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$320 MILLION: Powerball lottery jackpot goes through the roof

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Well, here we go again! Playin' the same numbers again!  Can we get a non-quick pick to win this time?

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In response to Todd

Someone other than Californians will win this PB jackpot go round. I hope its someone who frequents this forum and who we know..more or less.
That is my wish to you guys & gals. Now go out there and Win. !!Party

whiteballz's avatar - Lottery-015.jpg

a lump sum payout of $198.3 million, that ends up being about $99.4 million after goverment confiscation.

$198.3 million x 39.6 (federal income tax) x 10.8 (state income tax) x 3.8 (obamacare tax) + $8.56 million (deduction for state tax) equals about $99.4 million.

RedStang's avatar - laughing chimp.gif

"Salute" for good luck or if you like wine "Cin Cin".

DC81's avatar - batman39
In response to whiteballz

Well, on the bright side it'll probably at least be an even 100M before the drawing.

whiteballz's avatar - Lottery-015.jpg
In response to DC81

If you win the jackpot, 25% will be withheld by the lottery office before you even receive the check. The rest of the taxes will be due April 2014. If you need help doing your 2014 taxes after winning Powerball, call me. I'll be happy to help.

whiteballz's avatar - Lottery-015.jpg
In response to noise-gate

A Californian might win this jackpot. No one is stopping Californians from driving to Oregon or Arizona to get Powerball tickets.

gocart1's avatar - lighthouse

Go baby go

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In response to whiteballz

Oh shup up with the government confiscation crap. You will walk away with $100+ million for spending a couple bucks. Can't your kind ever stop whining? Jesus Christ. The people like you are usually the ones sucking off the government teat. Almost every single time. 

joshuacloak's avatar - mask

notice how top 4 record jackpots  have more then 1 winner

 

out of top top 10"number 9th without a winner atm"  6 of them have  2 or more winners

 

if this baby rolls, going by mega chart shows it going to 500m range

1 rollover away form a other godly monster.  now we 320m i think we start seeing media reports slowly come in

 

it it rolls,  they will ofc market it 400m whatever,  we know once they market it anything 400m . it  sends lotto fever into everyone and they go right to 500/600 range

we have at lest 3rd largest jackpot in history if it rolls past this one

i think with only 2,  5-0 winners this last draw, its just matter of luck of numbers fallin 

as we sure won't past 50% of all number combo's sold, 

 


Wednesday, November 28, 2012
05 · 16 · 22 · 23 · 29    + 06$587.5 Million
Saturday, November 24, 201222 · 32 · 37 · 44 · 50    + 34$325 Million

 

and 2 person who said 99m atfer all taxes, wrong ,  try 119m atfer full 39.6 full rate, 

also   don't u dare put obamacare tax in here,  that don't apply here,  bro, that's for freaking   tax on investment income.

why the tax is bad, applying it 2 something as a lottery win is madness in accounting error.

 govt can have there 70m + in taxes, if your getting 119m

u ,your kids, your future grind kids,and the great grind kids can live  off of this thing

100m invested into near anything decent and safe will see a nice return

u can even  spend 19m   buy everyone u love a nice little home/car.whatever

invest the rest at like 4% or anything return rates, and i don't know how the hell u can blow that. wait i do................

just ask Andrew “Jack” Whittaker . that man found out how to waste 315 million jackpot 

here the sad part, he was rich before the win, mwhahahaha

how in hell he did it is sure amazing to read. look him up in lottery post search, 

 

 

redhot7's avatar - SetforLifeLogo

Hopefully it will hit 1 billion from one ticket and one winner (no office poll). A real world record!

Now that would be BIG news not just in America but all over the world.

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In response to whiteballz

A lot of people refer to the "Obamacare tax", but the correct name is the Net Investment Income Tax. Lottery winnings are not, and never have been, viewed by the IRS as investment income. The tax applies to the lesser of net investment income or adjusted gross income beyond a threshold.

Everything I've seen indicates that the name is accurate, and it's only investment income that will matter. If anyone has seen a legitimate source reporting that the tax will apply to lottery (or other gambling) winnings I'd be happy to look at it, but if lottery winnings are treated as investment income it may open the door for claiming some lottery winnings at the capital gains rate. I can promise that the IRS would rather tax a jackpot at 39.6% than 20% plus 3.8%.

That means that unless the IRS starts treating lottery winnings as investment income nobody is going to pay the tax on lottery winnings unless their lottery winnings plus everything else that contributes to their AGI is less than their investment income. That means that somebody with an AGI of more than $125 to 250k (depending on filing status) including a reported win of $1000 and investment income of more than $1000 will pay an extra $38. If they won $10k and had more than $10k from investment income they'd pay $380. If they won $100 million and had investment income of $100k they'd pay $3,800.

dallascowboyfan's avatar - chi

Woo Hoo let the frenzy begin...

dallascowboyfan's avatar - chi
In response to noise-gate

That' nice of you noise-gate I know it must be frustrating not to be able to participate in this powerball frenzy.

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Power$'s avatar - Lottery-027.jpg
In response to Ronnie316

I Agree!

helpmewin's avatar - dandy
In response to Ronnie316

Leaving

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In response to Power$

Now here is a very unique individual.Yes Nod

helpmewin's avatar - dandy
In response to Ronnie316

is that before taxes?

helpmewin's avatar - dandy

 $320,000,000  jackpot

-$160,000,000   Cash

---------------------------------------------------------------------------------------------------------------------------

= Less Money Crying

Jill34786's avatar - Lottery-006.jpg
In response to Arrowhead

The Wisconsin resident was referring to his net amount after the additional Federal taxes are paid. Only 25% is initially deducted for Federal taxes which is another prime reason why so many Lottery winners go broke. They simply have no clue that additional taxes will be owed when they file their returns.

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145 tickets for tonights drawing .

ashabug725's avatar - Yavill
In response to Romancandle

Nope, not surprised... I figure if anything they'll save the extra raise for Wednesdays drawing if  it doesn't get it tonight

ashabug725's avatar - Yavill
In response to johnjohnson

My 3yr old picked one of my lines.. needless to say, they're all little bday numbers ;-)

ashabug725's avatar - Yavill
In response to Jill34786

One reason why its even better to win at the beginning of year, so you can invest money in whatever which way in an attempt to pay off some of the taxes with interest... I'm ready!!! I think... :)

rdgrnr's avatar - nw barkeep.jpg
In response to bigboy90000

Yeeeeee haaaaaaaa!

Keep on rockin' in the free world, bigboy!

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In response to rdgrnr

Well if it wasnt for other people wanting tickets and paying for me to go back out to the state line I wouldnt have that many.

rdgrnr's avatar - nw barkeep.jpg
In response to bigboy90000

Hey, it'll all be worth it if ya win, man.

Good luck!

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In response to rdgrnr

Good luck to all of us.

johnjohnson's avatar - kanji for_peace.jpg

yeah its a war zone at my local gas station. somebody dropped a set of tickets on the ground and they look good. so i picked them up. Lets say these won- would I automatically lose my payout if somebody said they are theirs (even tho there isnt sufficent proof) ?

GOOD LUCK TO EVERYONE

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