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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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Simpsonville
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Posted: January 11, 2016, 5:56 am - IP Logged

Havent ready any comments about Ellen giving audience free tickets, doubt she will do that again.  Very nice gesture of her however.

Thanks for the reminder, going to Ellentube in a bit to see if it is on there.

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    Posted: January 11, 2016, 5:59 am - IP Logged

    Thanks for the reminder, going to Ellentube in a bit to see if it is on there.

    I watch Ellen daily. And YES at the end of Friday's show 1/8/2016, she personally gave everyone 1 ticket

      zephbe's avatar - animal butterfly.jpg
      South Carolina
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      Posted: January 11, 2016, 6:04 am - IP Logged

      Greetings ....

      Given this latest development, I'd rather see the annuitized jackpot frozen at $ 900 million and let the excess be spread over the lower prizes. Of course, there are those who would not even dare think of touching that idea.

      Even so, how would you feel if the 2nd prize was worth at least say $ 5,000,000. We'll imagine that at draw time its worth is $ 6,840,000. Assume your ticket is not shared with anybody, so you have the choice of a $ 4,240,800 cash option payout -OR- a fixed 30-year annuity that pays $ 228,000 annually. Tax considerations would naturally make choosing the 30-year annuity option the right call.

      If you're really smart, not only would you take the 30-year annuity option, but you would be careful not to spend more than half of your approximate after-tax income of $ 139,000 each year. Do that, and by the end of the 30-year period you'll have saved enough to get you by for another 20-30 years.

      Yes, it is a nice idea. Pity that few will see it as such.

      Oh, BTW -- Now that Powerball has cracked the "Billions and Billions" of Dollars Barrier, where's Dr. Carl Sagan when we really need him?

      Thanx-A-Lot, Please Play Responsibly and Best of Luck to all - Frank0Sport16

      Just curious-I notice you are from AL--which state do you buy tickets in?

      Every champion was once a contender who refused to give up.-Rocky Balboa

      “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

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        Posted: January 11, 2016, 6:13 am - IP Logged

        If you think that's kinky I'd probably show up to pick up my check at lotto HQ in full Drag.  Like Hollywood level quality.  I'm sure With that kinda of money I could fly in RuPaul's team to make me over so I'd be in a decent disguise and unrecognisable.

        at least you'd have something to laugh at when the photo makes the news.

        I remember a few years back a man from Michigan (I think) bought his JackPot ticket at a adult sex store. And then he was kinda embarrassed to come forward. But came forward he did.

        So anything is possible, is what I'm trying to say.

        Including that some ninety-year old might run away with winning this jackpot

          zephbe's avatar - animal butterfly.jpg
          South Carolina
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          Posted: January 11, 2016, 6:20 am - IP Logged

          Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

          ROFL

          Every champion was once a contender who refused to give up.-Rocky Balboa

          “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

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            Simpsonville
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            Posted: January 11, 2016, 6:39 am - IP Logged

            I remember a few years back a man from Michigan (I think) bought his JackPot ticket at a adult sex store. And then he was kinda embarrassed to come forward. But came forward he did.

            So anything is possible, is what I'm trying to say.

            Including that some ninety-year old might run away with winning this jackpot

            I too remember that, it was on the news and showed the adult store.  At this amount you could tell anyone who didn't like where you purchased your winning ticket to kiss off.  Funny how people's true colors come out; jealousy is what they suffer from.

              Groppo's avatar - cat anm.gif

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              Posted: January 11, 2016, 6:45 am - IP Logged

              Just curious why you would choose annuity?  It's a personal choice of course.  With the current PB jackpot each annuity payment will still cap out at the maximum income tax rate, thus why not maximize the current 39.6%  rate currently in place (historically at a low) and not be subjected to a higher rate that will likely occur within the 29 year payout (1st immediate payment counts as year one).  Also, one must consider the taxes placed upon the entirety of the annuity value if one would die before it is paid out; taxes avoided if the cash value option is chosen.

              I had been under the impression that you'd save a bunch of money,
              in the long run, by selecting the annuity.

              Why do you think the cash option is significantly lightened?


              Where did all the money "that's supposed to be mine" go?

              Basically taxes. I've also been told that it fills the pockets of lazy politicians in whatever state, as they encourage winners to take the cash option.

                zephbe's avatar - animal butterfly.jpg
                South Carolina
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                Posted: January 11, 2016, 6:55 am - IP Logged


                Honestly, yes, I really would rather have prize #2.
                I'd still be faced with unknown tax dealings and such, just not as much.


                But, when I write a seemingly whacky post like that, try to examine what I wrote in quotations, in small font, at the end of the post (if any) It's sort of like a conversation between my emotions and logic.  I try to be zany. I'd like people to think/howl about that stuff.

                Honestly, yes, I really would rather have prize #2.
                I'd still be faced with unknown tax dealings and such, just not as much.

                I Agree!

                Every champion was once a contender who refused to give up.-Rocky Balboa

                “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

                  Groppo's avatar - cat anm.gif

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                  Posted: January 11, 2016, 6:55 am - IP Logged

                  Is this even possible? I mean once you win and assuming you have friends and family who know you and that you've won then I would think that someone (maybe a not so good friend or a jealous relative) may call the lottery and let them know you moved after the jackpot was hit.  Besides the lottery will require identification and I am thinking that they will check as to when say for example your drivers license expires and knowing how long they issue licenses for they can back up the expiration date and realize that you got that license after the winning date.  I think you get the gist of what I'm asking, right?  I am thinking that if someone rats you out or they figure it out while you're claiming that the state you abandoned just to save the state taxes will have grounds to sue you for the taxes you avoided.  I believe (and I'm no lawyer) but tax avoidance is illegal.  So I believe you are risking going to jail not to mention the tax fines you would have to endure on top of having to pay the tax anyways.....not really worth it ya think?

                   

                  After all, I am thinking that the officials out there who work for the government whether county,state or federal don't really have very much leniency for a Powerball winner....right? I don't mean to say it's a bad idea but it's creative shall we say?

                  NO WAY! 

                  If what you're saying is the case, I'd hire my own doggone attorney, to work with me, and I'd make him/her rich.

                  I'd get an attorney in the no-tax state, and see what happens.

                  But, I don't think it's tax avoidance as much as it is "doing things the proper way". 

                  Why do you think most states let you claim the prize months down the road?
                  It's so the winner has time to do these things ( I figure).

                  I've never avoided taxes, and NEVER encourage others to do so, illegally.


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                    Posted: January 11, 2016, 8:05 am - IP Logged

                    Jackpot has not went up from $1.3 billion, is it possible sales are dropping?

                    I have the feeling that if it's not won Wednesday night, a lot of players will just give up as it will seem that it's just not possible to win at all.

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                      Posted: January 11, 2016, 8:09 am - IP Logged

                      NO WAY! 

                      If what you're saying is the case, I'd hire my own doggone attorney, to work with me, and I'd make him/her rich.

                      I'd get an attorney in the no-tax state, and see what happens.

                      But, I don't think it's tax avoidance as much as it is "doing things the proper way". 

                      Why do you think most states let you claim the prize months down the road?
                      It's so the winner has time to do these things ( I figure).

                      I've never avoided taxes, and NEVER encourage others to do so, illegally.

                      Dunno if you read this reply from realtorjim but if you didn't he said,

                      "You are spot on AbsolutelyFun, but some still seem to think they can move AFTER the draw but BEFORE the claim and thereby escape the state tax.  Wouldn't it be nice if it worked that way.  You can be assured, especially on the current jackpot amount, the taxmen, federal AND state, are going to make sure of your established residence at the time of the draw."

                       

                      And to answer your question, "Why do you think most states let you claim the prize months down the road?"

                      My answer, So that people who are simply busy with the business of living (you know like working, family life, hobbies, miscellaneous other things) can suddenly remember that they even bought tickets and still claim their prize because they were afforded a grace period.  It would be ridiculous to expect people to check their tickets within days or a week and that would also work against the lottery because they want people to win because when people win it's called positive reinforcement and they come back and play again hoping they can win more prizes. Repeat customers are the life blood for most of the lottery ticket retailers and not only do the retailers get a small cut from the sales but they also get the people walking into their establishment and ideally make other purchases like drinks, food, miscellaneous necessary things and other sundries. That's why a lot of the retailers also sell other products because they can't make a living just on lottery tickets.  Call the lottery tickets a loss leader as it just gets people into the doors of their establishment.  So back to the grace period, it varies with the various games but none of those retailers are expecting people to show up the next day or even the next week to cash out their tickets because people have lives to live and playing lottery games are just a very small part of their lives.  Hope that answers your question.

                       

                      If you feel that the lottery allows the grace period so that people who play can think up ways to do what you mentioned in your initial post then that's your business but I still feel and so does realtorjim feel that it won't work.  We live in a free country so we are all entitled to our opinions and I respect that you still believe that you can hire an attorney and make him rich and see what happens.  Good luck with that as I mentioned in my reply to your initial post before about your "creative" thing.

                      I do however have a suggestion if you really want a definitive answer and that would be to ask a professional like a Tax Attorney.  Again, good luck.

                        BuyLow's avatar - palm tree.jpg
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                        Posted: January 11, 2016, 8:22 am - IP Logged

                        Jackpot has not went up from $1.3 billion, is it possible sales are dropping?

                        I have the feeling that if it's not won Wednesday night, a lot of players will just give up as it will seem that it's just not possible to win at all.

                        The jackpot has not gone up yet because they likely took a day off.  I would darn near bet on an increase today.


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                          Posted: January 11, 2016, 8:30 am - IP Logged

                          The jackpot has not gone up yet because they likely took a day off.  I would darn near bet on an increase today.

                          I think they need to tweak the matrix with Powerball just a wee bit, remove a couple of red balls to bring the odds down to about ~275 million or so.  Current odds are 292 million which is too hard.  Odds with MM are 259 million which is way too easy as evidenced by the recent winner from New York.  I think we are finding 1:275 million to be the sweet spot as far as odds go.

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                            Posted: January 11, 2016, 8:32 am - IP Logged

                            I think they need to tweak the matrix with Powerball just a wee bit, remove a couple of red balls to bring the odds down to about ~275 million or so.  Current odds are 292 million which is too hard.  Odds with MM are 259 million which is way too easy as evidenced by the recent winner from New York.  I think we are finding 1:275 million to be the sweet spot as far as odds go.

                            I agree.

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                              Posted: January 11, 2016, 8:56 am - IP Logged

                              I wouldn't care if they added a few more red ones. Mega Millions could stay the same for those wanting smaller pots & they could start Powerball out at $200 million with those odds.

                                 
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