Powerball Jackpot $900 Million USD

gonzo · 01-12-2016, 10:54 AM

Quote:

Originally Posted by 1MOREMOD

I call dibs. What if you take payments and die part way thru?

The trust is guaranteed to collect all of it. Up to you who gets what if you croak beforehand.

1MOREMOD · 01-12-2016, 10:55 AM

So then goal is to spend it as fast as you can, got it.

UncleWede · 01-12-2016, 10:56 AM

^They are banking on that, then it stays right where it is. I don't think you can put it into your estate.

Cattivo · 01-12-2016, 11:13 AM

I just drove by a gas station in the Bronx with at least 100 people waiting on line to play, good thing it's only 35 degrees out n snowing...maybe I can sell 1 of them my ticket for $100

gonzo · 01-12-2016, 11:51 AM

Quote:

Originally Posted by Cattivo

I just drove by a gas station in the Bronx with at least 100 people waiting on line to play, good thing it's only 35 degrees out n snowing...maybe I can sell 1 of them my ticket for $100

That's sad actually. Got a shiny nickel that says if anyone of those people standing in a line during business hours the day before will be dead or broke within one year if they won.

Does that ^ need commas...

M_Six · 01-12-2016, 12:58 PM

So at what point is the winner guaranteed a billion after taxes? I could do the math, but I burned out my calculator on the Starbucks problem.

RickFLM4 · 01-12-2016, 01:20 PM

Quote:

Originally Posted by M_Six

So at what point is the winner guaranteed a billion after taxes? I could do the math, but I burned out my calculator on the Starbucks problem.

Probably a little less than double where it is now. I saw on CNN that the $1.5B works out to around $900M lump sum. $900M less 40% tax = $540M. Less if winner is in a state with state income taxes. So winner probably ends up with ballpark of +/- 1/3 of "headline" prize after lump sum discount and taxes. I think.

gonzo · 01-12-2016, 01:43 PM

After fed 25%.
Here nets 1.225b ap 697,500m cv
Then each years income tax, gift tax etc.

The Dallas Morning News had an article from Mark Cuban.
His words:

Take the annual payment option.
Learn to use the word NO really fast.
If you're not happy now you won't be if you win.
If you're happy now you should be really happy if you win.
Don't be an ahole bnaire or mnaire.

1MOREMOD · 01-12-2016, 03:31 PM

I just got 292 million tickets so, winning

M_Six · 01-12-2016, 03:37 PM

Quote:

Originally Posted by 1MOREMOD

I just got 292 million tickets so, winning

Think you'll pretty much break even.

1MOREMOD · 01-12-2016, 03:38 PM

Quote:

Originally Posted by M_Six

Think you'll pretty much break even.

Good I only bought 150 million

schoy · 01-12-2016, 06:11 PM

Quote:

Originally Posted by 1MOREMOD

I just got 292 million tickets so, winning

Unfortunately, unless you can ensure you would not have any repeated combinations, you would only have about a 63% chance of winning ...

1 - [(292,201,337/292,201,338)^292,201,338]

1MOREMOD · 01-13-2016, 09:16 AM

Way to blow my morning

1MOREMOD · 01-13-2016, 02:16 PM

Any idea how many tickets get sold, how much govt makes vs winner

NemesisX · 01-13-2016, 02:24 PM

Quote:

Originally Posted by 1MOREMOD

Any idea how many tickets get sold, how much govt makes vs winner

Government takes 40%

1MOREMOD · 01-13-2016, 02:39 PM

But probably sell 4 billion in tickets and pay out 1.5, then take taxes and lump sum fee and, and, and

UncleWede · 01-13-2016, 02:43 PM

and yearly income taxes, don't be forgetting that.

1MOREMOD · 01-13-2016, 02:46 PM

Does it count as income if I spend it before I have it?

UncleWede · 01-13-2016, 02:48 PM

Nope, but you probably can't write off that debt either. Biorin ?

Biorin · 01-13-2016, 02:51 PM

Quote:

Originally Posted by UncleWede

Nope, but you probably can't write off that debt either. Biorin ?

Unfortunately, I have yet to come across the IRS allowing the "I'm a fucking idiot" deduction. I'll keep you guys posted with any legislative updates.

NemesisX · 01-13-2016, 02:52 PM

http://www.theatlantic.com/business/...ations/423930/

1MOREMOD · 01-13-2016, 02:52 PM

Quote:

Originally Posted by Biorin

Unfortunately, I have yet to come across the IRS allowing the "I'm a fucking idiot" deduction. I'll keep you guys posted with any legislative updates.

That would help a lot of people out if they did.

01-12-2016, 10:55 AM	#178
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	So then goal is to spend it as fast as you can, got it.
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01-12-2016, 10:56 AM	#179
UncleWede Long Time Admirer, First Time Owner 18031 Rep 9,378 Posts Drives: G01 X3 M40i Dark Graphite Join Date: Jun 2005 Location: Oxnard, CA iTrader: (0)	^They are banking on that, then it stays right where it is. I don't think you can put it into your estate.
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01-12-2016, 11:13 AM	#180
Cattivo FDNY Engine 55 681 Rep 2,115 Posts Drives: X5M, X5 50i Msport, EscaHoe Join Date: Jul 2014 Location: The Concrete Jungle iTrader: (1)	I just drove by a gas station in the Bronx with at least 100 people waiting on line to play, good thing it's only 35 degrees out n snowing...maybe I can sell 1 of them my ticket for $100
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01-12-2016, 12:58 PM	#182
M_Six Free Thinker 16967 Rep 7,455 Posts Drives: 2016 MB GLC300 4matic Join Date: Jan 2009 Location: Foothills of Mt Level iTrader: (0)	So at what point is the winner guaranteed a billion after taxes? I could do the math, but I burned out my calculator on the Starbucks problem. __________________ Mark markj.pics "There is no shame in dropping fruit in your glass." -UncleWede
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01-12-2016, 01:43 PM	#184
gonzo Lieutenant General 10202 Rep 14,398 Posts Drives: as many as possible Join Date: Jan 2007 Location: TeXXXas iTrader: (0)	After fed 25%. Here nets 1.225b ap 697,500m cv Then each years income tax, gift tax etc. The Dallas Morning News had an article from Mark Cuban. His words: Take the annual payment option. Learn to use the word NO really fast. If you're not happy now you won't be if you win. If you're happy now you should be really happy if you win. Don't be an ahole bnaire or mnaire. __________________ Crazy Diamond
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01-12-2016, 03:31 PM	#185
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	I just got 292 million tickets so, winning
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01-13-2016, 09:16 AM	#189
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	Way to blow my morning
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01-13-2016, 02:16 PM	#190
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	Any idea how many tickets get sold, how much govt makes vs winner
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01-13-2016, 02:39 PM	#192
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	But probably sell 4 billion in tickets and pay out 1.5, then take taxes and lump sum fee and, and, and
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01-13-2016, 02:43 PM	#193
UncleWede Long Time Admirer, First Time Owner 18031 Rep 9,378 Posts Drives: G01 X3 M40i Dark Graphite Join Date: Jun 2005 Location: Oxnard, CA iTrader: (0)	and yearly income taxes, don't be forgetting that.
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01-13-2016, 02:46 PM	#194
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	Does it count as income if I spend it before I have it?
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01-13-2016, 02:48 PM	#195
UncleWede Long Time Admirer, First Time Owner 18031 Rep 9,378 Posts Drives: G01 X3 M40i Dark Graphite Join Date: Jun 2005 Location: Oxnard, CA iTrader: (0)	Nope, but you probably can't write off that debt either. Biorin ?
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01-13-2016, 02:52 PM	#197
NemesisX Captain 317 Rep 905 Posts Drives: '19 Infiniti Q60S Join Date: Jul 2009 Location: TX iTrader: (0)	http://www.theatlantic.com/business/...ations/423930/
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