Well, the Powerball Lottery jackpot just hit 700 million dollars.

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[ARCHIVED THREAD] - Well, the Powerball Lottery jackpot just hit 700 million dollars. (Page 1 of 4)

Posted: 8/22/2017 4:00:36 PM EDT

State-by-State Jackpot Analysis

Wow. Just wow.

Posted: 8/22/2017 4:01:58 PM EDT

[#1]

It will go up by $20 bucks in the morning when I pick up a couple tickets

Posted: 8/22/2017 4:02:33 PM EDT

[#2]

Guys, don't bother with getting a ticket, I bought the winning one last night.

Posted: 8/22/2017 4:03:05 PM EDT

[#3]

I stand the same odds of getting struck by lightening 7 or 8 times . I still spent $6

Posted: 8/22/2017 4:04:06 PM EDT

[#4]

Quote History

Quoted:
Guys, don't bother with getting a ticket, I bought the winning one last night.

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So you don't want more money in your pot

Posted: 8/22/2017 4:05:00 PM EDT

[#5]

I have 10 tickets.

Posted: 8/22/2017 4:05:34 PM EDT

[#6]

So after taxes, that's like 200 mil?

Edit: Nvm, i should have clicked the link

Posted: 8/22/2017 4:07:48 PM EDT

[#7]

I guess I'll go and buy a ticket.

Posted: 8/22/2017 4:07:48 PM EDT

[#8]

Quote History

Quoted:
So after taxes, that's like 200 mil?

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300 mil

Posted: 8/22/2017 4:10:09 PM EDT

[#9]

Quote History

Quoted:
So after taxes, that's like 200 mil?

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According to the jackpot analysis I linked above, if one person wins it in georgia, and they take the cash option, their net payout will be almost 306 million dollars.

Posted: 8/22/2017 4:10:34 PM EDT

[#10]

Quote History

Quoted:

So you don't want more money in your pot

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No, but thanks. I will have trouble spending what I will have as it is. Might need some help, anyone game?

Posted: 8/22/2017 4:10:37 PM EDT

[#11]

330 million +plus take home in WA.

Posted: 8/22/2017 4:13:34 PM EDT

[#12]

Texas: No State Tax on Lottery Prizes!

Your average net per year: $17,500,000
Your net payout: $332,475,000

After 30 payments: $525,000,000

Posted: 8/22/2017 4:13:47 PM EDT

[#13]

First, I'd move from CO to a state with no income tax before claiming my winnings, and one which would also let me pick up my prize anonymously. Then follow the jackpot instructions thread posted previously.

Posted: 8/22/2017 4:15:03 PM EDT

[#14]

I spent a buck.

Posted: 8/22/2017 4:15:43 PM EDT

[#15]

Quote History

Quoted:
First, I'd move from CO to a state with no income tax before claiming my winnings, and one which would also let me pick up my prize anonymously. Then follow the jackpot instructions thread posted previously.

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They know what state every ticket was sold in I would think.

Posted: 8/22/2017 4:16:16 PM EDT

[#16]

Quote History

Quoted:
I stand the same odds of getting struck by lightening 7 or 8 times . I still spent $6

View Quote

Well, the second house in our family was struck by lighting yesterday. Mom's house three years ago, brother's yesterday.

So lightning and/or terrible luck runs in our family.

Maybe I'll get a ticket.

Posted: 8/22/2017 4:16:35 PM EDT

[#17]

Quote History

Quoted:
I stand the same odds of getting struck by lightening 7 or 8 times . I still spent $6

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Yep. Fuck it, someone has to win, so might as well give it a go. $310,000,000 after taxes ain't exactly chump change.

Posted: 8/22/2017 4:16:41 PM EDT

[#18]

If you look at the info it has federal tax of 25%...that is the amount they automatically takeout, but unless you have tons and tons of deductions, you will come up with a big tax bill at the end of the year. You need to be thinking along the lines of 39% federal tax rate.

Posted: 8/22/2017 4:17:08 PM EDT

[#19]

$332,475,000. Yeah, I'll be getting laid

Maybe stop in Oregon and pick up 9 grams.

Posted: 8/22/2017 4:20:32 PM EDT

[#20]

I know if I won, people would be coming out of the woodwork, accusing me of anything to get a settlement. It's a curse, but I'm willing to sacrifice myself.

Posted: 8/22/2017 4:22:05 PM EDT

[#21]

Florida: No State Tax on Lottery Prizes!
Your average net per year: $17,500,000Your net payout: $332,475,000
After 30 payments: $525,000,000

Yeah, I'll go ahead and pay the $2 "stupid tax".

Lemme axe a querstion:

Lets say one lives in FL. And that person wins via a ticket purchased in a state income tax state, does the winner owe the state of which he is not a resident and is not currently working in "their" cut (state income tax)?

Posted: 8/22/2017 4:22:40 PM EDT

[#22]

After holding back the extra 14% for the rest of the federal tax.....that's still over 260 mill free and clear.

I could get by on that.

Posted: 8/22/2017 4:22:47 PM EDT

[#23]

Where can you order pallets of ammo from?? Ill need to know after I win tomorrow

Posted: 8/22/2017 4:23:16 PM EDT

[#24]

I was at the counter spending $20 on tickets when the lottery sign changed to 700 million - and my wife got an iPhone news flash of the same.

I'm the one who put us over.

Posted: 8/22/2017 4:25:04 PM EDT

[#25]

I'm 40, give me the $305MM and I'll call it even.

Compound for me and the family on a lake somewhere, very large main house custom built to my specs, with some nice other houses, and like a 50 car fully functional garage I'm talking paint booth, lifts/racks, rotisseries ect fully functioning auto shop (I'm a ASE Master Tech both mechanical and paint and body so there are many strange and glorious creations I wouldn't mind doing if I had the means), large Olympic sized pool, dock on the lake for boats ect, and 1000 yard range.

Posted: 8/22/2017 4:25:12 PM EDT

[#26]

Quote History

Quoted:
They know what state every ticket was sold in I would think.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
First, I'd move from CO to a state with no income tax before claiming my winnings, and one which would also let me pick up my prize anonymously. Then follow the jackpot instructions thread posted previously.

They know what state every ticket was sold in I would think.

Correct. The ticket has to be claimed in the state it was bought in. So if you bought the winning ticket already, you done fucked up. Might as well toss it in the trash.

Posted: 8/22/2017 4:25:38 PM EDT

[#27]

Quote History

Quoted:
I was at the counter spending $20 on tickets when the lottery sign changed to 700 million - and my wife got an iPhone news flash of the same.

I'm the one who put us over.

View Quote

Thank you for your contribution. I'll return it to you after I win.

Posted: 8/22/2017 4:26:03 PM EDT

[#28]

I will be buying a ticket. 1 vs 10 doesn't get me better odds. Just means I have 9 losing tickets.

Posted: 8/22/2017 4:27:12 PM EDT

[#29]

Quote History

Quoted:

If you look at the info it has federal tax of 25%...that is the amount they automatically takeout, but unless you have tons and tons of deductions, you will come up with a big tax bill at the end of the year. You need to be thinking along the lines of 39% federal tax rate.

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Learn your tax law, lottery winnings are taxed at a flat 25% at the federal level.

Posted: 8/22/2017 4:28:00 PM EDT

[#30]

If you take the annuity, can you will payments to someone else in case you die.

Posted: 8/22/2017 4:28:55 PM EDT

[#31]

I know you're suppressed you take the cash payout but damn, I'd miss out on $180M by taking cash. What makes it worth it? I could live of off $16M a year just fine.

Posted: 8/22/2017 4:29:29 PM EDT

[#32]

From the notes at the bottom:

9. If you win the jackpot, consult a good accountant and tax attorney for ways to minimize your tax liability. Consider donating a substantial amount to the owner of this Web site, because he gave you such great advice when you needed it most.

Posted: 8/22/2017 4:31:03 PM EDT

[#33]

Doesn't make sense to buy more than one ticket.

With zero tickets, you have zero chance of winning.
With 1 ticket, you have a 1 in 87 bajillion chance. A long shot, but significantly better odds than zero.
With 20 tickets, you have a 20 in 87 bajillion chance. A statistically insignificant difference from a 1 in 87 bajillion chance.

Posted: 8/22/2017 4:31:55 PM EDT

[#34]

I almost forgot to get a ticket. Thanks for reminding me.

Posted: 8/22/2017 4:32:02 PM EDT

[#35]

Quote History

Quoted:
I spent a buck.

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Want to know how I know you didn't?

Posted: 8/22/2017 4:32:48 PM EDT

[#36]

Quote History

Quoted:
I know you're suppressed you take the cash payout but damn, I'd miss out on $180M by taking cash. What makes it worth it? I could live of off $16M a year just fine.

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If you invest most of the money it will be more than the annuity. Hell, just buying a mansion will appreciate in value.

Posted: 8/22/2017 4:34:38 PM EDT

[#37]

I'll buy one and have the same chance mathematically as the ones who buy multiple.

Posted: 8/22/2017 4:35:24 PM EDT

[#38]

It will not be won tomorrow. It will be won next Wednesday.

Posted: 8/22/2017 4:40:07 PM EDT

[#39]

on the way back home to AL after the eclipse, I paid the stupid tax on 5 quickpicks. if one of them wins, I guess I just needto all of a sudden move to TN to get out of paying AL state taxes?

Posted: 8/22/2017 4:42:27 PM EDT

[#40]

Quote History

Quoted:

Want to know how I know you didn't?

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LOL.

Posted: 8/22/2017 4:42:42 PM EDT

[#41]

The lottery analysis above shows a 25% Fed Tax...is that correct (?Capital Gains? tax) vs. the highest income tax bracket (39.6%)...

(And PA just recently started taxing lottery winnings as income at the 3.09% rate)....

Edited...just looked it up....they'll withhold 25%, but the rest (taxed as income) is paid at tax time...at the 39.6% rate.....so you better plan for it before you burn bonfires of money at the hookers and blow party.....

Posted: 8/22/2017 4:45:41 PM EDT

[#42]

I cant wait to own my own country! I will be a benevolent dictator and love my people!

Posted: 8/22/2017 4:48:32 PM EDT

[#43]

I've spent $2 worse ways.

Posted: 8/22/2017 4:48:45 PM EDT

[#44]

Quote History

Quoted:

Want to know how I know you didn't?

View Quote

Posted: 8/22/2017 4:51:35 PM EDT

[#45]

Quote History

Quoted:
I know you're suppressed you take the cash payout but damn, I'd miss out on $180M by taking cash. What makes it worth it? I could live of off $16M a year just fine.

View Quote

50 mil invested at 10% compound interest over 20 yrs = $336,374,997.47 That's why.

Posted: 8/22/2017 4:55:44 PM EDT

[#46]

What the hell. I have spent more on less.

Posted: 8/22/2017 4:56:19 PM EDT

[#47]

Quote History

Quoted:
If you take the annuity, can you will payments to someone else in case you die.

View Quote

You would be advised to consult an attorney and a CPA before claiming any winnings.
I'd have to imagine forming a trust or corporation to claim the winnings is the way to go.
Your family could be officers in the corporation so if someone dies there shouldn't be any hitches.

Posted: 8/22/2017 4:59:47 PM EDT

[#48]

Quote History

Quoted:
I know you're suppressed you take the cash payout but damn, I'd miss out on $180M by taking cash. What makes it worth it? I could live of off $16M a year just fine.

View Quote

It might be hard to buy an island on a fixed income of only $16M a year.