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$800 MILLION: Powerball lottery jackpot approaches billion-dollar range

Topic closed. 196 replies. Last post 11 months ago by Dd2160.

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JAMORA's avatar - ladyclover
NC
United States
Member #164399
February 28, 2015
1939 Posts
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Posted: January 9, 2016, 2:39 am - IP Logged

Okay, thanks. That's about what I'd expect.

Spoke to a cashier at my supermarket today and she told me she was scheduled to have tomorrow off but they asked her to come in so they could have one person dedicated to doing lottery tickets and nothing else. Even if we're still at 64% there's going to be a mad rush tomorrow, and all those people who need to drive to other states to buy tickets will also make their trips tomorrow. It's going to be highly unlikely it will rollover again. All that's left is to see another bump. 

Mega Millions got reset, so there will be nothing holding people back from spending on this jackpot. Two resets in one weekend is going to suck after all this hype. Real lottery fatigue after this.

I got the same from our local clerks....dedicated lottery lines....meh...I got my 5....if i's my turn, so be it!

"Don't waste time, it's the stuff life's made of..."

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    United States
    Member #122691
    February 6, 2012
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    Posted: January 9, 2016, 3:43 am - IP Logged

    Do you think that you'd have to live in a state for a year before they want you to start paying the state income tax?

    The rules vary from state to state, but in general if you legitimately, and permanently, move out of one state and into another you become a resident of the new state for tax purposes. If the state you used to live in thinks they can collect a lot of income tax from you they may argue that you haven't really moved and are still a resident of that state.  Even if they agree that it was a legitimate move you may owe income tax as a part-year resident. That would mean there's probably no need to rush a move if you win towards the end of the year. OTOH, if you win $500 million in cash 9 days into the year you might want to be starting your move on the 10th. If you do move you need to really move, That means cutting all ties to the old state and establishing ties to the new state. Get a new drivers license and register your car(s) in the new state, making sure to surrender your plates and get a receipt in the old state. Register to vote. Enrol your kids in school. Sign a lease or buy a house.

    Moving permanently doesn't mean you need to stay in the new state forever, but moving back to your old state any time in the first several years would probably be a serious risk. Moving quickly to the state where you bought a ticket and then moving to a 3rd state the next calendar year might also be a bad idea. In my case, I could potentially buy a ticket in PA, where (currently) there's no tax on PA lottery winnings. If I'm a NY resident NY would stand to collect about $44 million in state tax, so I'm pretty sure they'd devote some effort to trying to establish that I hadn't really moved out of NY and owed them the money. I certainly wouldn't want them to have any evidence beyond the tax advantages of living in a different state as an argument that I'm still a NY resident for tax purposes.

    Let's make this very simple. Treat the winning ticket like it is a paycheck. The day the ticket is drawn is effectively the day you received your paycheck. You can move to another state, do whatever you want but you still resided in the taxable state and were paid in the taxable state when you lived there and they will get taxes no matter what tax evasion scheme you concoct in your head. Wink


      Germany
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      January 9, 2016
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      Posted: January 9, 2016, 4:36 am - IP Logged

      Reading all this tax things....ist would be fun if someone eins via thelotter again. Because of the usual tax treaties in place he will receive the cash value even federal tax free as far he file for a tax# before collecting the win ...

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        Simpsonville
        United States
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        January 22, 2015
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        Posted: January 9, 2016, 5:56 am - IP Logged

        In last night's drawing, if you played Megaplier and had the first five #'s you would have had $5 million since the Megaplier was five.

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          Simpsonville
          United States
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          January 22, 2015
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          Posted: January 9, 2016, 6:13 am - IP Logged

          Reading all this tax things....ist would be fun if someone eins via thelotter again. Because of the usual tax treaties in place he will receive the cash value even federal tax free as far he file for a tax# before collecting the win ...

          In the U.S. of A, your tax ID # is your social security number.  The IRS is right there with both hands out before you get your moola!

           

          Auf Wiedersehen  (Mein  Deutsch is nicht so gut; wanted to say until we hear from you again!!)

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            Simpsonville
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            January 22, 2015
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            Posted: January 9, 2016, 6:17 am - IP Logged

            Chuckle for the morning, WLKY (Louisville, KY) TV station reporters yakking away.  One of the reporters says what would you do with the EIGHT million dollar Powerball Jackpot?  The other two didn't correct her.  Bet she doesn't play...lol

             

            So Lucky New York won Mega Millions; MD and TX each with $1 million each.  This win should fire up Powerball sales even more, IMHO>


              Germany
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              January 9, 2016
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              Posted: January 9, 2016, 6:29 am - IP Logged

              I will wonder if the situation differs between Las Vegas wins and a lottery win. 

              Just read e.g. this copied from another website:

              Exemption for Europeans and other Non-US citizens

              Generally if a foreign citizen wins a jackpot, 30% of it will be withheld and paid to the IRS. However the US does have treaties with some foreign countries whereby gambling income is not taxable by the United States Government. These countries include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom.

              In the event of a large win, in order to receive a hand pay from the casino that is tax free and not subject to a withholding fee, citizens of these countries will be required to obtain an ITIN-Number. In general the more reputable Las Vegas casinos will acquire this number on your behalf once you have filled in a few forms. Once you have this number you will be able to walk into any casino with your passport, play and if you win claim your tax free payouts.

              Some of the countries mentioned above will however require that taxation on winnings be paid directly to their own governments' tax authorities when you return home, while others do not as gambling winnings are exempt from taxes.

              In places like Switzerland, canton Zurich collects 35% of their citizens winnings should they be made aware of this income (which is more than the US's 30% withholding tax) so Swiss travellers should always keep their wins private if they do not want to be liable for the taxes.

              While most of us never think about taxes at all when enjoying gambling in Las Vegas it is definitely worth being aware of the tax processes and implications involved should you be fortunate enough to experience a large win. Happy Gambling!

               

              Therefore, all we Need is a ITIN number before collecting.

                bigbuckswede's avatar - Riksbanken 2010000.jpeg

                Sweden
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                March 20, 2014
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                Posted: January 9, 2016, 6:35 am - IP Logged

                I will wonder if the situation differs between Las Vegas wins and a lottery win. 

                Just read e.g. this copied from another website:

                Exemption for Europeans and other Non-US citizens

                Generally if a foreign citizen wins a jackpot, 30% of it will be withheld and paid to the IRS. However the US does have treaties with some foreign countries whereby gambling income is not taxable by the United States Government. These countries include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom.

                In the event of a large win, in order to receive a hand pay from the casino that is tax free and not subject to a withholding fee, citizens of these countries will be required to obtain an ITIN-Number. In general the more reputable Las Vegas casinos will acquire this number on your behalf once you have filled in a few forms. Once you have this number you will be able to walk into any casino with your passport, play and if you win claim your tax free payouts.

                Some of the countries mentioned above will however require that taxation on winnings be paid directly to their own governments' tax authorities when you return home, while others do not as gambling winnings are exempt from taxes.

                In places like Switzerland, canton Zurich collects 35% of their citizens winnings should they be made aware of this income (which is more than the US's 30% withholding tax) so Swiss travellers should always keep their wins private if they do not want to be liable for the taxes.

                While most of us never think about taxes at all when enjoying gambling in Las Vegas it is definitely worth being aware of the tax processes and implications involved should you be fortunate enough to experience a large win. Happy Gambling!

                 

                Therefore, all we Need is a ITIN number before collecting.

                Interesting, Sweden is also one of those countries. So I would be able to cash in more than average Joe in US if (when) I win?

                Return of Investment, ROI 2014 20% | ROI 2015 20% | ROI 2016 14,45%

                  Guru101's avatar - rw6jhh
                  Indiana
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                  January 7, 2007
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                  Posted: January 9, 2016, 6:37 am - IP Logged

                  Waiting for the bump to $900 million today.

                  Gonna win.Big Smile

                    ThatScaryChick's avatar - x1MqPuM
                    Idaho
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                    November 21, 2007
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                    Posted: January 9, 2016, 6:44 am - IP Logged

                    Waiting for the bump to $900 million today.

                    That would be nice. Yes Nod

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

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                      Simpsonville
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                      Posted: January 9, 2016, 7:35 am - IP Logged

                      That would be nice. Yes Nod

                      Yes, I agree, $900 million dollars sounds nice.  Still about 14 hours, depending on your state, to play Powerball.  Plenty of time to plunk down some more money.

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                        February 15, 2015
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                        Posted: January 9, 2016, 8:22 am - IP Logged

                        WHO WANTS TO BUY ME A TICKET...JUST ONE TICKET AND I WILL SPLIT 50/50 WITH YOU BUT YOU HAVE TO SCAN IT AND SEND IT TO ME IN EMAIL....

                        ANY TAKERS???

                        Nope....No Pity!

                          dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                          Oklahoma
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                          Posted: January 9, 2016, 8:33 am - IP Logged

                          Waiting for the bump to $900 million today.

                          IKR that would be insane Big Grin

                          I Love Pink & Green 1908

                            Gleno's avatar - Lottery-001.jpg
                            New Jersey
                            United States
                            Member #80354
                            September 25, 2009
                            705 Posts
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                            Posted: January 9, 2016, 9:03 am - IP Logged

                            Know why most  big prize winners end up broke?

                            They take the cash option instead of the annuity over 20 years and spend it, or give it away, as fast as they get it .

                            The patient few big prize winners, who select the annuity option, get the full amount spread over time and live a more sane life style, sometimes?

                            In any case, hope tonight's power ball game has more than one winner.

                            With a jackpot this big , Will " they"  be flying into U.S.A. to play ?

                              Drenick1's avatar - villiarna
                              USA
                              United States
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                              February 25, 2014
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                              Posted: January 9, 2016, 9:23 am - IP Logged

                              Lets play a game. Who wants to be a millionaire or should i say Billionaire . We wait and see tomorrow. Good luck everyone

                              Becoming a billionaire in the event this jackpot reaches the billion mark is nothing but a farce the media or uninformed individual would like someone to believe. To become a "billionaire" via the lottery one would have to be the sole winner of a jackpot that has an annuity value in excess of $3 billion with a cash value close to $2billion.

                                 
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