Posted on 03/24/2022 1:51:31 AM PDT by zeestephen
Yup - If you buy all 851,000 combinations, you are guaranteed a share of the $1 million (after tax) jackpot. Just one problem - there are frequently multiple winners, which means you would still go bust if you have to divide up the money.
(Excerpt) Read more at walottery.com ...
Not only do you have to be the only winner (the hitman budget necessary to accomplish that would be astronomical), but your after-tax haul would only be a little over $600,000, so even if you were the sole winner you’d still lose money.
A while ago, the WA state Lottery changed the Hit 5 rules to seven drawings each week from just three drawings.
For some reason, this ignited bettor interest, and the Hit 5 jackpot zooms up about 3X times faster than it used to.
Your tax calculation is wrong.
$1.6 million X 0.63 = $1,008,000
No state taxes in WA.
Only the 37% top federal rate applies.
Don’t forget you get to deduct the cost of the $851,000 in ticket cost...
I wonder how much time it would take to print out all the combinations...
I thought that was obvious.
You bet $851K and win $1.008 million - almost a 20% return in one day - unless other people show up with winning tickets.
$1.6 million X 0.63 = $1,008,000
I thought the prize was $1 million, not 1.6.
Ah, I see now that the $1 million was AFTER tax. Didn’t see that at first.
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