Powerball joins lottery frenzy with $620 million jackpot

Comment #124

hearsetrax — Thu, 25 Oct 2018 11:56:32 GMT

and a $1 blind sez : You'll wind up with another case of sourpuss whine like this morning ROFL

Comment #123

CDanaT — Thu, 25 Oct 2018 11:50:40 GMT

A Billion would be reasonable..... Then again, a winner in Central TN this Saturday is also reasonable... I'm going with the 2nd option

Comment #122

Kingofearth — Thu, 25 Oct 2018 04:48:30 GMT

There won't be any frenzy until it gets over a billion in 2-4 draws from now.

Comment #121

Revolution777 — Thu, 25 Oct 2018 04:33:00 GMT

This is NUTS! Another ROLL? Here we go again................the FRENZY

Comment #120

MsBee18 — Thu, 25 Oct 2018 04:28:29 GMT

PB is rolling to $750M annuity, $428.6 cash for Saturday October 27th.

Comment #119

Kingofearth — Thu, 25 Oct 2018 03:32:59 GMT

Powerball fell short by $17.5 on the Annuity and $10 Million on the Cash values for a jackpot that's already in the top 10 largest ever. I won't be surprised if the jackpot has a downward bump before the next drawing.

Comment #118

Revolution777 — Wed, 24 Oct 2018 23:37:06 GMT

Comment #117

JADELottery — Wed, 24 Oct 2018 21:07:55 GMT

Oh, Goodie.

Mega Millions is won.

We can stop playing and wait on Powerball.

It's $620,000,000.00 annuity or $354,300,000.00 cash.

If not won tonight, $750,000,000.00 annuity or $428,600,000.00 cash Saturday.

Good Luck...

Comment #116

TheMeatman2005 — Wed, 24 Oct 2018 12:57:36 GMT

Tonight's the night (for a $620 Mil jackpot

Comment #115

Kingofearth — Tue, 23 Oct 2018 23:04:49 GMT

USAMega doesn't get it wrong, but it only states what the withholding rates are, not the final tax burden.

Comment #114

KY Floyd — Tue, 23 Oct 2018 22:56:00 GMT

the IRS allows a NY resident to deduct taxes paid to NY City State

You know that congress passed a big tax overhaul last December, right? Guess what changed.

What kind of tax does NY City have?

Nearly 4% if you earn enough. There are 8 states that have higher top rates than NY. Some, like CA, don't tax winnings in their lottery. Besides OR having ahigher top rate, they apply it at a much lower income than NY does. FWIW the USAMega site gets several states wrong on the jackpot analysi... [ More ]

Comment #113

Revolution777 — Tue, 23 Oct 2018 22:31:43 GMT

Does NY have the highest tax rates in the country? What kind of tax does NY City have?

8-10% income tax in Oregon, but no sales tax.

Comment #112

TheMeatman2005 — Tue, 23 Oct 2018 14:23:26 GMT

Life in the big city

Comment #111

CDanaT — Tue, 23 Oct 2018 11:50:51 GMT

WOW........................... Half of a jackpot is subject to tax, one way or another... God bless ya for staying there.

Comment #110

TheMeatman2005 — Tue, 23 Oct 2018 11:19:06 GMT

Yes, the tax rates are high in NYC, but the IRS allows a NY resident to deduct taxes paid to NY City State off of their Federal return. It's not quite as high as 50%.

By moving into Nassau County, you might save on your income tax, but will end up paying higher property taxes.

Six of one, half a dozen of another

Comment #109

KY Floyd — Tue, 23 Oct 2018 06:24:37 GMT

the high tax rate I pay by living in NY

In your area the income tax on the $904 million cash value would leave about 452. At 2.68% you'd have an annual income of $12.06 million, and if it was all taxed at the regular rate you'd pay a bit over $6 million in annual taxes.

For the most part I like living in NY and If I won a modest jackpot that produced an income of a couple hundred grand I might stick around. I would humbly suggest that anyone who would pay $6 million to live in NYC has a s... [ More ]

Comment #108

Kyle7824 — Tue, 23 Oct 2018 04:17:56 GMT

Sounds like an episode of Undercover Boss. LOL , but ok...

Comment #107

BuyLow — Tue, 23 Oct 2018 01:36:49 GMT

I really like your idea to help the folks working check to check. Here where I live in FL we have a FAST blossoming homeless population where it was once considered middle class . People pan handling at the all stop lights and approaching you at 7-11 and while leaving Walmart/Publix etc. I would love to create some type of housing situation where they could be self sustaining (grow own food/maintain the property for $ etc), gain confidence and then work their way back into normal society. Huge i... [ More ]

Comment #106

TheMeatman2005 — Tue, 23 Oct 2018 01:04:53 GMT

Don't worry. I'm won't be stingy with some of the proceeds from my $2 BIL winning ticket.

I have a list of people (my kids, some friends, co-workers and charities) earmarked for a portion of the money.

I do plan on investing a large portion so it provides me with an income to which I can become accustom to. As well as to provide for my kids after I am not among the living any longer.

One of the things I had always thought about doing (should I come into a large sum of money) was to reha... [ More ]

Comment #105

Artist77 — Mon, 22 Oct 2018 23:59:02 GMT

Lol lol

Comment #104

I*won — Mon, 22 Oct 2018 23:55:58 GMT

Funny, I was thinking it looks like a law firm party that broke out when the winner had just left. Lol

Comment #103

dpoly1 — Mon, 22 Oct 2018 23:44:32 GMT

Come on Mega Millions!

One Ticket, One Winner!

That would drive the Loons even Loonier!

The Loons

Comment #102

One-Day — Mon, 22 Oct 2018 23:41:33 GMT

Good to know. Thanks for the replies guys.

Comment #101

CDanaT — Mon, 22 Oct 2018 23:30:57 GMT

OD... those professionals will certainly understand your temporary financial situation.... They are pretty smart about the potential of future business and your soon-to-be wealth

Comment #100

BuyLow — Mon, 22 Oct 2018 23:30:19 GMT

Good question. I assume because you are going to be worth millions, they would 'spot you' with a contract in place.

Comment #99

Original Bey — Mon, 22 Oct 2018 23:28:38 GMT

You just won 10s of millions of dollars and you have the 4x4 proof. Professional services would be happy to take you on as a client. That is the least of your worries. In fact they have professionals across the broad spectrum of expertise required who specialize in servicing lottery winners.

Comment #98

One-Day — Mon, 22 Oct 2018 23:24:38 GMT

ONE THING I have never seen addressed on this site ever is how in hell you are going to get the money for the lawyer and team of advisers if you are broke and want to claim under a trust. Can a bank give you a loan based on the future claim

Comment #97

CDanaT — Mon, 22 Oct 2018 23:22:58 GMT

That one at the beginning in the tan outfit with back combat boots is kinda hot

Comment #96

BuyLow — Mon, 22 Oct 2018 23:09:38 GMT

That's the way uh huh uh huh I like it

Comment #95

Artist77 — Mon, 22 Oct 2018 23:02:45 GMT

Scary. Looks like a law firm party when the paralegals and law clerks have had too much to drink. Lol

Comment #94

TheMeatman2005 — Mon, 22 Oct 2018 21:40:16 GMT

Come on Mega... Do THE BUMP

Comment #93

TheMeatman2005 — Mon, 22 Oct 2018 21:34:42 GMT

It's 5:35 P.M. here in NY and Mega Millions website is still on $1.6 Billion

There must have been some sales today. I know I bought some more while out earlier.

Comment #92

CDanaT — Mon, 22 Oct 2018 20:30:07 GMT

Come awwwn MM..... share the wealth

Comment #91

TheMeatman2005 — Mon, 22 Oct 2018 20:24:21 GMT

Let them get their own $40 mil

Comment #90

CDanaT — Mon, 22 Oct 2018 20:22:51 GMT

Music.... you could always keep $50M as a nest egg, never to be touched, keep $10M for houses,toys,cars and then keep an extra million for each year for spending until you reached age 90-100.. So if you are age 60, keep another saaaaaaay $40M ???.... and the rest of the jackpot ?? Give it away to family,friends and charities.

Comment #89

wander73 — Mon, 22 Oct 2018 20:07:10 GMT

$2 ticket. The rest of what you say you absolutely right and some people don't know how do you realize a money correctly that's the key their excellent comment

Comment #88

TheMeatman2005 — Mon, 22 Oct 2018 19:30:20 GMT

SHOW ME THE MONEY

Comment #87

music* — Mon, 22 Oct 2018 19:27:34 GMT

We have many investment choices to pick from.

Imagine your monthly income

Comment #86

ieatdirt — Mon, 22 Oct 2018 19:21:30 GMT

Tax free muni funds could be a good place to park it, at least for a while

Comment #85

TheMeatman2005 — Mon, 22 Oct 2018 18:42:29 GMT

So, figuring at 2.68% and the high tax rate I pay by living in NY, it would still net over $6 mil / year after taxes.

Not too shabby. I think I could live off of that amount.

Comment #84

CDanaT — Mon, 22 Oct 2018 18:32:30 GMT

I was looking at my C.U. the money mkt accounts generate .75% with a 250K balance. They have a 1.51% 12 month cert. and 1.61% with $50K or a 2.02% on 24 month $50K and even have a 14 month Certificate Special at 2.68%...... Not great numbers but with a large enough investment, it would make a comfy return for the ultra conservative person.

Comment #83

TheMeatman2005 — Mon, 22 Oct 2018 18:14:35 GMT

Welcome Mamabear

If whoever wins puts the after-tax take home money into a plain ole savings account paying 1.5%, it would generate about $7.5 mil annually (before taxes, of course).

After all is said and done, you would net a little over $4 mil every year (after taxes)

If someone can't live on that....there's something wrong.

Comment #82

Mamabearlove$ — Mon, 22 Oct 2018 17:40:48 GMT

This will be enough money to live on the interest alone and keep vest in the rest I would never be broke that would be sweet wasn't it

Comment #81

golfer1960 — Mon, 22 Oct 2018 17:23:19 GMT

that was awesome Groppo.

Comment #80

dpoly1 — Mon, 22 Oct 2018 17:10:24 GMT

Let's just say there have been many very cold winters here

Comment #79

MsBee18 — Mon, 22 Oct 2018 15:57:24 GMT

How do you earn most of your income then? SSA, spousal, dividends? If you're comfortable sharing thanks.

Comment #78

dpoly1 — Mon, 22 Oct 2018 15:42:00 GMT

I haven't had money for Christmas since I lost my last full time job on December 31, 2001.

I spend just a little bit on PB and MM.

If I dropped money like some folks, I would be broke.

BUT

It's their money .............

Let's Go Mega Millions! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Christmas In October

Comment #77

TheMeatman2005 — Mon, 22 Oct 2018 15:36:51 GMT

People are probably spending much more than they would for a lower jackpot amount.

Someone who would buy 1-2 tickets is now buying 10-20.

Remember....it takes only ONE ticket to be in it. You get to dream of the riches with one ticket like those buying more tickets.

Comment #76

I*won — Mon, 22 Oct 2018 15:00:51 GMT

I wonder if people are spending their money they would spend on Christmas for a chance at the lottery. How will it effect our economy? I'm thinking some people just realized how foolish it is to play all that they can on the lottery.

Do you think the winner and their friends or family members will be safe? I hope they could claim it anonymously and they are smart enough to hire some protection.

Comment #75

dpoly1 — Mon, 22 Oct 2018 14:07:54 GMT

We have about 4,500 residents

That store is usually so busy that it has two lottery terminals

Zero lottery foot traffic is astounding for that store

Nice talking to you

Comment #74

Saylorgirl — Mon, 22 Oct 2018 11:12:33 GMT

Bleudog good luck to you also

Comment #73

music* — Mon, 22 Oct 2018 07:03:20 GMT

There is also the famous lottery lawyer from Long Island named Jason Kurland.

Comment #72

maximumfun — Mon, 22 Oct 2018 06:57:40 GMT

His name is: David Spillane - the article is

Massachusetts Lottery winners increasingly opting to stay anonymous

I'm not good at links but if you go to the search bar and type that in, you will get the article you referred to.

Comment #71

LOTTOPLAYER13 — Mon, 22 Oct 2018 06:52:16 GMT

lovellm,

Historically,in the past 10, using your strategy, if you diversified into 20 or so blue chip companies.. what would be the total return in 29 years? choosing perhaps perimeters with low P/E, historically dividends reliability, etc. maybe adding a wild card with no p/e or small cap, etc

Comment #70

TheMeatman2005 — Mon, 22 Oct 2018 06:02:00 GMT

I like the couch made from $100 dollar bills.

Doesn't look to comfy though.

Comment #69

Soledad — Mon, 22 Oct 2018 05:56:11 GMT

I lost count at one.

Comment #68

Soledad — Mon, 22 Oct 2018 05:55:51 GMT

It s busy where I am. The retailers are smiling.

Comment #67

KY Floyd — Mon, 22 Oct 2018 04:53:06 GMT

Just curious about process and rough dollar cost ?

There was an article not that long ago about the MA lawyer who has done the work for several winners who claimed using a trust. I don't remember any specific figures, but I was surprised how cheaply he was doing it, with no premium for the notoriety and (I'd think) extra phone calls. Basically just charging his usual rate for the actual time, and it's not that much time, as has already been noted. Like the LP stories about each new jackpot a... [ More ]

Comment #66

Groppo — Mon, 22 Oct 2018 04:28:15 GMT

.

What does a billion dollars look like? How about a trillion?

Here's what they look like, in $100 bills.

Comment #65

Kingofearth — Mon, 22 Oct 2018 01:21:19 GMT

Same. This round just doesn't seem to have any energy left in it. I won't be surprised if it's still at 1.6B for the drawing

Comment #64

LottoLucy — Mon, 22 Oct 2018 01:07:45 GMT

Interesting. It is certainly food for thought!

Also, I have the book but I read it a while ago. I m going to go back and read it again

Comment #63

CDanaT — Mon, 22 Oct 2018 00:39:10 GMT

That is just SAD that a branch Manager would mention anything about any of it's patrons.

On a good note, if you currently have a 401K with a big investment company, you can also start a checking account with them. I had a nelderly neighbor that wrote me a check from their Principal account recently. I was looking at it because it said payable through some bank in Warsaw, MO. I asked the person if this check was real....... lol.... They advised me when they set this up years ago when they star... [ More ]

Comment #62

Artist77 — Mon, 22 Oct 2018 00:26:16 GMT

Exactly. I would not go to my neighborhood bank either. That is why after one sets up a trust to claim the money and deposit it, you are going to change the name of the trust asap. I then plan to then move mine to another bank to blur that chain. That 2nd bank will not see that the original funds came from the state lottery. At that point then you are just another multimillionaire. ..and not a lottery winner that might be of interest to the press.

Comment #61

Artist77 — Mon, 22 Oct 2018 00:21:33 GMT

Lol lol

Comment #60

Artist77 — Mon, 22 Oct 2018 00:20:37 GMT

Remember the press waiting there. There will be an agreement between you and the attorney authorizing his or her role. I would stay far away. You will make a copy of your ticket. You can wait in the car. Lol

Comment #59

lowellm — Mon, 22 Oct 2018 00:18:27 GMT

Well then I definitely don't want to be the one to set that new precedent, lol! I'll sit up straight and smile for the cameras

Comment #58

Teddi — Mon, 22 Oct 2018 00:17:19 GMT

I was friendly with an account manager at Suntrust. And I use that term deliberately. We were friendly with each other but didn't hang out together. We didn't call each other up to gab on the phone or anything like that. AKA friendly but not friends. Anyway, a pro footballer banked at that branch and she told me what I would consider private information about his banking habits. Can't imagine what she reveals to her BFF or DH.

My father has the same name as a rather famous singer/musician and... [ More ]

Comment #57

Artist77 — Mon, 22 Oct 2018 00:16:05 GMT

Exactly...and close together in time in your state.

Comment #56

CDanaT — Mon, 22 Oct 2018 00:11:36 GMT

Thanks for the capping info. At these massive jackpot take-home amounts, I won't get overly concerned by a reputable attorney for adding a couple of hours. I do like the claim it within X days after trust approval. As far as going with the atty ??? I am the trust but verify kind of person... I think I will meet my rep there, hand them the ticket and watch the transaction happen, to include the wire transfer.

Comment #55

noise-gate — Mon, 22 Oct 2018 00:10:19 GMT

Food for thought from a Statistician.

* A straightforward mathematical calculation using the dimensions of a dollar bill reveals it will take two semi-trailers to deliver the 302,575,350. dollar bills to my house. Once these arrive, they will have to be unloaded, of course, so you will have a fair chance to pick the lucky dollar bill. So, we will lay them out end to end. How long will that line of dollar bills go?

If we start from my house, we ll have enough dollar bills to go all the wa... [ More ]

Comment #54

TheMeatman2005 — Mon, 22 Oct 2018 00:09:56 GMT

It all depends on the sales for each individual state.

Comment #53

Coin Toss — Sun, 21 Oct 2018 23:56:32 GMT

Lotto Lucy,

There's a professor at a nearby junior college who had put together a promotion for a regional bank, open an account be put in a drawing for a special edition Winchester 97.

The bank as a result got tons of new accounts, the promo was extremely popular.

No low profile for the guy who pit it together, either.

A few years later he contacted the same bank and asked them if they wanted to do it again.

The bank told him they did not want that much money coming in as afte... [ More ]

Comment #52

Teddi — Sun, 21 Oct 2018 23:51:52 GMT

Oh yeah, I'd forgotten about the religious arguments.

Comment #51

lowellm — Sun, 21 Oct 2018 23:49:43 GMT

That makes sense. I guess it would take a couple of cases where a jackpot winner gets murdered before they'd change the precedent.

Comment #50

Artist77 — Sun, 21 Oct 2018 23:38:45 GMT

You can't change state law where it is clear, like in Virginia. You would have to come up with an extreme set of facts to even survive a motion to dismiss where the state law is 110% clear. I would simply aim to try to negotiate a delay in releasing your name, like 60 days. You cannot try to set precedent unless there is some unique fact pattern that the rules did not take into account. Saying I don't wanna is not going to work.

Comment #49

lowellm — Sun, 21 Oct 2018 23:35:38 GMT

I have never really worried about anonymity. Perhaps I am simply naive about my ability to shirk off the relentless attention that a jackpot win would certainly bring along with it, or it might just be that I'd love to win let the cards fall where they may... But, whatever the reason, I now feel that my indifference might just be selfishness, and the right thing to do would be to resist the rules... If you live in a state that doesn't allow you to claim your win anonymously, try to force them to... [ More ]

Comment #48

Dee88 — Sun, 21 Oct 2018 23:28:31 GMT

Does anyone know who much money each state puts in for the MM and PB when someone wins..

Comment #47

Artist77 — Sun, 21 Oct 2018 23:20:34 GMT

You can also ask the attorney about other costs and cap it and say you cannot exceed that amount without my approval. Clients do that all the time. I plan to say don't waste more than an hour talking to the DC lottery officials and claim it within x days after I approved the trust. I am collecting via a trust and the DC lottery people can whine all they want. I guess the DC lottery was unhappy and never changed their vague rules after the last big winner in 2009 claimed via a trust. I plan to do... [ More ]

Comment #46

noise-gate — Sun, 21 Oct 2018 23:09:02 GMT

You might as well throw religion into that mix as well Teddi.If you from the islands, you practising voodoo.

Comment #45

LottoLucy — Sun, 21 Oct 2018 22:59:17 GMT

Thank you for your insight. One thing I hadn t considered is just being outed at my bank. I can see I am going to have to ratchet up my level of paranoia to a whole other level.

Comment #44

Teddi — Sun, 21 Oct 2018 22:33:48 GMT

There's always a thinly veiled political opinion on this site. Sometimes the veil isn't all that thin. If it's not political, it's racial. It never stops

Comment #43

CDanaT — Sun, 21 Oct 2018 22:10:01 GMT

Thanks A... I was thinking around the $10K mark to have it all drawn up,along with the Atty. being the collector for the trust,the day we go to Lotto HQ to collect. I just want to be on the required IRS form on that collection date..no other affiliation at all

Comment #42

lowellm — Sun, 21 Oct 2018 21:50:23 GMT

All right... Peace!... Sorry for jumping down your throat.

Comment #41

ieatdirt — Sun, 21 Oct 2018 21:47:37 GMT

You misunderstand my point, I'm not saying the economy is not doing well. Simply that as I originally stated the difference between the cv and annuity is not a direct reflection of how the economy is doing as was implied.

Comment #40

lowellm — Sun, 21 Oct 2018 21:40:52 GMT

Ok. You found an anecdote that supports your conclusion. But there is no denying that the economy is red hot right now. If you want to bring politics into it, Republicans credit President Trump and his policies (not to mention the high level of confidence that he inspires in consumers, business owners, and investors) for this boom. Or, on the other hand, Democrats give credit to President Obama, claiming that this boom is the delayed result of his fiscal policies... Just don't tell me the econom... [ More ]

Comment #39

ieatdirt — Sun, 21 Oct 2018 21:21:51 GMT

A good example of just the opposite of what you describe, recession + high interest rates:

https://en.m.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States

Comment #38

Artist77 — Sun, 21 Oct 2018 21:20:01 GMT

Exactly right. Econ 101. It has zero to do with politics.

Comment #37

lowellm — Sun, 21 Oct 2018 21:13:29 GMT

I'm no economist, but it's my understanding that the Fed keeps interest rates low during recessions in order to try to heat up the economy, but once the market begins to heat up the Fed raises rates in order to cool it down. IOW, a hot economy causes inflation, which forces the Fed to put on the brakes by raising interest rates.

Comment #36

ieatdirt — Sun, 21 Oct 2018 21:04:37 GMT

Thinly veiled political opinion. Meatman is correct, the reduction in CV value vs. annuity is driven by rising interest rates as it is with any other annuity. Interest rates are being raised to curb inflation by the Fed, not a reflection of how the overall economy is doing. Economics 101

Comment #35

dpoly1 — Sun, 21 Oct 2018 21:02:09 GMT

I was just at the store where I purchase my tickets and I was the only customer there!

I think people already spent a lot of their money on the last drawing!

I'm ready for Christmas in October

Comment #34

Artist77 — Sun, 21 Oct 2018 20:44:42 GMT

-For a total anonymous state like MD, I would still claim with a trust that was not your name...New toys for Fluffy..lol. Assuming they allow this option. You want to blur that trail to you. Some low level bank clerk could talk or get bribed. This is for the claiming trust only.

2nd scenario. Does not matter re: anonymity. If you have the option to claim with a trust maybe there could be some tax advantages with it all being payable to a charitable trust that pays you something yearly...... [ More ]

Comment #33

LottoLucy — Sun, 21 Oct 2018 20:33:28 GMT

Do you think it is important to have a claiming trust in either of these scenarios: your state guarantees total anonymity or your state allows a trust but will still blast your name to every media outlet it can? Is the claiming trust just to guarantee anonymity

Comment #32

music* — Sun, 21 Oct 2018 19:25:05 GMT

Comment #31

Artist77 — Sun, 21 Oct 2018 19:09:11 GMT

It would likely be no more than $2500-3000 dollars for the trust document, even a major city. You also need to add in the billable time counsel spends speaking to the lottery officials and billable time for claiming it on your behalf, travel time, etc. Most decent experienced attorneys with expertise will charge $300 to 600 an hour and you do not want some entry level assocIate claiming the money for you. I am referring to the claiming /collecting trust only...not any other trusts you might set

Comment #30

Todd — Sun, 21 Oct 2018 18:53:57 GMT

Not much

Comment #29

Todd — Sun, 21 Oct 2018 18:53:19 GMT

No. But a trust would only be as expensive as the lawyer who sets it up. That is to say, trusts themselves are cheap. The money you spend will be on lawyers, accountants, and financial planners.

Comment #28

TheMeatman2005 — Sun, 21 Oct 2018 18:45:44 GMT

I just got back from the supermarket.

Groceries and 1 QP Mega Millions ticket from the lottery machine.

Comment #27

MsBee18 — Sun, 21 Oct 2018 18:15:39 GMT

Bought one MM and one PB this afternoon. I'm buying a ticket a day from different retailers.

Comment #26

Lottery Playa — Sun, 21 Oct 2018 17:48:41 GMT

Taxes Taxes TAXES!!!!!

The Income Tax is anIndirect Excise Tax.

https://www.youtube.com/watch?v=lrnVRqjTHSY t=63s

This is Dave Champion, the Author of Income Tax: Shattering the Myths talking about the income tax and the fact that he hasn't filed an Income Tax return since 1993.... TRUTH IS DESTRUCTIVE to the HUMAN MIND

Comment #25

dpoly1 — Sun, 21 Oct 2018 17:38:20 GMT

Todd Vader is wise!

We need to keep this economy