Posted on 07/16/2023 12:13:27 AM PDT by zeestephen
Cash Option - $465 Million - Cash Take Home After 37% Federal Income Tax - $293 Million - 30 Year Annuity Option - First Annual Payment $30 million - Minus All Standard Income Taxes - Annual 5% Increase For All Remaining Payments
(Excerpt) Read more at powerball.com ...
If you win, show your faith in the viability of the United by taking out the payments over thirty years.
You can achieve the same thing by taking the cash option up front and investing in bonds and treasuries, not to mention investing it into the campaigns of MAGA candidates.
Lotteries....taxation for people bad at math.
Well, I iwiselt did NOT waste $2 for this drawing.
iwiselt??? wisely!
20 lottery winners who lost it all - as millions vie for Powerball’s $875 million jackpot
https://www.businessinsider.com/lottery-winners-lost-everything-2017-8
I’m saving up for when it gets to 2 billion. These 1 billion dollar draws are a dime a dozen. :)
Nope, never a good idea. Take the cash. If you go with the payments and you die, the IRS will SCREW your heirs by demanding ALL taxes on the balance, now.
I bought my winning ticket. I will build a big house by the lake. I will setup my relatives with money invested in stock so they continue to make more money.
“ Cash Take Home After 37% Federal Income Tax - $293 Million”
Every state is different on the final take home amount. Here is a link with payouts for every State. The lowest State payout after State tax is New York at $242 Million, several States tie for highest payout of $293 million since these states don’t tax lotto winnings, even California.
https://www.usamega.com/powerball/jackpot
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