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.
$700 mil gos right back to the G.
Sure, it would be more nicer to have a billion dollars after taxes than 250 million dollars after taxes. But theres nothing i can do with a billion dollars that I cant and have always wanted to do with a much lesser amount, such as 250 million dollars.
So, if I were to wind up with only 250 million on a billion dollar jackpot, or something even smaller like 25 million out of a 100 million jackpot, I’m not likely to complain about the rest of the money that went for taxes.
Amazingly enough, California doesn’t tax you on lottery jackpots.
LOL! I wonder how long it would be before that showed up.
Amazing!
24% federal income withheld immediately
3$ more next year
no state tax
this is for getting the payment up front.
He’ll miss half of that since he gets the ‘net present value’ of the billion dollar 20-year payout, not the full amount. Then, the governments get half of that. This means that he’ll ‘only’ get around $250 million.
He’ll miss half of that since he gets the ‘net present value’ of the billion dollar 20-year payout, not the full amount. Then, the governments get half of that. This means that he’ll ‘only’ get around $250 million.
The horror.
Uh, the article clearly states that.
Aargh, this one eyed reading never ends.
I’ll think about it. ;-)
I bet it was a alcoholic as this is next to skid row.
they will throw a big party and spend lots of money and will be found dead soon after.
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