If they invested the 300+million wisely that he or she does get, they might be a billionaire in just a few years.
But that's not going to happen.
It will be good for care dealerships and the local economy.
Posted on 07/20/2023 7:54:10 AM PDT by Red Badger
I don't know what it feels like to win this much money. I imagine it feels, you know, pretty stinkin' good.
A Powerball player in California won the massive $1.08 billion jackpot, the lottery game's third-largest prize, Wednesday night.
The winning numbers were 7, 10, 11, 13, 24, and the red Powerball 24.
Hey! I was going to pick those numbers myself! I knew those would be the ones!
Well maybe I'll play them next time. In any event, this lucky guy — or gal — will be allowed to take the $1 billion sum as a gradual payout or else take a lump sum of $550 million. Pretty sure you're going to keep the lights on either choice you make.
(Although this is California we're talking about...)
The winner, meanwhile, will be subject to anywhere from 24% to 37% in federal income tax withholding, depending on which choice he makes.
Notably, California doesn't tax lottery winnings, though the state may still be able to get its hands on that money via income taxes or other avenues.
Doing so wouldn’t exempt the winner from taxes in his/her state of residence.
If they invested the 300+million wisely that he or she does get, they might be a billionaire in just a few years.
But that's not going to happen.
It will be good for care dealerships and the local economy.
“The winner, meanwhile, will be subject to anywhere from 24% to 37% in federal income tax withholding, depending on which choice he makes.”
Nope.
-—————37% Either way———
37% for incomes over $578,125 ($693,750 for married couples filing jointly)
The info I had was about Michigan and the extra tidbit was that they tested the algos on the lottery to develop for elections.
400 million after tax I bet.
A meme of the winner with Zelenskys face would be great.
Mmmmmm didn’t the 2b winner also live in the same area
Incredibly, CA has no state taxes on lottery winnings.
California will sure get a slice of tax, from that.
I hope the winner moves to Texas, Florida or ...............................MEXICO..................
I believe it is known which store sold the tickets. The store that sold the ticket gets a percentage. They must be serialized.
Here’s “lottery math”
1) Most people take a 50% “lump sum” instead of the full amount over usually 30 years. So $1b becomes $500m.
2) Federal and state taxes take about 50% of the remaining amount, so $500m becomes $250m.
Now consider that most big lottery wins are nowhere near $1b, adjust your fantasies accordingly.
i have a cousin who is Obsessed with “how much” money his cousins from his dads side has.
He is convinced somehow that the $$ should be his.
His cousins are wealthy, but they also have worked for it.
My cousin is 75 but has been like this since he was 21.
We’re the “poor mice” side of the family so he leaves us alone. Believe me if he thought we had $$ he’d walk to my house from SC to ask for it.
He has googled everybodys address and looks up our home value.
I myself have zero problem saying no to anybody so i could win big and not give him anything.
I hear $blm is looking for donors....,...
I won’t ask any of my California friends and relatives. I doubt very much any of them drove into Los Angeles to by a Powerball Ticket (It was sold in Los Angeles).
He gets $50 after taxes and reparations.
Nope maybe a half a billion
I don’t play the lottery in fear I might win. Money changes thing and a lot of money changes a lot of things.
That’s impossible. I didn’t buy my ticket in California.
Simple solution: go ahead and play the lottery. And if you win, you can always give all the money to me.
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