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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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Groppo's avatar - cat anm.gif

United States
Member #162631
January 7, 2015
502 Posts
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Posted: January 8, 2016, 8:56 pm - IP Logged

Yes, Yes,  Immortality, Fame.  Let's see what else?

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    Arizona
    United States
    Member #165073
    March 24, 2015
    220 Posts
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    Posted: January 8, 2016, 8:57 pm - IP Logged

    An $800M advertised jackpot means they're predicting sales of 270 million tickets. At that level, there's about a 40% chance that no one wins. A single winner and a two-way split are about equally likely, around 25% each. There's an 8% chance of a three-way split, and a 2% chance of four-way or more.

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      Delaware
      United States
      Member #93503
      July 1, 2010
      453 Posts
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      Posted: January 8, 2016, 8:57 pm - IP Logged

       Who wants to be listed as the first winner of 2016 on other websites? You will be as close to immortal as anyone can be. Every time when the jackpot grows to this level your name will be remembered and talked about.

       I am ready how about you?

       Especially if you are the only winner.

      Can remain anonymous here so that wouldn't be of concern for me. Big Grin Santa

        travelintrucker's avatar - morph
        Greenville, SC
        United States
        Member #169870
        November 4, 2015
        374 Posts
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        Posted: January 8, 2016, 9:04 pm - IP Logged

        Welcome to the LP family!

        May the balls bounce in your favor!

          travelintrucker's avatar - morph
          Greenville, SC
          United States
          Member #169870
          November 4, 2015
          374 Posts
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          Posted: January 8, 2016, 9:07 pm - IP Logged

          Yes, and no. I, for one, play my own random numbers. I simulated lottery drawings with numbered scraps of paper and big zip lock bags.

          May the balls bounce in your favor!

            travelintrucker's avatar - morph
            Greenville, SC
            United States
            Member #169870
            November 4, 2015
            374 Posts
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            Posted: January 8, 2016, 9:15 pm - IP Logged

            I haven't jumped in the game .....yet. I am now on home time, but still in the Atlanta area. I want to load up on Florida Lotto. It's at 29 million. I'm going to make a special trip across the GA/FL state line. Then, I'll make my way back to upstate SC to load up on Mega and Powerball. I'm not going all out. I'm going to play my usual 10 lines of each but load up on draws. Good luck every one!

            May the balls bounce in your favor!

              lejardin's avatar - Lottery-014.jpg

              United States
              Member #118609
              November 4, 2011
              931 Posts
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              Posted: January 8, 2016, 9:17 pm - IP Logged

              Thrifty managed to buy every single Powerball except for 2, 8, 9, 14 & 17.  17 was the winning Powerball in Wednesday’s 523-millioner.  So let’s see if he wins at least 4 bucks!

              This is my first-ever post on LP, it’s an honor to be here!  I’ve been lurking for a few months to a year and have kept reading up on it, but finally decided to join today.  Nice to be here!

              Welcome to Lottery Post, Soviet.

              You picked a great time for your post!

              Good Luck if you are a owner of PB ticket(s)  Hyper

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                KCMO
                United States
                Member #163681
                February 7, 2015
                56 Posts
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                Posted: January 8, 2016, 9:22 pm - IP Logged

                The PB site says 496million cash sum....so I assume that is the sales number? 496millon dollars on hand so to speak? 

                Also sorry to hear you don't get to play. Do you work for the MUSL?

                Times like these are why I'm glad I don't work for the lottery...or a family member...imagine you are not allowed to buy ticket!!!

                  Groppo's avatar - cat anm.gif

                  United States
                  Member #162631
                  January 7, 2015
                  502 Posts
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                  Posted: January 8, 2016, 9:27 pm - IP Logged

                  The PB site says 496million cash sum....so I assume that is the sales number? 496millon dollars on hand so to speak? 

                  Also sorry to hear you don't get to play. Do you work for the MUSL?

                  Times like these are why I'm glad I don't work for the lottery...or a family member...imagine you are not allowed to buy ticket!!!

                  Well, I just thought that 496, was the 800 minus the Federal 25%.

                  Maybe, minus some other factors too.  But 496 is basically liquid cash, if I understand correctly.

                  Liquid cash, ready for you to spend anywhere.

                  I was disheartened to learn that there is some IRS thing, about 39% income tax?   Not sure.  Yes, I am horrified.

                    rcbbuckeye's avatar - Lottery-043.jpg
                    Texas
                    United States
                    Member #55889
                    October 23, 2007
                    5588 Posts
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                    Posted: January 8, 2016, 9:29 pm - IP Logged

                    Just went up to Tom Thumb to buy tics for the work pool. There was a guy ahead of me buying PB tics and I could see he bought 10 lines. He paid his money but just stood there for a few seconds, finally asked the clerk "are they $2 each?". Clerk says yes. Guy says "I didn't realize that".

                    Just reinforces that fact that there are people that never play the lottery coming out of the woodwork to get in on the action.

                    CAN'T WIN IF YOU'RE NOT IN

                    A DOLLAR AND A DREAM (OR $2)

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                      Arizona
                      United States
                      Member #165073
                      March 24, 2015
                      220 Posts
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                      Posted: January 8, 2016, 9:31 pm - IP Logged

                      Well, I just thought that 496, was the 800 minus the Federal 25%.

                      Maybe, minus some other factors too.  But 496 is basically liquid cash, if I understand correctly.

                      Liquid cash, ready for you to spend anywhere.

                      I was disheartened to learn that there is some IRS thing, about 39% income tax?   Not sure.  Yes, I am horrified.

                      $496M is what they'll pay to get the $800M 30-year annuity. If you take the cash option they'll take out the 25% for the feds and whatever your state requires, meaning the actual payment you receive will be $372M or less (and you'll still owe more taxes on that beyond what was withheld, so don't spend it all at once.)

                        OldSchoolPa's avatar - Lottery-057.jpg
                        Gurnee, Illinois
                        United States
                        Member #49731
                        February 12, 2007
                        917 Posts
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                        Posted: January 8, 2016, 9:31 pm - IP Logged

                        Yesssssssssssssssss 800 million Party

                        Folks falling into the lottery fever trap! The jackpot amount is irrelevant unless you are the holder of the winning ticket. Not trying to down the excitement but that is the truth.  I can't personally buy a ticket so I asked my mother and brother to each buy me a $2 play. So if those are not winners, I just have to pay back $4. Meanwhile, I socked $10,000 into an account earning 10 percent interest per quarter (you have to be a military member serving in a hazardous duty zone). I can live with not ever hitting the jackpot but I can't live getting caught up in nonsensical lottery fever!

                        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!

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                          NY
                          United States
                          Member #23835
                          October 16, 2005
                          3474 Posts
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                          Posted: January 8, 2016, 9:36 pm - IP Logged

                          "Now I thought, with this kind of money, you would buy a modest home?"

                          Some winners buy more house than they need, and some buy more swords than they need. The winner can spend the money as they see fit and nobody will really care. Of course a lot of people are going to offer opinions about it, anyway.

                            Groppo's avatar - cat anm.gif

                            United States
                            Member #162631
                            January 7, 2015
                            502 Posts
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                            Posted: January 8, 2016, 9:37 pm - IP Logged

                            $496M is what they'll pay to get the $800M 30-year annuity. If you take the cash option they'll take out the 25% for the feds and whatever your state requires, meaning the actual payment you receive will be $372M or less (and you'll still owe more taxes on that beyond what was withheld, so don't spend it all at once.)

                            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.

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                              KCMO
                              United States
                              Member #163681
                              February 7, 2015
                              56 Posts
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                              Posted: January 8, 2016, 9:37 pm - IP Logged

                              Well, I just thought that 496, was the 800 minus the Federal 25%.

                              Maybe, minus some other factors too.  But 496 is basically liquid cash, if I understand correctly.

                              Liquid cash, ready for you to spend anywhere.

                              I was disheartened to learn that there is some IRS thing, about 39% income tax?   Not sure.  Yes, I am horrified.

                              Okay people get confused on the different numbers so here's how I understand. 

                              The big jackpot advertised is only an estimate of what the total would be if you took the 30yr payments. 

                              So they take the cash sum, smaller number, and extrapolate total sum if you take 30yrs. 

                              They only have 496mil to give out immediately. If you choose lump sum then they will give you 496mil...now you know that the highest income tax bracket is 39.6%, which you will obviously be in if you win 496million...the IRS will know and lotto winnings are taxed in that ordinary income amount. 

                              So you take 39.6% off of the cash value (496mil) and then take off any state taxes...then the rest is take home pay. 

                              So in the end a very rough easy way is 50% of the cash value is an estimated take home pay...so about 250 mil take home if you do lump sum option

                                 
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