm - IP Logged

    Welcome to LP islandgirl5! The take home pay of $86 million is what the winner would initially receive after 25% in Federal taxes are withheld. The "true" net amount after the balance of the Federal taxes are paid is under $70 million and that is only if the winning ticket was purchased in a state that doesn't charge a state income tax. In many states the true net payout after all taxes are paid is under $60 million...that is a far cry from the $203 million that is plastered on their signs and billboards.

    It would be nice if the US would advertise a true jackpot which would be paid out in full and not based on a 30 year annuity. Many other countries pay out the entire advertised jackpot and don't even take out any taxes! Unfortunately our Government feels they are entitled to a large chunk of your windfall so that they can waste it  on anything they feel is appropriate.

    Yes, I wish the true jackpot was advertised too. I'm originally from Australia and lived in Canada as well, where the jackpot advertised, is the jackpot, no funny stuff.  I've read that the vast majority here take the cash lump sum anyway so they're targetting a very small segment of lottery consumers which makes little sense. They should advertise the real, current value, and throw in an extra line about "oh, and if you decide to take the annuity your prize will be $!$!$!!!"

    Anyone I talk to about the lottery jackpot always ask "how much is it really?". We all want to know how much we should dream about Big Smile

      megan81's avatar - 1348597904
      NJ
      United States
      Member #133269
      September 25, 2012
      47 Posts
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      Posted: September 7, 2013, 10:45 am - IP Logged

      I enjoy reading some of the posts on this webiste and I finally decided to join.  I live on the East Coast and I just wanted to say "Hi" to all the members of the Lottery Post.  Maybe it is just me, but am I the only one that finds it weird that the Powerball jackpot is $203 million but the take home is only $86 million. A blessing is a blessing but that doesn't seem fair.  I really wish Mega Millions had this jackpot, at least, it would probably be almost half of the $203 million.

      Welcome to the conversations, Islandgirl5.

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        United States
        Member #135804
        November 29, 2012
        316 Posts
        Offline
        Posted: September 8, 2013, 12:29 am - IP Logged

        People that don't believe in hot numbers... #2 for 3 straight drawings, 26 & 45 for 2 straight! All you had to do was play these!

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          United States
          Member #138675
          February 3, 2013
          48 Posts
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          Posted: September 8, 2013, 1:03 am - IP Logged

          Welcome to the conversations, Islandgirl5.

          $203m is old news. Now the Jackpot is $245m. From what the MUSL told me via e-mail is that after October 21,the Mega will be difficult to win in anticipation that the Jackpots will swell. Still I play more Mega than Powerball because of the $1-$2 differential.

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            Texas
            United States
            Member #132455
            September 4, 2012
            483 Posts
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            Posted: September 24, 2013, 7:19 am - IP Logged

            This is huge prize! I need to play smart, I guess I need to check other startegies that will work. I'm glad the lottery software is helping me with my game. I will have my jackpot prize soon!