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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
United States
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January 22, 2015
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Posted: January 11, 2016, 1:41 pm - IP Logged

A front-page headline in our local paper Saturday had an Oakland County Math professor saying odds are against you winning the lottery.

When you win the lottery, I suggest not taking any math classes from Oakland University.

What I'm enjoying is that the same odds are in place for me to win the $1.4 Billion as someone who plays when it goes back to $40 Million after this one's won.

I'm with you on that, bunch of naysayers.  I tone it out.  The media should run a quick story on how many people won any USA lottery in say last five years.

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    Wyomissing, PA
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    Posted: January 11, 2016, 1:46 pm - IP Logged

    Speaking of jackpot reset. $40 million is $0.04 Billion. Further illustrates how much bigger this jackpot is compared to the base amount. And yet, as you say, the odds of winning are exactly the same either way though this jackpot is upwards of 35 times more. If anything, this is the best time to play - more value for the money.

      ecnirP's avatar - prince symbol_black-mini.jpg
      Farmington Hills
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      Posted: January 11, 2016, 1:48 pm - IP Logged

      By the time they keep upping the ante for this drawing, the cash payout (money in your bank account) - even after taxes - will be larger than any previous posted award of a jackpot in history. Now that's something. Something nice.

        brees2012's avatar - animal whale.jpg

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        Posted: January 11, 2016, 1:51 pm - IP Logged

          Does anybody know this answer . If you play in one state , other then the state you live in and if you win , do you pay taxes in both states ?

         

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          Alabama
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          March 24, 2012
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          Posted: January 11, 2016, 1:53 pm - IP Logged

          The lines at some of these stores are unreal .

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            Posted: January 11, 2016, 1:57 pm - IP Logged

            The lines at some of these stores are unreal .

            And very unnecessary. There is no need to go to the same store to buy your tickets . Also I saw something very disappointing. Long lines of students in college towns lining up for the PB. I guess they were never serious about getting a career?

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              Wyomissing, PA
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              November 15, 2014
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              Posted: January 11, 2016, 1:58 pm - IP Logged

                Does anybody know this answer . If you play in one state , other then the state you live in and if you win , do you pay taxes in both states ?

               

              Possibly. However, many states have reciprocal agreements so one won't pay more than the highest rate of either state. In general, it's best to play in one's home state. An exception to that would be one seeking to remain anonymous and play in a state, such as, Delaware. On a related note, a winning ticket must be claimed in the jurisdiction it was sold in.

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                Arizona
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                March 24, 2015
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                Posted: January 11, 2016, 2:14 pm - IP Logged

                The issue of future tax rates and their impact on your net return down the road is valid and I'm not knocking anyone's argument or knowledge/skills in this area.

                But, in reality, with the numbers being what they are---and certain to climb--what difference does it really make?

                Here in Ohio the current net cash payout is just over $572 million. With the annuity payments the first year is almost $14 million. Which by itself means my family and my children's future families will be set for life, barring the insane need (which we don't have) for 100 luxury vehicles and a dozen water-front palaces.

                With stair-step yearly increases starting at about $500,000 and ending at year 30 at almost three million, I'm simply not caring that much what the future holds on the tax front.

                For me the real headache would be dealing with an immediate payment of $572 million to wrap my head around and find professional help to manage it.

                If there ends up being multiple winners of 4 or 5 sharing the prize that could adjust my thinking.

                But for now, I'll take the annuity please.

                That matches my reasoning fairly well. Add in the fact that I do expect to live at least 30 more years (given my age and family history, 60 more years is entirely possible), and I'm also leaning toward the annuity.

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                  Germany
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                  Posted: January 11, 2016, 2:20 pm - IP Logged

                  And very unnecessary. There is no need to go to the same store to buy your tickets . Also I saw something very disappointing. Long lines of students in college towns lining up for the PB. I guess they were never serious about getting a career?

                  LMAO if they can afford to buy tickets let them. I'm sure they also sometimes have a drink.

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                    Posted: January 11, 2016, 2:30 pm - IP Logged

                    the main Powerball site has crashed

                      scarchelli's avatar - 1zwkm5v
                      hinsdale, il
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                      Posted: January 11, 2016, 2:35 pm - IP Logged

                      Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

                      If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

                      Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

                      Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?


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                        Posted: January 11, 2016, 3:04 pm - IP Logged

                        It's 1.4 billion now Cash price $868 million New Update

                          mightwin's avatar - questns

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                          January 5, 2011
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                          Posted: January 11, 2016, 3:09 pm - IP Logged

                          Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

                          If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

                          Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

                          Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?

                          They take out the 25% upfront you owe the 14% at the end of the year and Powerball cant go bankrupt they invest the money in bonds for the annuities

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                            Posted: January 11, 2016, 3:37 pm - IP Logged

                            That matches my reasoning fairly well. Add in the fact that I do expect to live at least 30 more years (given my age and family history, 60 more years is entirely possible), and I'm also leaning toward the annuity.

                            Why wouldn't you just take the lump sum and then put the money somewhere where you'll be getting your own annuity every year on top of the lump sum?

                            Let's say you put 400 million of the 572m away and only live on the returns from that(plus the additional 172m in cash). How much would you be getting a year from returns?

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                              Egg Harbor twp.south Jersey shore
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                              Posted: January 11, 2016, 3:37 pm - IP Logged

                              Possibly. However, many states have reciprocal agreements so one won't pay more than the highest rate of either state. In general, it's best to play in one's home state. An exception to that would be one seeking to remain anonymous and play in a state, such as, Delaware. On a related note, a winning ticket must be claimed in the jurisdiction it was sold in.

                              Yup,

                               I'll be taking a trip to Delaware tomorrow.

                              Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                                 
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