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$300 MILLION: Massive Powerball jackpot fuels New Year's dreams

Topic closed. 87 replies. Last post 11 months ago by RedStang.

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ThatScaryChick's avatar - x1MqPuM
Idaho
United States
Member #56506
November 21, 2007
6537 Posts
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Posted: December 30, 2015, 12:17 pm - IP Logged

For a $40M jackpot that might be true but for a chance to win $300M+ I don't mind spending $2.

I Agree! I bought 2 lines this morning just to be in it. Won't be spending more than that though.

"No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

    MaximumMillions's avatar - Lottery-013.jpg

    Germany
    Member #164603
    March 8, 2015
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    Posted: December 30, 2015, 1:55 pm - IP Logged

    For a $40M jackpot that might be true but for a chance to win $300M+ I don't mind spending $2.

    I still don't understand why people wouldn't part with 2$ a drawing to have a chance at 40M$, sure the odds aren't good, but what's the value of 2$? 2 cheeseburgers.

      RJOh's avatar - chipmunk
      mid-Ohio
      United States
      Member #9
      March 24, 2001
      19817 Posts
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      Posted: December 30, 2015, 2:37 pm - IP Logged

      I still don't understand why people wouldn't part with 2$ a drawing to have a chance at 40M$, sure the odds aren't good, but what's the value of 2$? 2 cheeseburgers.

      At $40M, there's a lot more and better competition for that $2.

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        MaximumMillions's avatar - Lottery-013.jpg

        Germany
        Member #164603
        March 8, 2015
        604 Posts
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        Posted: December 30, 2015, 4:35 pm - IP Logged

        At $40M, there's a lot more and better competition for that $2.

        Calis SuperLotto maybe, but what other games give tens of millions of $$$ for 2$?

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
          Member #9
          March 24, 2001
          19817 Posts
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          Posted: December 30, 2015, 5:56 pm - IP Logged

          Calis SuperLotto maybe, but what other games give tens of millions of $$$ for 2$?

          Most states lotteries have jackpots of $10-$20M with odds of 1:16M or better.  Ohio has Classic Lotto(6/49) with a jackpot of $17M for $1 and Lucky for Life(5/48+1/18) with a jackpot of $1000 a day for life for $2.

          Like you, there are those who wonders why others wouldn't spend a dollar for a 1:1000 chance to win $500 with a pick3 ticket.

           * you don't need to buy more tickets, just buy a winning ticket * 
             
                       Evil Looking       

            Teddi's avatar - Lottery-008.jpg

            United States
            Member #142499
            May 13, 2013
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            Posted: December 30, 2015, 6:40 pm - IP Logged

            If you win the Powerball drawing on December 30th the taxes will be due on April 2017 not April 2016 because even if you went to lottery HQ to claim your prize on Thursday December 31, 2015 you will not get your lottery money until 2016.

            Is this a fact? Wasn't sure if they went by claim date or payment date. Going by payment date in the age of electronic banking makes sense, but with the IRS, I never want to make an educated guess and go with the sensible route because that might not be the way they see it. 

            But if the tax really won't be due until 2017, that would be awesome. Talk about a double blessing. A big jackpot win and a 16 month breather before the rest of the taxes are due. Let a chunk earn interest just to help pay down that bill. Triple blessing!

            Wouldn't you come out ahead of someone if they won the same amount in the middle of the year?

            I might wake up early and go running.  I might also wake up and win the lottery.

            The odds are about the same.

              music*'s avatar - nw bookeep.jpg
              Happy California
              United States
              Member #157856
              August 2, 2014
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              Posted: December 30, 2015, 6:48 pm - IP Logged

              May I please add the two-word phrase, "Quarterly payments". It will be best to afford an expert like a Certified Public Accountant "CPA" when dealing with large sums of money & the IRS.

               I do my best when reading anything online to take it all with a grain of salt.

               A lottery winner will have expenses that I cannot even imagine. Winning will be a culture shock.

               I've been rich and I've been poor. Believe me, rich is better. 

               Attributed to Joe E. Lewis and others

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                Maryland
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                January 2, 2015
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                Posted: December 30, 2015, 7:18 pm - IP Logged

                Wonder if the jackpot will grow to more than 300 mil?

                  mikeintexas's avatar - tx avatar-1.gif
                  Texas Panhandle
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                  December 20, 2012
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                  Posted: December 30, 2015, 8:39 pm - IP Logged

                  If you win the Powerball drawing on December 30th the taxes will be due on April 2017 not April 2016 because even if you went to lottery HQ to claim your prize on Thursday December 31, 2015 you will not get your lottery money until 2016.

                  I disagree.  Say the pay period on your job ended on Dec. 30 and they kept you a few days or a week (or more) behind before issuing your paycheck as do many companies - the salary earned was in 2015 and would be included in your return due by April 18th*.  Now, while I'm fairly certain I'm right, I'm not positive... which is why you should consult a qualified and reputable financial expert before claiming. That said,  I'd be willing to bet a JP would be just like any other income**, counted when you "earn" it, not when you get it.

                  *Yes,  April 18th, not the 15th as is usually the case.  Emancipation Day, a federal holiday, falls on the 16th next yr., which is a Saturday, but since it's on a weekend, the fed. govt. is "celebrating" (read:  shutting down fed. offices, including the IRS) the holiday on Friday.  We have three extra days this year to get our tax returns postmarked and I think in 2017 we'll still get a couple days more, due by April 17.

                  ** I don't understand why jackpots are taxed as ordinary income .  (How is a win of several hundred million classified as "ordinary"?) Any large win^ + your regular income is taxed at the highest rate of 39.6%. (^over $415k+ for single filers)   It would be nice for a win to be tax-free, but barring that, it should be taxed along the lines of some flat rate (10% would be more than fair) or even like capital gains, the highest rate which is 20% for top tax bracket filers.  I'd write my representative, but....


                  A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                   - George Orwell

                    music*'s avatar - nw bookeep.jpg
                    Happy California
                    United States
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                    August 2, 2014
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                    Posted: December 30, 2015, 8:45 pm - IP Logged

                    The Lottery aims for a billion dollar jackpot. It is the players responsibility to win a $300 mil jackpot and spoil their dreams. Then fulfill your dreams.

                     Tonight's official jackpot will be for more than $300mil. If it rolls then watch out for the national press to report this news. That is when it really gains momentum and grows like a weed. Uncontrollable. 

                    Good Luck everybody!!Party

                     I've been rich and I've been poor. Believe me, rich is better. 

                     Attributed to Joe E. Lewis and others

                      LottoMetro's avatar - Lottery-024.jpg
                      Happyland
                      United States
                      Member #146344
                      September 1, 2013
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                      Posted: December 30, 2015, 8:56 pm - IP Logged

                      Tonight's jackpot will barely be more than $300M. The lottery set the advertised jackpot based on projected sales, and last estimates put actual sales for tonight's draw at or slightly below the original projections. If the jackpot rolls it will start at $334M annuity.

                      Assuming no winners, I anticipate it will take about 5-6 weeks to reach the big B.

                      If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                      If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                      2016: -48.28% (13 tickets) ||
                      P&L % = Total Win($)/Total Wager($) - 1

                        realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

                        United States
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                        February 27, 2011
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                        Posted: December 30, 2015, 8:57 pm - IP Logged

                        I disagree.  Say the pay period on your job ended on Dec. 30 and they kept you a few days or a week (or more) behind before issuing your paycheck as do many companies - the salary earned was in 2015 and would be included in your return due by April 18th*.  Now, while I'm fairly certain I'm right, I'm not positive... which is why you should consult a qualified and reputable financial expert before claiming. That said,  I'd be willing to bet a JP would be just like any other income**, counted when you "earn" it, not when you get it.

                        *Yes,  April 18th, not the 15th as is usually the case.  Emancipation Day, a federal holiday, falls on the 16th next yr., which is a Saturday, but since it's on a weekend, the fed. govt. is "celebrating" (read:  shutting down fed. offices, including the IRS) the holiday on Friday.  We have three extra days this year to get our tax returns postmarked and I think in 2017 we'll still get a couple days more, due by April 17.

                        ** I don't understand why jackpots are taxed as ordinary income .  (How is a win of several hundred million classified as "ordinary"?) Any large win^ + your regular income is taxed at the highest rate of 39.6%. (^over $415k+ for single filers)   It would be nice for a win to be tax-free, but barring that, it should be taxed along the lines of some flat rate (10% would be more than fair) or even like capital gains, the highest rate which is 20% for top tax bracket filers.  I'd write my representative, but....

                        Mikeintexas, If I am thinking correctly, and there is not a guarantee that I am, you are referring to constructive receipt.  Feasibly that would occur at the point the ticket becomes a winning ticket and you would be correct.  However, for constructive receipt to be valid the money needs to have been available for use (access to the money).  Since the lottery disclosures it takes two weeks to receive each states portion to pay the winning claim, it seems constructive receipt would be at the point the money is actually able to be claimed (two weeks after the draw) and not upon the draw date itself.  As such, the tax due would then be the 2017 date.  Just something to ponder of how one day can make a difference.

                          I'm feeling a jackpot win coming my way!

                          mikeintexas's avatar - tx avatar-1.gif
                          Texas Panhandle
                          United States
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                          December 20, 2012
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                          Posted: December 30, 2015, 9:05 pm - IP Logged

                          I remember reading something about that, but it was written by a lawyer and made my eyes glaze over.  As I recall, it had something to do with electing for cash value or the annuity.  Since here in Texas we have to opt for either method when we buy our tickets and cannot change when claiming, I didn't even try to make sense of it.    As you say, one day can make a difference and as I said, winners definitely need to get qualified financial advice before claiming.

                            Groppo's avatar - cat anm.gif

                            United States
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                            January 7, 2015
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                            Posted: December 30, 2015, 9:50 pm - IP Logged

                            If the Powerball Lottery Jackpot is hit this Wednesday. I hope it more than one jackpot winner. Let a few people start 2016 off with a bang.

                            No.

                            Please, just let it be one honest person who will do good things with it, and re-instate confidence in the human race.

                            For instance, should I be the sole winner, I will make contributions totalling to about 3 million  (yes, if I win the 185 million after taxes)

                            .75 (x 2) million to childrens' hospitals, and then some to the Gaylon twins, who were joined at the chest at birth. Those twins, still living, are about 58 years old. Imagine dealing with that.  I believe they live with a sibling, at their Ohio home.

                            I don't wish to "poo-poo" on what people, especially tonight's winner has planned for the loot.  So, whoever wins it, wins it.

                            But, if you are the sole winner, and you happen to be reading this post-reply, please cut me in for .4 (< half a million) million. OK? Honestly, it would be just for me. Please, that's all I'll ever want from a lotto.   Then, I can get a modest little home, and live there, with a cat or two. Thanking you in advance.

                            Mr. Groppo

                            (boy, I sound like a real sap, don't I?)

                              Groppo's avatar - cat anm.gif

                              United States
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                              January 7, 2015
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                              Posted: December 30, 2015, 9:59 pm - IP Logged

                              Please tell me where else you can buy something for set $2 dollars and return get $184,200,000. Dont worry ill wait. Its got to be hit by someone sometime. If you dont buy ticket you are guanteed to lose 100% of time. Ill gladly spend venting machine money to win millions. There are $20,$30, and $50 scratch offs that dont even sniff that kind of money.

                              Yes, I agree. And I only want a little part of it.
                              So, I know, like you said, eventually someone will hit it. And to that person, I ask for just a fraction.

                              Yes, I know that if that happens, they may be swamped, but gee,  I've been playing for so doggone long.