Powerball "technical glitch"?

#26
#26
IluvdoubleD's said:
You guys really don't know how this works? Powerball has to have the 1.9 Billion to pay out. That's the pay out. If you take the lump sum, the gov will hit you will 50% in taxes off the top. That's the tax. If you take the lifetime payout, tax is way cheaper, but who knows how long that will last? What happens when there is no more lotto? People usually just take the lump and pay the tax. It's roughly 50% off the top to the gov. Powerball still has to pay that out.

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That's actually not how it works.
 
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#27
#27
You guys been drinking this morning? Or, more russian social? That's exactly how it works, and its well known. When you play the lotto, you realize the local, state , and federal will take about half off the top. That's why they allow it. That money is SUPPOSED to go to schools and local municipalities (who knows where it goes when it gets in the states hands), but you do you. keep soaking in your truther social.
 
#28
#28
IluvdoubleD's said:
You guys been drinking this morning? Or, more russian social? That's exactly how it works, and its well known. When you play the lotto, you realize the local, state , and federal will take about half off the top. That's why they allow it. That money is SUPPOSED to go to schools and local municipalities (who knows where it goes when it gets in the states hands), but you do you. keep soaking in your truther social.
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It's an easy estimate but not the truth. Also, can you explain why they need $1.9B on hand?
 
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#29
#29
utvolpj said:
How does this work? They don't need the whole amount because they don't pay out $1.9B and the tax rate is still less than 40%
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The fee for the lump sum payout is a little north of 50%
Then 37% for taxes.
Then state if any. There is none in Fla or Tn
 
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#31
#31
IluvdoubleD's said:
You guys been drinking this morning? Or, more russian social? That's exactly how it works, and its well known. When you play the lotto, you realize the local, state , and federal will take about half off the top. That's why they allow it. That money is SUPPOSED to go to schools and local municipalities (who knows where it goes when it gets in the states hands), but you do you. keep soaking in your truther social.
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They will never, under any of the possible payout options, need to have 1.9 billion on hand at once.

You take the lump sum, it's not the full amount. It's about half, BEFORE the taxes, and I am pretty sure the Powerball doesnt pay it, it would be the winner.

If you take the yearly payouts, it eventually equals close to 1.9 billion, but its split over 30 years I believe, so again the Powerball would never need the full 1.9 at one time.
 
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#32
#32
utvolpj said:
What fee? There's an agreed upon one time payout. We're talking about taxes after payout
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The lottery payout is 1.9B. If you elect the cash now option then your cash payout is 929M. THEN you pay taxes of 24%. Lowering your check to roughly 687M. Then state taxes if any. And you are likely to owe additional taxes up to the 37% bracket for the feds when you file.
 
#33
#33
ClearwaterVol said:
The lottery payout is 1.9B. If you elect the cash now option then your cash payout is 929M. THEN you pay taxes of 24%. Lowering your check to roughly 687M. Then state taxes if any. And you are likely to owe additional taxes up to the 37% bracket for the feds when you file.
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I'm not sure how that is different than anything I've said already. I was curious about the fee you mentioned
 
#35
#35
You guys don't have a lotto do you? Get off russian social. Your fried. The payout is 1.9 billion. Local, state, and frderal will take about half.

Now, go dream of russian rainbows and unicorns, or what ever is being fed to you, and stop drinking so early (unless you are in the military).
 
#39
#39
UT_VOLS13 said:
Winning numbers for the record $1.9 billion Powerball jackpot have yet to be announced after drawing was delayed | CNN

For the $1.9 billion jackpot, the winner can choose between getting 30 equal payments of about $63 million per year or receiving a lump sum cash value of about $929 million.
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Just so everyone is aware, it works in 5% incremental increases. Starts at 28 million with the last payout being approximately 117 million.

Take the cash invest. Time value of money is not on your side with the 30 year payout.
 
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#40
#40
Fun coupon VOL said:
Just so everyone is aware, it works in 5% incremental increases. Starts at 28 million with the last payout being approximately 117 million.

Take the cash invest. Time value of money is not on your side with the 30 year payout.
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I will take the lump payment
 
#42
#42
Fun coupon VOL said:
Just so everyone is aware, it works in 5% incremental increases. Starts at 28 million with the last payout being approximately 117 million.

Take the cash invest. Time value of money is not on your side with the 30 year payout.
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I'd take the annuity. I don't the support system of lawyers, accountants etc in place to handle that influx of cash.
 
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#43
#43
IluvdoubleD's said:
You guys really don't know how this works? Powerball has to have the 1.9 Billion to pay out. That's the pay out. If you take the lump sum, the gov will hit you will 50% in taxes off the top. That's the tax. If you take the lifetime payout, tax is way cheaper, but who knows how long that will last? What happens when there is no more lotto? People usually just take the lump and pay the tax. It's roughly 50% off the top to the gov. Powerball still has to pay that out.

Click to expand...

This is so wrong it is funny.
 
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#44
#44
IluvdoubleD's said:
You guys don't have a lotto do you? Get off russian social. Your fried. The payout is 1.9 billion. Local, state, and frderal will take about half.

Now, go dream of russian rainbows and unicorns, or what ever is being fed to you, and stop drinking so early (unless you are in the military).
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There is no payout of the whole $1.9B. It's taxed as ordinary income and I have no state tax. I'm not paying 50% in taxes when I win
 
#46
#46
IluvdoubleD's said:
AFTER the gov takes theirs. They get theirs first, before it comes to you.
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I'm pretty sure the Lottery withholds only 20% from the lump sum payout for federal income taxes. Any other federal income tax would be due when your tax return is filed. Don't know about state income tax withholding.
 
#47
#47
#48
#48
happy-go_vol said:
The way I see it, if you can't live on the payout and have trouble waiting for a yearly payment, you probably have a serious issue
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Personally, I'd want the lump sum simply because I don't trust them to make the payments over the next 20 years. Plus I might not live that long. Give me 7-800 mil and I can make up for the money I lost by taking the lump sum pretty quick.
 
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#50
#50
hog88 said:
Personally, I'd want the lump sum simply because I don't trust them to make the payments over the next 20 years. Plus I might not live that long. Give me 7-800 mil and I can make up for the money I lost by taking the lump sum pretty quick.
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It's an annuity and is an asset that can be passed on to heirs.
 
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