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POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOT

Topic closed. 567 replies. Last post 11 months ago by AbsolutelyFun.

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Posted: January 10, 2016, 6:56 pm - IP Logged

One question:  what would happen if one person won and did not claim the prize, let's say they lost the ticket or died? 

Would each state keep their share of the Jackpot  be based on the number of tickets each state sold?

Just asking...

They'd probably bury it in Area 51 with the UFOsLOL

    maximumfun's avatar - Lottery-030.jpg
    Lavender Rocket

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    Posted: January 10, 2016, 7:02 pm - IP Logged

    so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

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      Roanoke, VA
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      Posted: January 10, 2016, 7:04 pm - IP Logged

      so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

      or the world is going to get hit by the sun and moon and explode, resulting in the death of everything on this planet (including the 1.3B)

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        Posted: January 10, 2016, 7:05 pm - IP Logged

        or the world is going to get hit by the sun and moon and explode, resulting in the death of everything on this planet (including the 1.3B)

        Green laugh

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          Roanoke, VA
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          Posted: January 10, 2016, 7:05 pm - IP Logged
          • The Last Supper: At Jesus Christ's last supper, there were thirteen people around the table, counting Christ and the twelve apostles. Some believe this is unlucky because one of those thirteen, Judas Iscariot, was the betrayer of Jesus Christ.
            OneTrickpony's avatar - thought

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            Posted: January 10, 2016, 7:05 pm - IP Logged

            Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

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              Posted: January 10, 2016, 7:08 pm - IP Logged

              Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

              yep, where you BOUGHT it not where you live. So you better buy that Florida ticket

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                Posted: January 10, 2016, 7:08 pm - IP Logged

                sonnet said, "......Isn't this the embodiment of capitalism?    We should be so lucky to enjoy this air of freedom to dream about money..."

                 

                YES!  The real lottery that many have already won is just living in this great country!

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                  Roanoke, VA
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                  Posted: January 10, 2016, 7:08 pm - IP Logged

                  Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

                  yes if you live in FL but you buy the ticket in GA you have to redeem it in GA which includes all of GA taxes

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                    Posted: January 10, 2016, 7:18 pm - IP Logged

                    Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

                    Yeah you will be subject to paying 6% (GA Lottery Tax) of the Cash Option should you be lucky enough to hit it.

                     

                    So if you're the sole winner of the $806 Cash Option then you will hand over a massive $48,360,000 to the State Of Georgia.

                     

                    Assuming you knew for sure you were going to win all by yourself then it's well worth catching a plane back to your home state to save yourself a small fortune. 

                    Heck even if you have to split that with another winner you'd still owe over $24 Million to GA.  I'd go with the "fly home" option if you're feeling like you're going to beat those 292,000,000 to 1 odds.

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                      Posted: January 10, 2016, 7:20 pm - IP Logged

                      Lots of people over the age of 80 have won the lottery in the past.

                        Candy-Lane's avatar - yocco

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                        Posted: January 10, 2016, 7:23 pm - IP Logged

                        Time for me to eat my words.  I said no way would Powerball ever get to a billion.

                        I was wr .....  wrrr.... wroo...... wro.....wronnn...... I was WRONG.  That was harder than I thought lol.

                        I am also very surprised, as I guess most are that it was not won last nite.  Gives us all another chance.  Ok, on to dreaming of what I will do with this tremendous amount of money.

                        Good Luck everybody.

                        Oh, lejardin! You are sooo funny!

                        I had the feeling all week that the Jackpot was going to reach $1Billion! However, by the time of the drawing, I began to feel a bit foolish. Everyone kept saying how it would not rollover and, that there would be multiple winners.

                        I crashed at Todd's place (I hung out on Lottery Post), until Todd gave the official word that there were no winners in last night's drawing and, that the estimated annuity Jackpot is now at $1.3 Billion!

                        DARE TO DREAM!

                        Good Luck!

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                          Posted: January 10, 2016, 7:25 pm - IP Logged

                          what does the jackpot need to be for a cash payout of 1 billion after tax? and how many rolls?

                          Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

                          Well first you need to make the following assumptions:

                          You must pay 39.6% to the IRS as Federal Tax

                          You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

                          And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

                          You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

                          Your Cash Option would be $1,938,735,945 (the 62%)

                          and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

                          assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

                          leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

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                            Posted: January 10, 2016, 7:27 pm - IP Logged

                            Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

                            Well first you need to make the following assumptions:

                            You must pay 39.6% to the IRS as Federal Tax

                            You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

                            And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

                            You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

                            Your Cash Option would be $1,938,735,945 (the 62%)

                            and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

                            assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

                            leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

                            totally possible!Hyper

                              mightwin's avatar - questns

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                              Posted: January 10, 2016, 7:29 pm - IP Logged

                              Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

                              Some states have reciprocity agreements with each other with regards to taxes, where as if you work in one state and live in another you'll get a credit for taxes paid to another state. Not sure if George and Florida have that being Florida has no income tax, but wherever you buy the ticket that states going to withhold the taxes because its income earned in that state. And if I buy the tickets in Florida with no income tax my home state is going to want a piece of it because it earned income.

                                 
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