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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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akron, ohio
United States
Member #163666
February 7, 2015
34 Posts
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Posted: January 9, 2016, 11:25 am - IP Logged

I could swear when I drive up to Cincy from Louie that your tickets do not say jackpots on them, but I never paid that much attention.  At least Ohio has anonymous winning.  In New Jersey you have to tell them annuity or cash option when you purchase your tickets.  In KY they USE TO  do that and thankfully got rid of it.  When I emailed the NJ lottery about that coming back from Atlantic City they had a robo reply---thank you for your opinion.

Yea can claim anonymously and can pick either once i got to claim. Definitely a big plus in both if/when i ever do win. I want the money not the fame

    Guru101's avatar - rw6jhh
    Indiana
    United States
    Member #48725
    January 7, 2007
    1953 Posts
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    Posted: January 9, 2016, 11:32 am - IP Logged

    Over $300 million after taxes, I'll take it!Big Grin

    Gonna win.Big Smile

      gocart1's avatar - lighthouse
      ONEONTA,NEW YORK
      United States
      Member #30516
      January 17, 2006
      419 Posts
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      Posted: January 9, 2016, 11:35 am - IP Logged

      Wow ....It just jumped up to 900 MillionPartyUS FlagParty

        Teddi's avatar - Lottery-008.jpg

        United States
        Member #142499
        May 13, 2013
        1182 Posts
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        Posted: January 9, 2016, 11:42 am - IP Logged

        Cash value is now $558 Million. I tried to put that in perspective and realized that this cash value is almost as large as Gloria's annuity value.

        Talk about a mind-blowing realization. 

        I'd all but given up hope that we'd see anything go past the $700 million range, guess Powerball finally found the sweet spot. The right ticket price with the right odds. I hope MM doesn't raise its price now.

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

        The odds are about the same.

          RL-RANDOMLOGIC's avatar - usafce

          United States
          Member #59354
          March 13, 2008
          3962 Posts
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          Posted: January 9, 2016, 12:01 pm - IP Logged

          558-taxes = around half that.

          Working on my Ph.D.  "University of hard Knocks"

          I will consider the opinion that my winnings are a product of chance if you are willing to consider

          they are not.  Many great discoveries come while searching for something else

          USAF https://en.wikipedia.org/wiki/Prime_Base_Engineer_Emergency_Force

            US Flag Trump / 2016 & 2020  

            realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

            United States
            Member #106923
            February 27, 2011
            476 Posts
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            Posted: January 9, 2016, 12:37 pm - IP Logged

            39.6% Withholding tax,  what's the source of your statement?

            First time I'm hearing that.

            I mistyped with the withholding comment.  39.6% is the income tax rate for the following;

            Single filer $415,051 or more

            Married filing jointly/qualified widow or widower $466,951 or more

            Married filing separately $233,476 or more

            Head of household $441,001 or more.

            Federal withholding will be 25% (with exceptions that are not common to most us citizens).

              I'm feeling a jackpot win coming my way!

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              NY
              United States
              Member #23835
              October 16, 2005
              3474 Posts
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              Posted: January 9, 2016, 12:39 pm - IP Logged

              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

              I'd have agreed with you a year or two ago, but having looked into it a bit more I seriously doubt it.

              Even the paycheck analogy doesn't really work, because getting a paycheck and actually being paid aren't the same thing. In theory you could usually run straight to the bank and cash the check just a few minutes after receiving it, but only if the check is good. If it bounces then the date on the check means nothing, because you need constructive receipt, and a bad check is worth $0.00.

              Think of a lottery ticket as a post dated check. You can run to the lottery office immediately, but you can't possibly get the money in less than a week or more. Odds are the state you're moving out of won't transfer the money immediately, so you might be  a resident of the new state before the money gets there.

              See this post for more detailed info: https://www.lotterypost.com/news/297466/4411670

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                NY
                United States
                Member #23835
                October 16, 2005
                3474 Posts
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                Posted: January 9, 2016, 12:40 pm - IP Logged

                Darn, how'd I miss that?  Was just on their website.  It will go to a Billion Dollars no doubt.

                Did you only look at the temporary landing page, or click through to the regular home page? The people at MUSL must have forgotten that they put the landing page up, because it still says 800.

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                  NY
                  United States
                  Member #23835
                  October 16, 2005
                  3474 Posts
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                  Posted: January 9, 2016, 12:42 pm - IP Logged

                  558-taxes = around half that.

                  Paying about 53% is probably the worst case scenario. Yeah, it's close to half, but for a single winner that extra 3% is a few million more than the net from the starting jackpot.

                    realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

                    United States
                    Member #106923
                    February 27, 2011
                    476 Posts
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                    Posted: January 9, 2016, 1:01 pm - IP Logged

                    But, I play in a 0% lotto-tax state.  I don't live there, but will move there promptly, if the unlikely happens.
                    (or should I say, "I'll be stretchered to that state. . . ".)

                    So, that's where my confusion about the additional tax remains.

                    The United States does not have any 0% lotto tax states.  There are states that do not impose a state tax on lottery winnings, however all states are subject to federal taxes.  Also, you might research about moving somewhere that doesn't impose a state tax.  You must have established residency prior to the win to avoid paying state tax on that initial claim.  However, if taking an annuity, after the first year, such a move may be beneficial.  It is highly recommended a tax consultant, financial adviser, and battery of other professionals be consulted before claiming a win, especially the current jackpot.

                      I'm feeling a jackpot win coming my way!

                      OldSchoolPa's avatar - Lottery-057.jpg
                      Gurnee, Illinois
                      United States
                      Member #49731
                      February 12, 2007
                      917 Posts
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                      Posted: January 9, 2016, 4:26 pm - IP Logged

                      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.

                      Thank thank you!  I was saying the same thing the moment I read something stating " could we see the first billion dollar jackpot winner?

                      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                        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, 6:38 pm - IP Logged

                        Old School PA

                        How about all the hype from the media. Like silly kids joking about their lottery pool. If they won would they still be reporting the "news" ?

                        Roll Eyes

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                          Simpsonville
                          United States
                          Member #163189
                          January 22, 2015
                          667 Posts
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                          Posted: January 9, 2016, 7:20 pm - IP Logged

                          Old School PA

                          How about all the hype from the media. Like silly kids joking about their lottery pool. If they won would they still be reporting the "news" ?

                          Roll Eyes

                          By the errors some of them make reporting about the lottery, you can tell they're clueless about playing/winning.

                            Dd2160's avatar - hiro dolphin.jpg
                            Allentown, Brookyn, Pa, Ny
                            United States
                            Member #134253
                            October 22, 2012
                            5467 Posts
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                            Posted: January 10, 2016, 7:12 am - IP Logged

                            I hope its like 20 winners not just 1!

                            That money split 20 ways will do many families plenty good!

                            I dont have a ticket yet but I will buy 1 with play!

                            Wow Nope PA /NY winner not me!!!

                            All Member States Powerball Payout 2016-01-09
                            Match Prize Amount # of Winners Where
                            5 of 5 + Powerball(Jackpot) $800,000,000.00 0
                            5 of 5 $1,000,000.00 25 Arizona-2
                            California-6
                            Connecticut-1
                            Florida-1
                            Georgia-1
                            Iowa-1
                            Massachusetts-1
                            Maryland-1
                            Michigan-3
                            New York-3
                            Ohio-2
                            Pennsylvania-1
                            Texas-1
                            Virginia-1
                            4 of 5 + Powerball $50,000.00 396
                            4 of 5 $100.00 10,323
                            3 of 5 + Powerball $100.00 27,359
                            3 of 5 $7.00 666,711
                            2 of 5 + Powerball $7.00 570,222
                            1 of 5 + Powerball $4.00 4,378,332
                            Powerball Only $4.00 10,579,429
                            With Power Play
                            Match Prize Amount # of Winners Where
                            5 of 5 $2,000,000.00 3 Connecticut-1
                            Texas-2
                            4 of 5 + Powerball $150,000.00 55
                            4 of 5 $300.00 1,231
                            3 of 5 + Powerball $300.00 3,518
                            3 of 5 $21.00 83,944
                            2 of 5 + Powerball $21.00 73,318
                            1 of 5 + Powerball $12.00 561,212
                            Powerball Only

                            Smile

                              Dd2160's avatar - hiro dolphin.jpg
                              Allentown, Brookyn, Pa, Ny
                              United States
                              Member #134253
                              October 22, 2012
                              5467 Posts
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                              Posted: January 14, 2016, 5:50 am - IP Logged

                              $8 for three ok im cool with that!!!

                              Smile

                                 
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