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$900 MILLION: Powerball lottery jackpot to create unimaginable wealth

Topic closed. 397 replies. Last post 11 months ago by sirbrad.

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Germany
Member #164603
March 8, 2015
614 Posts
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Posted: January 9, 2016, 2:30 pm - IP Logged

I  just read a yahoo article, saying I would only take jome 255 million and usamega said 300 and something. How do I calculate lump sum after taxes?

https://www.usamega.com/powerball-jackpot.asp

    HoLeeKau's avatar - YheaShea
    Idaho
    United States
    Member #94283
    July 17, 2010
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    Posted: January 9, 2016, 2:36 pm - IP Logged

    I  just read a yahoo article, saying I would only take jome 255 million and usamega said 300 and something. How do I calculate lump sum after taxes?

    Go to a tax estimator and fill in your info for a quick estimate.  I like turbotax myself.

    https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

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      United States
      Member #170707
      December 13, 2015
      185 Posts
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      Posted: January 9, 2016, 2:49 pm - IP Logged

      The Billboard along the highway now reads "OVER 900 Million"

        HoLeeKau's avatar - YheaShea
        Idaho
        United States
        Member #94283
        July 17, 2010
        2284 Posts
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        Posted: January 9, 2016, 2:51 pm - IP Logged

        I just bought my last 2 tickets at noon at Albertson's.  Nobody was at the machines at all.  I glanced over to the customer service desk and there was only one person.  Dunno if he was buying Powerballs or not.  No fever in Idaho!

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          Warren, MI
          United States
          Member #149999
          December 14, 2013
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          Posted: January 9, 2016, 2:51 pm - IP Logged

          65% chance there will be a winner tonight

            Nikkicute's avatar - nnjx1k
            Wisconsin
            United States
            Member #123290
            February 17, 2012
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            Posted: January 9, 2016, 2:52 pm - IP Logged

            I noticed that the Lotter site has been down for almost 24 hours now. 

             

            Quite possibly they can't handle all the sales coming their way.

            Looks like your not the only one, I"m reading an article with Twitter posts and many cannot get in.

            That site is on overdrive!

              Original Bey's avatar - Lottery-022.jpg

              Bahamas
              Member #133462
              September 30, 2012
              5946 Posts
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              Posted: January 9, 2016, 2:55 pm - IP Logged

              I just checked for funsies. The site is up but the option to play Powerball for this historical drawing has closed.

              "Everything works  ONCE!"

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                California
                United States
                Member #156715
                June 27, 2014
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                Posted: January 9, 2016, 3:03 pm - IP Logged

                I'm not a tax lawyer/CPA, but I just take the cash value and multiply it by .604 (the inverse of .396) to account for federal taxes. I don't have a state tax, so $558 million is worth $337 million to me. The "25% federal withholding" is just how much they take out, you still have to pay the rest of it yourself, meaning the check will come for $418.5 million and I'll have to write another check to the IRS for $81.5 million or so.

                Yeah, deductions can reduce that, but lottery winners lose up to 80% of deductions (including for charity) because of something called the Pease limitation. There's no limit on gambling losses against wins, though, so if I lose $1m playing blackjack at Caesars Palace the IRS gives me $396,000 in a break, but if I give $1m to a charity I get $79,200. Again, not a lawyer/CPA, but it seems like you should do charity because you want to, not for the tax break.

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                  NY
                  United States
                  Member #167035
                  June 22, 2015
                  1340 Posts
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                  Posted: January 9, 2016, 3:12 pm - IP Logged

                  hmm so right now saw about a 75-80% chance of a winner and 1.3B to start if it rolls

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                    Portland, OR
                    United States
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                    August 20, 2013
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                    Posted: January 9, 2016, 3:34 pm - IP Logged

                    ANNUITY ALL THE WAY BAAAAAABYYYYYY!  lol.  She will roll.  Wednesday is the big day, not today, not today.

                    "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

                      HoLeeKau's avatar - YheaShea
                      Idaho
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                      July 17, 2010
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                      Posted: January 9, 2016, 3:39 pm - IP Logged

                      NO WAY this will roll!  Unthinkable!

                        MaximumMillions's avatar - Lottery-013.jpg

                        Germany
                        Member #164603
                        March 8, 2015
                        614 Posts
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                        Posted: January 9, 2016, 3:40 pm - IP Logged

                        NO WAY this will roll!  Unthinkable!

                        I'd love to see it.Banana

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                          United States
                          Member #170707
                          December 13, 2015
                          185 Posts
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                          Posted: January 9, 2016, 3:45 pm - IP Logged

                          I think Steve Harvey should announce the winner of this!LOL

                            Romancandle's avatar - moon
                            Upacreek
                            United States
                            Member #136306
                            December 8, 2012
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                            Posted: January 9, 2016, 3:46 pm - IP Logged

                            Oh boy... if it rolled... I would not want to be a clerk selling tickets to all the maniacs the next few days.

                            -RC

                              Groppo's avatar - cat anm.gif

                              United States
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                              January 7, 2015
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                              Posted: January 9, 2016, 3:53 pm - IP Logged

                              https://www.usamega.com/powerball-jackpot.asp

                              Yes, I examine that jackpot analysis, often.

                              And, I'm so glad to be living  near to a no-lotto-tax state, where I go to play.

                              My lame heavy-lotto tax state, rarely gets my business anymore.

                                 
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