$300 MILLION: Massive Powerball jackpot fuels New Year's dreams

Comment #87

RedStang — Sat, 09 Jan 2016 22:10:50 GMT

I'll bet anyone $50 bucks the jackpot reaches 900 mill.

Comment #86

Groppo — Fri, 01 Jan 2016 01:27:15 GMT

Yeah, your figures are about as right as anyone's guess.

But, remember, back in 2011, when one of the lottos got up to 635 or something?

It went up, like 100,000,000 (one hundred million) in one day, waiting for the next drawing.

Comment #85

Groppo — Fri, 01 Jan 2016 01:22:40 GMT

I sure hope the last line in your comment is true. I drive a short distance from the the state in which I live, to the tax-free-lotto state where I play.

Should I be the sole winner, I plan to move to the 0% lotto-tax state, in which I'll have gotten my new apartment, driver's license, bank account, etc.

Then, it's party time.

(and on average, the young, white women there have considerably larger kazungas

Comment #84

Groppo — Fri, 01 Jan 2016 00:54:57 GMT

Well, more than likely, if it does get there, then we have to consider how many splits there will be : (

I don't like splits (except when talking about investments, of which I currently have none).

I want the lotto prize to go to one person who will have half a mind, and do good things with it.

(and please, if you are the sole winner of this Saturday's PowerBall, please, please, please, I ask for just half a million .5 million ($500,000). I will spend it on the following items: 1... [ More ]

Comment #83

LottoMetro — Fri, 01 Jan 2016 00:17:32 GMT

My estimate was quite conservative but also considerate of other factors such as national weather and Mega Millions. Based on appetite in the last Powerball runs near this level I think it will take longer than many think. Don't forget that MUSL can elect to take up to 5% of sales for the reserve pool (starting end of January this is changing to a value that depends on the size of the prize).

It actually turns out that Wednesday had a slight last-minute boost in sales that pushed the numbers... [ More ]

Comment #82

hearsetrax — Thu, 31 Dec 2015 11:22:45 GMT

Comment #81

KY Floyd — Thu, 31 Dec 2015 07:45:11 GMT

For any given advertised prize sales vary a bit for Wednesday or Saturday drawings, so that may explain some of it. Still, I thought from the start that the increase to 300 was a bit optimistic. Maybe a calculated risk, since the psychological value of advertising 300 instead of 295 is worth more than just the real difference of $5 million.

Accepting the $300 million figure as realistic I was guessing conservatively that the progression might be along the lines of 300, 340, 400, 500, 650, 850... [ More ]

Comment #80

KY Floyd — Thu, 31 Dec 2015 07:30:34 GMT

As noted elsewhere, constructive receipt (sometimes economic benefit ) is the relevant doctrine. It can get complicated in some situations, but for most things it's fairly simple. At least as a practical matter you have constructive receipt when you first have the ability to get the money.

As far as a regular paycheck the easiest thing to do is just go with whatever is on your W-2 or 1099, which should reflect what you were paid during the calendar year. If you don't get your paycheck for the... [ More ]

Comment #79

dearlord — Thu, 31 Dec 2015 06:18:38 GMT

Hmmm. Didn't it go from a 45 million increase to a 34 million increase? Did they over jump it just to get it to 300 million? And really you thinking 10 more rollovers til it hits a billion? I'd say 4 more, max. Next one would be 380isd i'm sure. Then what... 450 which would easily bump to 500 before the drawing. Then katie bar the doors if it doesn't hit then.

Comment #78

ArizonaDream — Thu, 31 Dec 2015 05:33:06 GMT

334 it is

$205 Million Cash Value

Comment #77

ArizonaDream — Thu, 31 Dec 2015 04:14:01 GMT

Mega Millions is currently at 117 130 million, only $1 to play and slightly better odds. Illinois lotto is also a buck, 18+ million right now. Those two games are where my lottery spending went this week.

Best wishes to those who did play PB.

BTW, I'm pretty sure that income is taxed based on when it is received, not when it is earned.

Comment #76

rcbbuckeye — Thu, 31 Dec 2015 03:51:02 GMT

Speaking of playing for so long.

I've been cleaning out my garage and I came across a box containing old tax returns. Old as in 1985. No idea why I kept them this long. Anyway, in that year's tax return was an envelope full of Ohio lotto tickets. Printed by dot matrix printers. About 2 inches high, and maybe 10 inches long. Left to right long, not top to bottom. I forgot how they used to print them. Back then, those tickets cost $1 for 2 plays. As I recall, the jackpot was $250,000. That year... [ More ]

Comment #75

realtorjim — Thu, 31 Dec 2015 03:10:30 GMT

Amazing, Groppo! You must know I am currently reading your last two posts, and you also must know my Powerball ticket for tonight is a jackpot winning ticket! A straight out gift would have a terrible backlash to me tax wise, thus I would not be taking that approach. However, the tax laws do have certain reprieves and as such I have an intention for a LP current member sweepstakes as a way to share a little within our LP family. This would give you an equal chance at a little part of it.

Comment #74

Groppo — Thu, 31 Dec 2015 02:59:36 GMT

Yes, I agree. And I only want a little part of it.

So, I know, like you said, eventually someone will hit it. And to that person, I ask for just a fraction.

Yes, I know that if that happens, they may be swamped, but gee, I've been playing for so doggone long.

Comment #73

Groppo — Thu, 31 Dec 2015 02:50:43 GMT

No.

Please, just let it be one honest person who will do good things with it, and re-instate confidence in the human race.

For instance, should I be the sole winner, I will make contributions totalling to about 3 million (yes, if I win the 185 million after taxes)

.75 (x 2) million to childrens' hospitals, and then some to the Gaylon twins, who were joined at the chest at birth. Those twins, still living, are about 58 years old. Imagine dealing with that. I believe they live with a sibl... [ More ]

Comment #72

mikeintexas — Thu, 31 Dec 2015 02:05:04 GMT

I remember reading something about that, but it was written by a lawyer and made my eyes glaze over. As I recall, it had something to do with electing for cash value or the annuity. Since here in Texas we have to opt for either method when we buy our tickets and cannot change when claiming, I didn't even try to make sense of it. As you say, one day can make a difference and as I said, winners definitely need to get qualified financial advice before claiming.

Comment #71

realtorjim — Thu, 31 Dec 2015 01:57:31 GMT

Mikeintexas, If I am thinking correctly, and there is not a guarantee that I am, you are referring to constructive receipt. Feasibly that would occur at the point the ticket becomes a winning ticket and you would be correct. However, for constructive receipt to be valid the money needs to have been available for use (access to the money). Since the lottery disclosures it takes two weeks to receive each states portion to pay the winning claim, it seems constructive receipt would be at the point t... [ More ]

Comment #70

LottoMetro — Thu, 31 Dec 2015 01:56:04 GMT

Tonight's jackpot will barely be more than $300M. The lottery set the advertised jackpot based on projected sales, and last estimates put actual sales for tonight's draw at or slightly below the original projections. If the jackpot rolls it will start at $334M annuity.

Assuming no winners, I anticipate it will take about 5-6 weeks to reach the big B.

Comment #69

music* — Thu, 31 Dec 2015 01:45:12 GMT

The Lottery aims for a billion dollar jackpot. It is the players responsibility to win a $300 mil jackpot and spoil their dreams. Then fulfill your dreams.

Tonight's official jackpot will be for more than $300mil. If it rolls then watch out for the national press to report this news. That is when it really gains momentum and grows like a weed. Uncontrollable.

Good Luck everybody

Comment #68

mikeintexas — Thu, 31 Dec 2015 01:39:24 GMT

I disagree. Say the pay period on your job ended on Dec. 30 and they kept you a few days or a week (or more) behind before issuing your paycheck as do many companies - the salary earned was in 2015 and would be included in your return due by April 18th*. Now, while I'm fairly certain I'm right, I'm not positive... which is why you should consult a qualified and reputable financial expert before claiming. That said, I'd be willing to bet a JP would be just like any other income**, counted when yo... [ More ]

Comment #67

DELotteryPlyr — Thu, 31 Dec 2015 00:18:25 GMT

Wonder if the jackpot will grow to more than 300 mil

Comment #66

music* — Wed, 30 Dec 2015 23:48:34 GMT

May I please add the two-word phrase, Quarterly payments . It will be best to afford an expert like a Certified Public Accountant CPA when dealing with large sums of money the IRS.

I do my best when reading anything online to take it all with a grain of salt.

A lottery winner will have expenses that I cannot even imagine. Winning will be a culture shock.

Comment #65

Teddi — Wed, 30 Dec 2015 23:40:19 GMT

Is this a fact? Wasn't sure if they went by claim date or payment date. Going by payment date in the age of electronic banking makes sense, but with the IRS, I never want to make an educated guess and go with the sensible route because that might not be the way they see it.

But if the tax really won't be due until 2017, that would be awesome. Talk about a double blessing. A big jackpot win and a 16 month breather before the rest of the taxes are due. Let a chunk earn interest just to help pa... [ More ]

Comment #64

RJOh — Wed, 30 Dec 2015 22:56:53 GMT

Most states lotteries have jackpots of $10-$20M with odds of 1:16M or better. Ohio has Classic Lotto(6/49) with a jackpot of $17M for $1 and Lucky for Life(5/48+1/18) with a jackpot of $1000 a day for life for $2.

Like you, there are those who wonders why others wouldn't spend a dollar for a 1:1000 chance to win $500 with a pick3 ticket.

Comment #63

MaximumMillions — Wed, 30 Dec 2015 21:35:14 GMT

Calis SuperLotto maybe, but what other games give tens of millions of $$$ for 2

Comment #62

RJOh — Wed, 30 Dec 2015 19:37:12 GMT

At $40M, there's a lot more and better competition for that $2.

Comment #61

MaximumMillions — Wed, 30 Dec 2015 18:55:21 GMT

I still don't understand why people wouldn't part with 2$ a drawing to have a chance at 40M$, sure the odds aren't good, but what's the value of 2$? 2 cheeseburgers.

Comment #60

ThatScaryChick — Wed, 30 Dec 2015 17:17:37 GMT

I bought 2 lines this morning just to be in it. Won't be spending more than that though.

Comment #59

RJOh — Wed, 30 Dec 2015 02:30:56 GMT

For a $40M jackpot that might be true but for a chance to win $300M+ I don't mind spending $2.

Comment #58

Drenick1 — Wed, 30 Dec 2015 01:00:12 GMT

Absolutely no doubt! A BMW 6 series or Mercedes SL550 would be my choice over a Mclaren 650S...my husband like most men would choose the Mclaren.

Comment #57

MaximumMillions — Tue, 29 Dec 2015 23:10:56 GMT

I doubt a Mustang s more reliable. There is a reason fleets aren't made up of 'em.

Comment #56

DELotteryPlyr — Tue, 29 Dec 2015 21:13:48 GMT

Thats Tomaters big brother

Comment #55

RedStang — Tue, 29 Dec 2015 20:39:17 GMT

If your going to buy a junk BMW or Mercedes you should also consider getting one of these too.

Comment #54

MaximumMillions — Tue, 29 Dec 2015 20:17:42 GMT

Would be a Benz for me. And a Tesla Model S and a 300SL.

Comment #53

SoleWinner21 — Tue, 29 Dec 2015 19:45:24 GMT

Thanks. Good luck too.

Comment #52

Bleudog101 — Tue, 29 Dec 2015 19:26:47 GMT

That is one beautiful home. Good luck to you SoleWinner 21

Comment #51

SoleWinner21 — Tue, 29 Dec 2015 18:55:06 GMT

After all taxes are paid and depending on the state. You pocket in the range of $100 to $117 million (giver or take) from that $300. Still a crap load of money. I wouldn't even know what to spend it on.

here is my dream vacation home.

Comment #50

whiteballz — Tue, 29 Dec 2015 18:23:27 GMT

If you win the Powerball drawing on December 30th the taxes will be due on April 2017 not April 2016 because even if you went to lottery HQ to claim your prize on Thursday December 31, 2015 you will not get your lottery money until 2016.

Comment #49

Piaceri — Tue, 29 Dec 2015 17:39:01 GMT

Easier to get into and out of, and still sexy

Comment #48

RJOh — Tue, 29 Dec 2015 16:29:55 GMT

By waiting until Saturday to win it, you'll have more time to do make tax decisions, so why not wait until next year to buy a ticket

Comment #47

noise-gate — Tue, 29 Dec 2015 16:12:00 GMT

....Spread it around

Comment #46

ekem6078 — Tue, 29 Dec 2015 06:08:20 GMT

Comment #45

realtorjim — Tue, 29 Dec 2015 02:16:06 GMT

How about a combination spousal account, then separate spousal accounts. These would cover the actual value of the current PB jackpot, where my thinking presently is. But it is an important aspect, especially if a jackpot is one billion, MM. Thanks for mentioning it.

Comment #44

MaximumMillions — Tue, 29 Dec 2015 02:08:38 GMT

CDARS insurance caps out at 50M$.

I'm wondering if one could have multiple CDARSs by using corporations or LLCs

Comment #43

music* — Tue, 29 Dec 2015 02:06:33 GMT

Please call your member banks and double check if there is a limit to how much can be covered in total. It might be $50,000,000.00 total.

I would also ask, can I move after opening a CDARS account?

Thank You realtorjim for your encouragement.

Comment #42

realtorjim — Tue, 29 Dec 2015 01:33:21 GMT

Good point, music. CDARS is actually very sage advice for someone who can't stand the turmoil of higher risk investments, or someone who wants a protected large account. My understanding, for those who are not familiar with CDARS (Certificate of Deposit Account Registry Service), is one would make a deposit (say the net on a $300 million lottery win) to a CDARS network member institution. That institution would then place the funds into CD's issued by other network member institutions, staying u... [ More ]

Comment #41

realtorjim — Tue, 29 Dec 2015 01:24:10 GMT

I chuckled on that one, plumsage.

Comment #40

plumsage — Tue, 29 Dec 2015 01:03:45 GMT

My niece had a dream of getting $25 million. I think she meant $300 million

Comment #39

realtorjim — Mon, 28 Dec 2015 23:29:49 GMT

You are so right duckman, the odds are terrible, the price is high, and the lower level prize payouts poor. However, I still bought a ticket because I CAN'T win it without one.

Comment #38

Groppo — Mon, 28 Dec 2015 23:28:51 GMT

In a word, I don't agree.

OK, but I'll now say, yes, you have a couple good points.

BUT still, $300 Million samolians! (before taxes)

If you win that, and all to yourself, you'll have a change of heart.

I'm certainly hoping I'll be the sole winner this coming Wednesday.

Comment #37

mypiemaster — Mon, 28 Dec 2015 22:56:29 GMT

Comment #36

whiteballz — Mon, 28 Dec 2015 22:16:30 GMT

I'd most likely keep it in my garage and stare at it longingly.

Comment #35

Drenick1 — Mon, 28 Dec 2015 22:08:30 GMT

A friend of mine husband has the 650S model, as a joke he offered me to sit in the passenger seat and it felt like i was sitting in a deep bucket. You have to be nimble and flexible to get in and out of those cars.

Comment #34

hearsetrax — Mon, 28 Dec 2015 22:06:58 GMT

it's your funeral with one of those .....

I still rather have something like this

Comment #33

whiteballz — Mon, 28 Dec 2015 21:48:38 GMT

I want to buy the car of my dreams.

Comment #32

music* — Mon, 28 Dec 2015 20:25:58 GMT

May I suggest life insurance for winners. Like Term Life. This would pay the estate taxes. Term insurance is the way to go. thank you.

Comment #31

ESR54 — Mon, 28 Dec 2015 18:22:40 GMT

Hello,cbr$ hope me you and afew others as good as you are, Happy New Year .May your Family

Be bright and cheerful , MAY WE WIN PB.

Comment #30

TheGameGrl — Mon, 28 Dec 2015 18:18:36 GMT

it will be two winners, uncle sam and myself. no sense in being anything less then realistic on that prediction.

If it rolls there is no way I'm using a self serve, dern thing had a paper jam and when they got the paper unstuck the ticket was ruined. Our state refuses to reprint or reimburse for these incidences. At least at a clerk operated one they are more apt to call in the error and get permission to reproduce.

The joke in my area is that its the person who is out picking up milk or... [ More ]

Comment #29

cbr$ — Mon, 28 Dec 2015 18:04:54 GMT

If the Powerball Lottery Jackpot is hit this Wednesday. I hope it more than one jackpot winner. Let a few people start 2016 off with a bang.

Comment #28

mrlottojackpot — Mon, 28 Dec 2015 17:49:05 GMT

Please tell me where else you can buy something for set $2 dollars and return get $184,200,000. Dont worry ill wait. Its got to be hit by someone sometime. If you dont buy ticket you are guanteed to lose 100% of time. Ill gladly spend venting machine money to win millions. There are $20,$30, and $50 scratch offs that dont even sniff that kind of money.

Comment #27

jjtheprince — Mon, 28 Dec 2015 17:41:38 GMT

JP will likely be upped before the drawing, just saw someone put down three stacks at a c store on this drawing! Lines for tickets are massively long too. I'm gonna use a vending machine LOL

Comment #26

noise-gate — Mon, 28 Dec 2015 16:26:18 GMT

l did read where Julie said she would stop by her former job from time to time to say Hi .Personally l would invite her former pool players out to an expensive Dinner as a Thanks for being friends and give them all a payment gift without running into a tax situation.

Comment #25

music* — Mon, 28 Dec 2015 15:57:49 GMT

I really enjoyed Julie Leach's press interview. She made it look fun. Everyone had a good time.

Comment #24

travelintrucker — Mon, 28 Dec 2015 15:46:37 GMT

Donald Lawson in Lapeer. Julie Leach in Three Rivers. The 300+ jackpots love Michigan.

Comment #23

faber98 — Mon, 28 Dec 2015 15:11:49 GMT

his mother is older than dirt and wouldn't know how to start spending it anyway. the unbridled enthusiasm over powerball jackpots has waned considerably. they ruined it with the expanded matrix and cost.

Comment #22

hearsetrax — Mon, 28 Dec 2015 11:31:56 GMT

Comment #21

s5thomps — Mon, 28 Dec 2015 11:06:33 GMT

1 Jackpot winner in Baton Rouge La. Book it Dano

Comment #20

Piaceri — Mon, 28 Dec 2015 07:55:42 GMT

Wooooo!!! Time for a BIG WIN

Comment #19

KY Floyd — Mon, 28 Dec 2015 07:25:05 GMT

I would like to split this jackpot with my mother so we can have a nice party.

How big a share, and how old is your mother? At some point in the future she's going to leave an estate, and if it's big enough the IRS is going to get a share of it. That means giving more than a relatively modest amount to parent isn't a good idea from a financial perspective. I'd suggest finding a balance between generosity to parents and the generosity to the IRS that may come with it.

Comment #18

maximumfun — Mon, 28 Dec 2015 07:14:29 GMT

weshar75 - I vote with you and hope you win really soon

Comment #17

RJOh — Mon, 28 Dec 2015 05:48:08 GMT

It's the same for systems players too since there has only been 23 drawings since the last matrix change. They just play a line or two to just be in the game.

Comment #16

duckman — Mon, 28 Dec 2015 05:39:02 GMT

Can't get excited about Powerball anymore. Terrible odds, $2 ticket price, and poor lower prize payouts make it one of the worst games to play...

Comment #15

Groppo — Mon, 28 Dec 2015 04:14:54 GMT

Mr./Ms. Weshar75,

I wish to apply for that opportunity. We'll need to get in touch, if it happens.

On the same note, I make a similar offer to you, in the unlikely event that I win it. But, I offer you .5 million of the prize, should I be the sole winner of this coming Wednesday's Powerball.

And, how I need to win it. Yes, I know, everyone says that, but I really do need it. Lotto has been a consistent focus for me, for a long, long time.

Groppo

Comment #14

mypiemaster — Mon, 28 Dec 2015 04:03:37 GMT

About time somebody from LP won this thing. It is way overdue.

Comment #13

sully16 — Mon, 28 Dec 2015 04:01:01 GMT

I expect Michigan to clean house on this one.

Comment #12

Groppo — Mon, 28 Dec 2015 03:58:42 GMT

Well, I'm not sure I follow it in detail, all the way, but something tells me it's a good thing.

Comment #11

travelintrucker — Mon, 28 Dec 2015 02:00:17 GMT

Billion dollars before February? It's getting pretty exciting

Comment #10

jjtheprince — Mon, 28 Dec 2015 01:29:37 GMT

Hearse trax has always been my #1 hater for no good reason.

That was a smart comment too, rolling to $2,000,000,000 wouldn't even shock me with this one.

Comment #9

music* — Mon, 28 Dec 2015 00:25:02 GMT

weshar75, I have found that when I sleep on an irreversible decision I make a better one the next day.

Good Luck to you and I hope there is a win it for Oregon and yourself.

I agree with realtorJim. You could use legal counsel.

Comment #8

realtorjim — Mon, 28 Dec 2015 00:20:18 GMT

Make sure you get a notarized statement BEFORE the drawing stating you and your mother have equal shares in the ticket, and each of you have contributed half the cost of the tickets. Else the IRS may be saying what you give your mother is a gift and invoke the EXTREMELY high gift tax rate. This is AFTER it has already been taxed to YOU as income.

Comment #7

Teddi — Mon, 28 Dec 2015 00:04:28 GMT

I was thinking the same thing. Perfect response to a stupid comment.

Good luck to everyone!!!!!! It would be a fantastic way to ring in the new year

Comment #6

weshar75 — Mon, 28 Dec 2015 00:02:16 GMT

I would like to split this jackpot with my mother so we can have a nice party. Of course I can share with someone else too and my mother for a three way split $150 million for me and mom and $150 million for someone else.-weshar75

Comment #5

rcbbuckeye — Sun, 27 Dec 2015 23:50:17 GMT

Dang hearsetrax!

That was perfect

Comment #4

noise-gate — Sun, 27 Dec 2015 23:43:32 GMT

This is the perfect time to hit it!

Make it happen California.

Comment #3

music* — Sun, 27 Dec 2015 23:38:43 GMT

When I win it I will follow Will Rogers' advice, I am more concerned about the return of my money than the return on it. I will invest $50,000,000.00 of the Lump Sum into CDARS. Look at it on CDARS.com

Good Luck to all LP Members and Staff!! Come on and win it.

Comment #2

hearsetrax — Sun, 27 Dec 2015 23:31:18 GMT

should be a good win for somebody or an even more curious start for the new year

best of luck every one

Comment #1

jjtheprince — Sun, 27 Dec 2015 23:18:04 GMT

Everyone is cursed with can't win I expect this to roll to $1,000,000,000

$300 MILLION: Massive Powerball jackpot fuels New Year's dreams

Lottery Post — Sun, 27 Dec 2015 23:13:51 GMT

By Todd Northrop

Lottery players looking to start off 2016 by with a bang might want to consider purchasing a Powerball ticket this week.

For only the third time this year, the multi-state Powerball lottery jackpot has crossed the $300 million level, which traditionally triggers a substantial up-tick in lottery ticket sales.

Wednesday's $300 million jackpot was achieved after no winning tickets were sold for Saturday night's $255 million grand prize.

The lump-sum cash payout value of... [ More ]