Welcome Guest
Log In | Register )
You last visited December 7, 2016, 5:07 pm
All times shown are
Eastern Time (GMT-5:00)

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

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

Page 9 of 14
55
PrintE-mailLink
Avatar
New Member
KCMO
United States
Member #163681
February 7, 2015
56 Posts
Offline
Posted: January 8, 2016, 9:40 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.)

The 25% number is what the feds will automatically withhold before you even get the money...this is lotto rules. PLUS you will pay the difference to reach the proper 39.6% tax brakcet since lotto wins are taxed as ordinary income. 

So it will be more than 25% taken, 39.6, and then add in state tax and that is what you will be left over with

    Tami333's avatar - winifrid
    Michigan
    United States
    Member #139344
    February 20, 2013
    1142 Posts
    Offline
    Posted: January 8, 2016, 9:41 pm - IP Logged

    I still wouldn't have enough to buy the Pittsburgh Steelers but I could be sitting pretty in the Heinz Field parking lot with my custom made Million Dollar Motorhome!!  Cool  Good luck Players!!  I would love to see an LP Member win!

      BBLL's avatar - audi r8-wallpaper-bla
      Chicago
      United States
      Member #122762
      February 7, 2012
      160 Posts
      Offline
      Posted: January 8, 2016, 9:45 pm - IP Logged

      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!

      Don't make me part of your reply, if it is going to be bad. Please I spent $6 on powerball. You can go somewhere else and be a Debbie downerNo No

       

       

      Illinois has the biggest HATERS!!!!

        kyokushin187's avatar - evildead2
        cornwall,ct
        United States
        Member #102636
        December 23, 2010
        245 Posts
        Offline
        Posted: January 8, 2016, 9:47 pm - IP Logged

        Wusp lp peeps. Havnt posted in a while.anyone hear from ridge runner latley. His was a blast.

        Kyokushin karate a.k.a.

        " The strongest Karate"

          Romancandle's avatar - moon
          Upacreek
          United States
          Member #136306
          December 8, 2012
          428 Posts
          Offline
          Posted: January 8, 2016, 9:53 pm - IP Logged

          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!

          In the words of Chris Berman... "C'mon mann"

          OldSchoolPa...You're not in the least bit feeling the fever?

          You must have a dart in ur neck.... History in the making!

          I still like u Mann... But ur crazy

          -RC

            Avatar
            New Member
            KCMO
            United States
            Member #163681
            February 7, 2015
            56 Posts
            Offline
            Posted: January 8, 2016, 10:01 pm - IP Logged

            I still wouldn't have enough to buy the Pittsburgh Steelers but I could be sitting pretty in the Heinz Field parking lot with my custom made Million Dollar Motorhome!!  Cool  Good luck Players!!  I would love to see an LP Member win!

            Yeah most NFL teams are worth about a billion dollars and very very few opportunies come up to even buy one even if you have enough money. Usually you need a group of super rich people getting together to buy a team. 

             

            But definitely...for me I'll get season tickets to the Chiefs and awesome RV for tailgate at Arrowhead...best stadium in the NFL!!!!

              ArizonaDream's avatar - Lottery-009.jpg

              United States
              Member #169277
              October 10, 2015
              630 Posts
              Offline
              Posted: January 8, 2016, 10:06 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.

              There's no escape from the Fed IRS, they will get their cut (40%) no matter where you move.  Might work with the state tax, but be sure you have a good tax lawer before you bank on it.

                MzDuffleBaglady's avatar - Lottery-018.jpg

                United States
                Member #81314
                October 16, 2009
                18995 Posts
                Offline
                Posted: January 8, 2016, 10:06 pm - IP Logged

                One of my co-workers started a Pool for Powerball, for tomorrow, lol, she doesnt' even know how to play, or how to fill out the play slips properly, lmaooooooooooooooooo

                So, I helped her.

                She charged everyone $6.00?  lmaoooooooooooooo

                 

                We got, $45.00  Quick pick with Powerplay.

                We got, $80.00 Quick pick.

                 

                I sure hope we win something, lmaoooooooooooooooooo.Party

                 

                Good luck.

                 

                P.S. I rarely do pools.

                The Struggle is real!

                  Avatar
                  Portland, OR
                  United States
                  Member #145973
                  August 20, 2013
                  226 Posts
                  Offline
                  Posted: January 8, 2016, 10:10 pm - IP Logged

                  I think federal taxes for that high of an income bracket is 39.6% not 25%.

                  "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                            Robert Greene

                    Avatar
                    New Member
                    KCMO
                    United States
                    Member #163681
                    February 7, 2015
                    56 Posts
                    Offline
                    Posted: January 8, 2016, 10:15 pm - IP Logged

                    One of my co-workers started a Pool for Powerball, for tomorrow, lol, she doesnt' even know how to play, or how to fill out the play slips properly, lmaooooooooooooooooo

                    So, I helped her.

                    She charged everyone $6.00?  lmaoooooooooooooo

                     

                    We got, $45.00  Quick pick with Powerplay.

                    We got, $80.00 Quick pick.

                     

                    I sure hope we win something, lmaoooooooooooooooooo.Party

                     

                    Good luck.

                     

                    P.S. I rarely do pools.

                    Dang....I'd be scared of letting someone who doesn't know how to play PB to lead a lotto pool....make sure she actually buys the right tickets....lol

                      Avatar
                      New Member
                      KCMO
                      United States
                      Member #163681
                      February 7, 2015
                      56 Posts
                      Offline
                      Posted: January 8, 2016, 10:16 pm - IP Logged

                      I think federal taxes for that high of an income bracket is 39.6% not 25%.

                      This is correct. 

                      People get confused about 25% is because...with a lotto win the MUSL will automatically withhold 25% upfront (even before you get the amount to you) and then later you have to pay up the difference to get to 39.6%. (minus any donations, charities, etc.)

                        ArizonaDream's avatar - Lottery-009.jpg

                        United States
                        Member #169277
                        October 10, 2015
                        630 Posts
                        Offline
                        Posted: January 8, 2016, 10:16 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.

                        I will buy more house than I need, just because the house comes with the location and lot/setting I want. No one builds a bungalow on the type of lot I want.  About $2 million for the house I want. Add a small SUV and a BMW sedan and I'm set. 

                        ($2 buys a lot of big dream power)

                          Avatar
                          New Member
                          KCMO
                          United States
                          Member #163681
                          February 7, 2015
                          56 Posts
                          Offline
                          Posted: January 8, 2016, 10:18 pm - IP Logged

                          I will buy more house than I need, just because the house comes with the location and lot/setting I want. No one builds a bungalow on the type of lot I want.  About $2 million for the house I want. Add a small SUV and a BMW sedan and I'm set. 

                          ($2 buys a lot of big dream power)

                          Okay 2mil to build your own home to your dream/liking is not bad. I can see that with a 800M jackpot win. 

                          I usually shake my head whenever I see ppl posting these HUGE 10mil+ mansions....ok yeah they are fun to look at behind a computer screen but will take tons of time/effort/money to upkeep. And you will barely use all that space. 

                          Personally I'm even ok with a 500k-900k nice home here in my home town. Get a few nice cars (not too crazy), nice stuff inside the home definitely, a travel camper/trailer and a truck to pull it...see all over US, fly 1st class and do all kinds of traveling!

                            Avatar
                            Portland, OR
                            United States
                            Member #145973
                            August 20, 2013
                            226 Posts
                            Offline
                            Posted: January 8, 2016, 10:19 pm - IP Logged

                            How come the lottery doesn't withhold the 39.6% up front.  That's good but would like to understand why they don't do it?

                            "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                                      Robert Greene

                              benmas's avatar - waveform
                              Rhode Island
                              United States
                              Member #56010
                              October 28, 2007
                              434 Posts
                              Offline
                              Posted: January 8, 2016, 11:04 pm - IP Logged

                              There is a sucker born every day. These big jackpots are doing exactly what they were designed to do: make the lottery money and make the states money for allowing this scam to happen. Why do you think all states allow both mega and powerball now? They were jealous other states were making millions so they had to get a piece of the action. Same as casinos being built everwhere. $2 a ticket for bigger pots? They can do whatever the want...bet you will pay them $3 a ticket in a few years...nobody cares about odds...let's make it 100 balls and start the jackpot at $100 million at $5 a ticket. I gave up on this years ago. I mean look at the trends. Now that powerball set the record mega millions will change trying to beat it. The players are really losing out in this pointless race for billion dollar jackpots.

                                 
                                Page 9 of 14