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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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Saylorgirl's avatar - Lottery-065.jpg
Indiana
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Posted: January 11, 2016, 5:07 pm - IP Logged

Just saw your post after asking my question. Though that's what I think I would do. Just to be "safe". As that would mean $200mil upfront after taxes and then $10ish mill increasing every year for the next 30 years.

In Indiana anyone claiming on the same ticket has to choose the same option. So you have to pick cash or annuity.  It will be in your states rules and regulations for the lottery.

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    Posted: January 11, 2016, 5:08 pm - IP Logged

    Monday Greetings To One & All ....

    Perhaps this has been mentioned already -- the annuitized jackpot is currently $ 1.40-billion, and the cash option jackpot is $ 868 million.

    Based on those figures, if the annuitized jackpot reaches at least $1.613-billion by the close of ticket sales on Wednesday, then the cash option jackpot would be worth at least one billion $$ -- before the taxman comes calling of course.

    TRIVIA -- According to older editions of the Guinness Book of Records, the late billionaire J. Paul Getty once remarked "If you can count (all of) your millions, then you're not a billionaire".

    PREDICTION (strictly unscientific) -- there will be 32 Grand Prize winners, and 149 2nd prize winners. Beyond that, I know nothing.

    Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly,

    Frank-0-Sport 16

    So , we need it to get up to about 3.5 billion so the winner can walk away with 1 billion after taxBanana

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      Posted: January 11, 2016, 5:11 pm - IP Logged

      Thought you were there already.

       

      Does Delaware tax lottery wins ?

      Some say yes, but the jackpot analysis on USAmega shows no tax on lottery winnings.

      Thanks.

      I believe Deleware does not deduct state taxes only 25% Fed tax. You would owe Deleware state tax and the 14% Fed when filing your taxes next year.

        haymaker's avatar - Lottery-012.jpg
        Egg Harbor twp.south Jersey shore
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        Posted: January 11, 2016, 5:13 pm - IP Logged

        I believe Deleware does not deduct state taxes only 25% Fed tax. You would owe Deleware state tax and the 14% Fed when filing your taxes next year.

        Do you happen to know the Delaware rate ?

        Thanks.

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

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          Posted: January 11, 2016, 5:14 pm - IP Logged

          On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

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            Posted: January 11, 2016, 5:15 pm - IP Logged

            The Lotter is still offline. Looks like it was too much for them

              haymaker's avatar - Lottery-012.jpg
              Egg Harbor twp.south Jersey shore
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              Posted: January 11, 2016, 5:17 pm - IP Logged

              On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

              Don't see why not, it would be 2 different claims, you could even claim at different times.

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

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                Posted: January 11, 2016, 5:20 pm - IP Logged

                Don't see why not, it would be 2 different claims, you could even claim at different times.

                That sounds like the best of both worlds to me.

                  Saylorgirl's avatar - Lottery-065.jpg
                  Indiana
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                  Posted: January 11, 2016, 5:24 pm - IP Logged

                  On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

                  Yes, you would have two separate lottery claims.

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                    Alabama
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                    Posted: January 11, 2016, 5:24 pm - IP Logged

                    So , we need it to get up to about 3.5 billion so the winner can walk away with 1 billion after taxBanana

                    Greetings ...

                    Actually, a jackpot of about $ 2.8-billion annuitized and $ 1.736-billion cash option could  produce an after-tax billionaire (in Alabama at least) -- provided that no more than one ticket wins, or that the grand prize is not shared with a group.

                    I wonder how Dr. Carl Sagan would feel about folks playing for"billions and billions" of dollars!

                    Thanx-A-Lot, Frank0Sport16

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                      Posted: January 11, 2016, 5:26 pm - IP Logged

                      Greetings ...

                      Actually, a jackpot of about $ 2.8-billion annuitized and $ 1.736-billion cash option could  produce an after-tax billionaire (in Alabama at least) -- provided that no more than one ticket wins, or that the grand prize is not shared with a group.

                      I wonder how Dr. Carl Sagan would feel about folks playing for"billions and billions" of dollars!

                      Thanx-A-Lot, Frank0Sport16

                      Even Better! and Thank YouHyper

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                        Posted: January 11, 2016, 5:31 pm - IP Logged

                        The guy that said he'd buy "Hookers and Cocaine" with his jackpot says he was just kidding. He said the news reporter kept interupting him from picking his numbers (which she clearly was) and he was just giving her a smart a$$ answer to her relentless questions

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                          Farmington Hills
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                          Posted: January 11, 2016, 5:36 pm - IP Logged

                          I wonder how sales of the $15M Mega Millions lottery are doing this week.

                            Candy-Lane's avatar - yocco

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                            Posted: January 11, 2016, 5:37 pm - IP Logged

                            I am surprised that TLC is not running a "Lottery Changed My Life" marathon now, ratings would be through the roof!

                            Hi sirbrad!

                            I was thinking the same thing! Anyway, good luck!

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                              Posted: January 11, 2016, 5:49 pm - IP Logged

                              I wonder how sales of the $15M Mega Millions lottery are doing this week.

                              poorly, I bet. People are greedy by natureEvil Looking

                                 
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