Eleven lottery players across the nation were just one ball shy of winning the country's largest current lottery jackpot Wednesday night. The ball those players were missing was the Powerball.
There were no Powerball jackpot winners Wednesday but 839,378 prizes were paid out across the nation for a total of more than $6.6 million worth of winnings in America's Game.
Because no one correctly matched all six numbers in Wednesday's drawing the jackpot will grow to an estimated $151 million.
The cash option for the Saturday, October 2 drawing will be an estimated $83.2 million.
The numbers drawn were: 16, 28, 33, 35, 37 and the Powerball was 17. The Power Play multiplier was 3.
Nine players correctly matched the 5 white numbers and won $100,000. The tickets were sold in Arizona, Connecticut (2), Delaware, Idaho, Kentucky, Minnesota (2), and Pennsylvania. Two additional players from Connecticut and Indiana matched the 5 white numbers and purchased the Power Play option. By doing so they multiplied their winnings by 3 for a total prize worth $300,000.
Sixty players matched 4 white numbers plus the Powerball and won $5,000. Twelve additional players not only matched 4+1 but also purchased the Power Play option, giving them a total win of $15,000.
More than 87,000 winning Powerball plays were multiplied by 3 Wednesday. Winners were able to do that by purchasing the Power Play option for one dollar. With Power Play you can multiply your winnings, except for the jackpot, from 2 to 5 times. At the beginning of each drawing a wheel is spun to select that night's multiplier.
This current jackpot run started with the Wednesday, August 18 drawing. The drawing on Wednesday night was the 13th consecutive draw without being hit.
Players purchased more than $32.9 million in tickets between Sunday and Wednesday night.
The lotteries sold more than $2.2 billion in Powerball tickets in FY04. That translates into more than $660 million for worthwhile state projects.
Nine players correctly matched the 5 white numbers and won $100,000. Question : will they have to paye taxes too or will they take home those $100,000.
I just come back from SC where I played my bases are 9 and 38 but also like 2 and 5 has strong numbers. will see saturday if I am correct.
Yes they have to pay taxes, just like if you won the jackpot. You always have to pay taxes on gambling wins. Most states automaticly take out withholdings on any lottery win over a few hundred or a few thousand depending on the state.
In Oregon the lottery automaticly takes out taxes on any win over $5000 and reports any win over $600 to the IRS.
and don't forget that this may/or will put you in the highest tax bracket so be sure that you set aside a total of 39.6% plus whatever your state tax is
According to the Powerball Jackpot Analysis page, you would get more than $3 million per year, so what tax bracket do you think you'd be in, if not the highest?
the second highest. from what i've gotten out of the powerball FAQs, if you take the annuity option, you are more likely to see a tax refund, while if you take the cash option, you are more likely to have to pay extra.
If you're going to tell me that someone making $3.5 million in one year can reduce their taxable income to less than $319,000, then I want some of what youre smoking.
Quote:Originally posted by fxdwg on October 01, 2004 and don't forget that this may/or will put you in the highest tax bracket so be sure that you set aside a total of 39.6% plus whatever your state tax is
Isn't it 35% now at the high bracket with the tax relief acts? It's still alot of tax but when you're talking a taxable sum of 80+ million 4.6% one way or the other is significant.
Quote:Originally posted by qutgnt on October 02, 2004
Just pick up 100 million in losing tickets off the floor in otbs and places that sell a lot of tickets and your set!
ROFL! That's a great idea! Never thought of that before.
Quote:Originally posted by r_billerey on October 02, 2004
hey guys i am talking about the sma;; prize of $100,000 (one hundred thousand) they pay this sum (100,00) in anuities? cannot believe it.
No the $100k prize is not paid in an anuity, it's a lump sum before taxes. The state in which you buy the ticket will have rules on what percentage is withheld to cover taxes. At the end of the year you may owe more or less depending on your overall tax situation.
Quote:Originally posted by Todd on October 02, 2004
Yes, the top rate is now 35%. Every little bit helps. My personal feeling is it should be a lot lower.
Of definately, who wouldn't want lower taxes. The problem comes with lowering spending in line with lowering revenue. You can't have one without the other in my mind.
You're totally correct. Spending must also be decreased. I think the problem is that as the USA continues to become a more diversified population, the politicians' reaction is to try to cater to each individual special interest group, rather than to work for what's best for the population as a whole. So the spending goes out of control. Every politician is guilty of this to some extent.
We need fewer career politicians, and more politicians who are not afraid of getting voted out of office because they took a courageous stand on spending and other issues. The ironic thing is that people generally support politicians who speak and act from the heart (on a core set of principles), so taking the "risk" of standing firm against pressure from special interests is often rewarded by the voting public.
Wish megamillions would get off its duff....and start pushing the megaplier
Nine players correctly matched the 5 white numbers and won $100,000. Question : will they have to paye taxes too or will they take home those $100,000.
I just come back from SC where I played my bases are 9 and 38 but also like 2 and 5 has strong numbers. will see saturday if I am correct.
Yes they have to pay taxes, just like if you won the jackpot. You always have to pay taxes on gambling wins. Most states automaticly take out withholdings on any lottery win over a few hundred or a few thousand depending on the state.
In Oregon the lottery automaticly takes out taxes on any win over $5000 and reports any win over $600 to the IRS.
and don't forget that this may/or will put you in the highest tax bracket so be sure that you set aside a total of 39.6% plus whatever your state tax is
if you take the annuity, you may not be in the highest tax bracket.
According to the Powerball Jackpot Analysis page, you would get more than $3 million per year, so what tax bracket do you think you'd be in, if not the highest?
the second highest. from what i've gotten out of the powerball FAQs, if you take the annuity option, you are more likely to see a tax refund, while if you take the cash option, you are more likely to have to pay extra.
If you're going to tell me that someone making $3.5 million in one year can reduce their taxable income to less than $319,000, then I want some of what youre smoking.
Just pick up 100 million in losing tickets off the floor in otbs and places that sell a lot of tickets and your set!
hey guys i am talking about the sma;; prize of $100,000 (one hundred thousand) they pay this sum (100,00) in anuities? cannot believe it.
Isn't it 35% now at the high bracket with the tax relief acts? It's still alot of tax but when you're talking a taxable sum of 80+ million 4.6% one way or the other is significant.
ROFL! That's a great idea! Never thought of that before.
No the $100k prize is not paid in an anuity, it's a lump sum before taxes. The state in which you buy the ticket will have rules on what percentage is withheld to cover taxes. At the end of the year you may owe more or less depending on your overall tax situation.
Yes, the top rate is now 35%. Every little bit helps. My personal feeling is it should be a lot lower.
Of definately, who wouldn't want lower taxes. The problem comes with lowering spending in line with lowering revenue. You can't have one without the other in my mind.
Babel,
You're totally correct. Spending must also be decreased. I think the problem is that as the USA continues to become a more diversified population, the politicians' reaction is to try to cater to each individual special interest group, rather than to work for what's best for the population as a whole. So the spending goes out of control. Every politician is guilty of this to some extent.
We need fewer career politicians, and more politicians who are not afraid of getting voted out of office because they took a courageous stand on spending and other issues. The ironic thing is that people generally support politicians who speak and act from the heart (on a core set of principles), so taking the "risk" of standing firm against pressure from special interests is often rewarded by the voting public.