Posted on 08/21/2017 5:02:02 AM PDT by simpson96
All bets are still on.
The Powerball jackpot has soared to an estimated $650 million, making it the third largest in U.S. history.
The payoff, fueled by intense sales after no one matched the numbers in Saturdays drawing, rose by $115 million, lottery officials said.
A lump sum cash value, before taxes, would be $411.7 million. The next drawing will be Wednesday night.(snip)
If youre unlucky enough to win in New York, this is the most expensive state in the U.S, to win the lottery, said David Selig, a federal tax practitioner who runs Selig & Associates. Between the federal and state taxes, you lose more than 50 cents on the dollar. And then there are city taxes, too.
Lottery winnings are subject to 39.6% federal tax withholding. New York winners would have to pay 8.8% in state tax and the city tax of 3.9%.
After the three layers of taxes, a New York City winner of the lump sum $411.7 million in Wednesdays drawing would take home just under $200 million.
The odds of winning the whopping payoff are one in 292.2 million, lottery officials said.
(Excerpt) Read more at nydailynews.com ...
Never understood how the lottery could claim the prize was X to increase sales then pay you at X/2 and not have it be false advertising, when they are the one selling the tickets and collecting the taxes, they should either be forced to pay the full amount advertised and sell more losing tickets to cover the difference or only advertise the actual amount you win.
I remember a coworker of my dad hit mass millions when it first came out and was sure he was going to retire early, but sadly 17 other people had the same numbers and ended up with like $50k after taxes. I’d take it but be pissed I thought I was getting a million.
far more heartbreak than elation in these games
They will give you the entire amount if you spread it over 20/25 years. Otherwise you get the Cash amount.
I bought a couple tickets.
If I win, I am buying a modest house in the middle of a 500 acre compound with a yuge wall and moat. Take my husband, daughter and mom and living off the grid for the rest of my life.
I’ll randomly pick a veteran, cancer patient, homeless person, missionary or volunteer every month and send them an anonymous check.
Not donating a dime to organizations or churches who will piss it away on bureaucracy where it never goes to the people who need it.
That’s “Leave me the eff alone” money.
I’m not talking about lump sum Vs annuity. I’m saying the lottery ie. the government sells tickets on the premise you win $100 million dollars then the same govt/lottery keeps $50 million in taxes. They should only be allowed to advertise what you receive after taxes.
>> In South Carolina it goes towards education.
That is sooooooo cool! Education supported by a tax on stupidity!
:)
Will only, ever buy a lotto ticket when The LORD tells me to. Now and then The LORD speaks to me in a way that unmistakable. If He tells to get a ticket it will not be gambling, but a sure thing. Much good could be done with the money, as well as it being enjoyed.
God is good. He lays up the wealth of the wicked for the just. The only just are those who receive the righteousness of Christ through believing in Him and His sacrificial death on the cross, which pays for every sin. In the place of our sins, He gives us His perfect righteousness. Praise Him!!!
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