Powerball $700 Million

eeriepadave

i just bought 3 tickets. not expecting to win, but will settle for some cash

hedonist

I kick the lottery in its powerballs!

igotid88

I'm still poor

ldent42

I won $4. which means I've lost $8
I need to stick to the scratch offs

brianlux

I spent $2 and won $3 (guessed the Powerball number lucky 13!) Whoohoo!

igotid88

no winner. 1.4 billion is the next jackpot

brianlux

igotid88 said:

no winner. 1.4 billion is the next jackpot

Insane! I think I would freak out if I won that much money!

What comes to my mind when I think about what it would be like to win 1.4 billion (which is about one third of how many people on earth will only think about it) is, would I not immediately need to hire a body guard, bring on a pack of watch dogs, string concertina wire around the perimeter of the house, mount cameras everywhere, put up razor wire around the place...

oh, wait, I could just move. Never mind. I'm in.

ldent42

brianlux said:

igotid88 said:

no winner. 1.4 billion is the next jackpot

Insane! I think I would freak out if I won that much money!

What comes to my mind when I think about what it would be like to win 1.4 billion (which is about one third of how many people on earth will only think about it) is, would I not immediately need to hire a body guard, bring on a pack of watch dogs, string concertina wire around the perimeter of the house, mount cameras everywhere, put up razor wire around the place...

oh, wait, I could just move. Never mind. I'm in.

another thing to consider, the prize money is only half of the actual sales.
For each Powerball draw, 50% of the sales for the draw is allowed as prize money. The First Prize is allocated 68% of this amount. The remaining prize monies are then used to pay out the additional eight prize levels.
http://nylottery.ny.gov/wps/portal/Home/Lottery/Home/Jackpot+Games/POWERBALL/Powerball+-+Drawings+and+Prizes

dimitrispearljam

Good luck to all..saw jack pot will be 1.3 billion??? Wow!!

HesCalledDyer

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

dimitrispearljam

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

HesCalledDyer

dimitrispearljam said:

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

Well, sort of. I'm not sure if they take the taxes out at the beginning, or if you have to claim it on your yearly income taxes later.

Also, the jackpot of $1.4 billion is only $1.4 billion if you take annuity, which is paid in even distributions over 20 years I believe. If you take a lump sum cash distribution, that $1.3 billion becomes $806 million and taxes are then based off that figure.

My previous post was just to give a scope on how much a billion dollars actually is...not exactly representative of how the lottery works.

RKCNDY

HesCalledDyer said:

dimitrispearljam said:

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

Well, sort of. I'm not sure if they take the taxes out at the beginning, or if you have to claim it on your yearly income taxes later.

Also, the jackpot of $1.4 billion is only $1.4 billion if you take annuity, which is paid in even distributions over 20 years I believe. If you take a lump sum cash distribution, that $1.3 billion becomes $806 million and taxes are then based off that figure.

My previous post was just to give a scope on how much a billion dollars actually is...not exactly representative of how the lottery works.

All Lottery winnings are taxed a federal tax, I think 27%...I don't know as I haven't win a big jackpot.
If you take the lump sum payment, everything all at once, they only give you half of the winnings...that takes care of federal taxes.

If you take annuity payments, spread out, they tax each annual payment, so that would be a lower amount after the 20 years over all.

THEN, depending on where you live, your winnings are taxed on state and local taxes. So say someone in New York wins, they have a state tax (i don't know what it is), and local taxes. Someone like me, we don't have state tax, so I would be only be charged my local taxes.

Stupid uncle Sam.

rollings

hedonist said:

Ummm.

Mentioning odds doesn't mean I'm not buying a fucking ticket or three

yeah I know...they say that the lottery is a tax for people who can't do math...

now where's my coat...

dimitrispearljam

RKCNDY said:

HesCalledDyer said:

dimitrispearljam said:

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

Well, sort of. I'm not sure if they take the taxes out at the beginning, or if you have to claim it on your yearly income taxes later.

Also, the jackpot of $1.4 billion is only $1.4 billion if you take annuity, which is paid in even distributions over 20 years I believe. If you take a lump sum cash distribution, that $1.3 billion becomes $806 million and taxes are then based off that figure.

My previous post was just to give a scope on how much a billion dollars actually is...not exactly representative of how the lottery works.

All Lottery winnings are taxed a federal tax, I think 27%...I don't know as I haven't win a big jackpot.
If you take the lump sum payment, everything all at once, they only give you half of the winnings...that takes care of federal taxes.

If you take annuity payments, spread out, they tax each annual payment, so that would be a lower amount after the 20 years over all.

THEN, depending on where you live, your winnings are taxed on state and local taxes. So say someone in New York wins, they have a state tax (i don't know what it is), and local taxes. Someone like me, we don't have state tax, so I would be only be charged my local taxes.

Stupid uncle Sam.

and if i win?like u know..a person visiting new york...i buy ticket,,i win..
but i dont live at new and after 5 days i leave country..what happens?

ldent42

i saw a profile type thing a few years ago and I cant find it now - i think it was the daily news. they had a guy in the city (i think a doorman) who took whatever percentage of his paycheck to put toward lotto every week. He was convinced he was going to beat the odds and win.

RKCNDY

dimitrispearljam said:

RKCNDY said:

HesCalledDyer said:

dimitrispearljam said:

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

Well, sort of. I'm not sure if they take the taxes out at the beginning, or if you have to claim it on your yearly income taxes later.

Also, the jackpot of $1.4 billion is only $1.4 billion if you take annuity, which is paid in even distributions over 20 years I believe. If you take a lump sum cash distribution, that $1.3 billion becomes $806 million and taxes are then based off that figure.

My previous post was just to give a scope on how much a billion dollars actually is...not exactly representative of how the lottery works.

All Lottery winnings are taxed a federal tax, I think 27%...I don't know as I haven't win a big jackpot.
If you take the lump sum payment, everything all at once, they only give you half of the winnings...that takes care of federal taxes.

If you take annuity payments, spread out, they tax each annual payment, so that would be a lower amount after the 20 years over all.

THEN, depending on where you live, your winnings are taxed on state and local taxes. So say someone in New York wins, they have a state tax (i don't know what it is), and local taxes. Someone like me, we don't have state tax, so I would be only be charged my local taxes.

Stupid uncle Sam.

and if i win?like u know..a person visiting new york...i buy ticket,,i win..
but i dont live at new and after 5 days i leave country..what happens?

Well I don't know for sure...I remember a Canadian win a big powerball or mega millions. They gave it all to them, I cannot remember if they were taxed or not.

ldent42

dimitrispearljam said:

RKCNDY said:

HesCalledDyer said:

dimitrispearljam said:

HesCalledDyer said:

If you want to grasp how much $1.4 billion is, take this into consideration...

Even if you were taxed 99% on $1.4 billion, you'd still have enough left to pay yourself $350k a year for the next 40 years.

The thing is, you won't be taxed anywhere near 99%, it'll be more like 47%. Which is enough to pay yourself over $18.5 million a year for 40 years.

And that's without considering interest.

That's a lot of fucking money!

Ok,not sure how it work..
Lets say u win 1. Billion dollars..
They put out taxes? How much?
And then they give the rest of the money??

Well, sort of. I'm not sure if they take the taxes out at the beginning, or if you have to claim it on your yearly income taxes later.

Also, the jackpot of $1.4 billion is only $1.4 billion if you take annuity, which is paid in even distributions over 20 years I believe. If you take a lump sum cash distribution, that $1.3 billion becomes $806 million and taxes are then based off that figure.

My previous post was just to give a scope on how much a billion dollars actually is...not exactly representative of how the lottery works.

All Lottery winnings are taxed a federal tax, I think 27%...I don't know as I haven't win a big jackpot.
If you take the lump sum payment, everything all at once, they only give you half of the winnings...that takes care of federal taxes.

If you take annuity payments, spread out, they tax each annual payment, so that would be a lower amount after the 20 years over all.

THEN, depending on where you live, your winnings are taxed on state and local taxes. So say someone in New York wins, they have a state tax (i don't know what it is), and local taxes. Someone like me, we don't have state tax, so I would be only be charged my local taxes.

Stupid uncle Sam.

and if i win?like u know..a person visiting new york...i buy ticket,,i win..
but i dont live at new and after 5 days i leave country..what happens?

TAX AND OFFSET INFORMATION
The Gaming Commission is required to report and withhold income taxes from Lottery prizes according State and federal law and regulations.

The current tax withholding rates are:
Federal withholding 25%
Federal backup withholding 28%
Federal Non-resident Alien withholding 30%
New York State withholding 8.82%
New York City withholding 3.876%
Yonkers withholding 1.477%

The New York Gaming Commission is required by law to withhold Federal and New York State income taxes from taxable prizes over $5,000, regardless of the winner's place of residence. By law, the Gaming Commission is also required to withhold overdue taxes owed to New York State, past-due support and prior public assistance from any Lottery prize of more than $600.

Usually the scratch offs say its only for NY State residents (unless i'm imagining that) but I don't see anything about that for the powerball. I would assume a tourist who buys the winning ticket in NY would be subject to the Federal Non-resident Alien and the NYS & NYC taxes. Also WTF does Yonkers only have to get 1.477% taken out? That's some bullshit. That's less than half of what I would get taken out.

rgambs

What time do they do the drawings?

pickupyourwill

So what are the odds now of winning?