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.
Yeah, definately Todd. I've been saying that for years. The minute that politics became a career the great experiement that is America started swirling down the drain. It's just a different way of thinking. When you are worried about how to keep your job or get a better one you aren't thinking about doing things in the best way they can be done.
That combined with the current business environment where common wages and benefits fall while executive wages and benefits shoot through the roof creates a situation where the government needs to step in more then it should need to.
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.
OK glaringly apparent that I must have stumbled on old tax information sorry folks.
However trying to point out a few things and one is that the jackpot analysis is flawed. Yes they are going to withhold 25% but they are far from done with the tax bite.
I may/or will never win but should I beat the unbeatable odds you can be assured that one I shall see an attorney to set up a living trust and a financial planner one that I can trust and not my insurance agent. I will also fly way under the radar and slip silently away in the middle of the night
Quote:Originally posted by fxdwg on October 02, 2004
However trying to point out a few things and one is that the jackpot analysis is flawed. Yes they are going to withhold 25% but they are far from done with the tax bite.
I wouldn't go so far as to call it flawed. It's trying to tell you what you are going to get in the form of a check when you win. Maybe there needs to be a big ol message there at the top or with the bulleted items at the bottom saying the tax man won't be done with you after the initial withholding. There just really isn't a way to determine exactly what your tax bill will be. That will depend on your other income, how you invest your winnings, any charitable giving, etc. But what can be done is to say here is what you will get after withholding which is exactly what the analysis page does, and does well.
Quote:Originally posted by fxdwg on October 02, 2004
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.
OK glaringly apparent that I must have stumbled on old tax information sorry folks.
However trying to point out a few things and one is that the jackpot analysis is flawed. Yes they are going to withhold 25% but they are far from done with the tax bite.
It seems that every couple of weeks or so I keep hearing this same old statement. ***SIGH***
No web site can tell any individual player exactly how much taxes they are going to owe at the end of the year, because everyone's financial situation is different.
The Jackpot Analysis pages do not answer that question.
They state how much will be withheld from your prize payment check(s).
Yes, I'm sure you'll have to pay more in taxes at the end of the year. But once again, JP Analysis does not attempt to figure out that end-of-year number, because you would have to enter all your financial information -- as if we were H&R Block preparing your tax return.
If you state that the Jackpot Analysis pages are wrong because you'll actually owe more in taxes, then YOU are wrong, because (a) you cannot possibly know that for sure, and (b) that is not the intention of the page.
Quote:Originally posted by Todd on October 02, 2004
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.
Mao Tse-Tung said something along the lines of ......When the interest groups in a Democracy finally find out they can vote themselves free money.......the system will come undone.
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.
Yeah, definately Todd. I've been saying that for years. The minute that politics became a career the great experiement that is America started swirling down the drain. It's just a different way of thinking. When you are worried about how to keep your job or get a better one you aren't thinking about doing things in the best way they can be done.
That combined with the current business environment where common wages and benefits fall while executive wages and benefits shoot through the roof creates a situation where the government needs to step in more then it should need to.
OK glaringly apparent that I must have stumbled on old tax information sorry folks.
However trying to point out a few things and one is that the jackpot analysis is flawed. Yes they are going to withhold 25% but they are far from done with the tax bite.
I may/or will never win but should I beat the unbeatable odds you can be assured that one I shall see an attorney to set up a living trust and a financial planner one that I can trust and not my insurance agent. I will also fly way under the radar and slip silently away in the middle of the night
I wouldn't go so far as to call it flawed. It's trying to tell you what you are going to get in the form of a check when you win. Maybe there needs to be a big ol message there at the top or with the bulleted items at the bottom saying the tax man won't be done with you after the initial withholding. There just really isn't a way to determine exactly what your tax bill will be. That will depend on your other income, how you invest your winnings, any charitable giving, etc. But what can be done is to say here is what you will get after withholding which is exactly what the analysis page does, and does well.
It seems that every couple of weeks or so I keep hearing this same old statement. ***SIGH***
The Mega Millions Jackpot Analysis and Powerball Jackpot Analysis pages are correct.
No web site can tell any individual player exactly how much taxes they are going to owe at the end of the year, because everyone's financial situation is different.
The Jackpot Analysis pages do not answer that question.
They state how much will be withheld from your prize payment check(s).
Yes, I'm sure you'll have to pay more in taxes at the end of the year. But once again, JP Analysis does not attempt to figure out that end-of-year number, because you would have to enter all your financial information -- as if we were H&R Block preparing your tax return.
If you state that the Jackpot Analysis pages are wrong because you'll actually owe more in taxes, then YOU are wrong, because (a) you cannot possibly know that for sure, and (b) that is not the intention of the page.
Investing in tax free bonds and tax deferred investments would change your tax burden.
Thomas,
That's true. Where have you been hiding?
Todd said:
Where have you been hiding?
---------------------------------------------------
Arguing politics in another forum, I'll be back after the election.
What forum?