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One lucky California lottery player is now $1 BILLION richer after sweeping the sky-high Powerball jackpot
Not The Bee ^ | Jul 20, 2023 | Staff

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.


TOPICS: History; Society
KEYWORDS: lottery
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To: Vigilanteman

Doing so wouldn’t exempt the winner from taxes in his/her state of residence.


21 posted on 07/20/2023 8:14:08 AM PDT by Gay State Conservative (Two Words: BANANA REPUBLIC!)
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To: MeneMeneTekelUpharsin
The individual will NOT get 1.08 billion. Arrgh, this stuff never ends.

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.

22 posted on 07/20/2023 8:14:50 AM PDT by Sirius Lee (They intend to murder us. Prep if you want to live and live like you are prepping for eternal life)
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To: Red Badger

“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)


23 posted on 07/20/2023 8:15:29 AM PDT by TexasGator
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To: Dominic01

The info I had was about Michigan and the extra tidbit was that they tested the algos on the lottery to develop for elections.


24 posted on 07/20/2023 8:16:05 AM PDT by MomwithHope (Forever grateful to all our patriots, past, present and future. )
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To: Red Badger

400 million after tax I bet.


25 posted on 07/20/2023 8:16:58 AM PDT by cableguymn
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To: Dominic01

A meme of the winner with Zelenskys face would be great.


26 posted on 07/20/2023 8:17:05 AM PDT by MomwithHope (Forever grateful to all our patriots, past, present and future. )
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To: Red Badger

Mmmmmm didn’t the 2b winner also live in the same area


27 posted on 07/20/2023 8:22:04 AM PDT by stockpirate (Where Justice Ends Tyranny Begins...Repression Breeds Violence")
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To: Red Badger

Incredibly, CA has no state taxes on lottery winnings.


28 posted on 07/20/2023 8:22:33 AM PDT by Extremely Extreme Extremist
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To: Red Badger

California will sure get a slice of tax, from that.


29 posted on 07/20/2023 8:25:29 AM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: ConservativeMind

I hope the winner moves to Texas, Florida or ...............................MEXICO..................


30 posted on 07/20/2023 8:26:21 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Vigilanteman
If I held that ticket, I would move to Florida or even Wyoming and establish residency before cashing it in.

I believe it is known which store sold the tickets. The store that sold the ticket gets a percentage. They must be serialized.

31 posted on 07/20/2023 8:31:52 AM PDT by fso301
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To: Red Badger

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.


32 posted on 07/20/2023 8:32:47 AM PDT by yefragetuwrabrumuy ("All he had was a handgun. Why did you think that was a threat?" --Rittenhouse Prosecutor)
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To: SamAdams76

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.


33 posted on 07/20/2023 8:46:14 AM PDT by ronniesgal (friends don't let friends be Kardashians)
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To: Vigilanteman

I hear $blm is looking for donors....,...


34 posted on 07/20/2023 8:46:18 AM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this💩? 🚫💉)
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To: Red Badger

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).


35 posted on 07/20/2023 8:52:07 AM PDT by Wuli
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To: Vigilanteman

He gets $50 after taxes and reparations.


36 posted on 07/20/2023 8:56:23 AM PDT by If You Want It Fixed - Fix It ( )
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To: Red Badger

Nope maybe a half a billion


37 posted on 07/20/2023 9:00:16 AM PDT by al baby (Sarcasm )
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To: Red Badger

I don’t play the lottery in fear I might win. Money changes thing and a lot of money changes a lot of things.


38 posted on 07/20/2023 9:47:29 AM PDT by CIB-173RDABN (I am not an expert in anything, and my opinion is just that, an opinion. I may be wrong.)
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To: Red Badger

That’s impossible. I didn’t buy my ticket in California.


39 posted on 07/20/2023 9:55:42 AM PDT by lowbridge ("Let’s check with Senator Schumer before we run it" - NY Times)
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To: CIB-173RDABN

Simple solution: go ahead and play the lottery. And if you win, you can always give all the money to me.


40 posted on 07/20/2023 9:57:17 AM PDT by lowbridge ("Let’s check with Senator Schumer before we run it" - NY Times)
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