A few questions on the Powerball Lottery,.....

1 Right now, the jackpot stands at $635 Million Dollars. Not much , but I suppose it would be enough to live on; if you live cheaply !!!

If there is only 1 winner for the $635 Million tonight, assuming they take the Lump Sum cash payout, and live in a State that taxes lottery winnings , how does that work??

Does the State take their cut first, and then next April 15th when you file taxes , the Federal tax is taken out ??

2. When you file taxes on April 15th for the Federal portion of that Lump Sum Payout, are they taxing you on the whole lump sum payout, or just the amount left after the State took their cut ?


No, I did not win!! Dang !

I think fed takes their cut first and they take it off the top. Right away before the winner gets their money. The IRS isn’t going to let that much money sit in some ones account for 6 months or so.

Found the answer.


This is what would be left, after paying Federal and State taxes.



$302,310,000.00

Lol

Then don’t forget the tax every year on the interest if you invest it.

I would still go to work everyday. Probably give most of it to various conservation organizations. And of course make a few people look at my order funny when I get on to trapping supply websites.

How many mercenaries can a guy hire for 100 mil?

Just say your Taliban. Joe will give you all you need for “free”.

That works. Save your money.

1123 if you just get grunts at $89,000.00 each per year. High end mercenaries, such as interrogators make around $728,000.00 a year.

Keith

Won’t need interrogators, I already have the info that would have me hiring them in the first place. lol

Personally I wouldn't take the lump sum as you "lose money". In NM lottery annuity can be passed down. $31,750,000 yr payment for 20 years sounds good to me.

There's several nonprofits, and a few people I'd help out. Other than that land and real estate would be primary investments.

The most crocketed game on earth run by the government for the government.

Lotto is basically another tax on the poor.

I could live on that, even with low fur prices

Is that before or after the discount for the lump sum payout? If you won a $635M lottery, and took the lump sum, you would be down to about $400M BEFORE taxes set in.

The way they sell it is fraudulent, and yes, it is a tax on the poor. One they seem determined to pay.

The Winner doesn't Complain

Unless there's multiple winners. Lol.


No one won last night.

28, 38, 42, 47, 52 and the Powerball is 1. The Power Play was 2.

Yes everything is off the top, but when you file or before you could set up a foundation and say you put 100 million in that foundation and the total cost etc. is say $105 million. You could then file and report your charitable foundation costs and receive a very large tax refund and still have about 250-260 million to spend.

Bryce

The amount of taxes collected yearly must be staggering yet all they want is more and more.