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Powerball jackpot at $400 million - Oops! $1.5 billion - $40 mil

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ViviTheMage said:
Yeah, this might be the best idea yet, will let our lawyer figure it out!
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I could be talking out of my ass because I don't know if any of that is true--but borrowing from what was posted earlier, the NY people recommended setting up an LLC, because NY law only allows 10 cheques cut from the lotto for each winning ticket.

So, the earlier idea that splitting and taxing once is probably best; may not work. Depends on what Minnesota allows, though.

However, if there is real incentive to set up an LLC, that may be the way to go.
 
Phokus said:
Yeah normally I wouldn't play the powerball, it's irrational, but my coworkers starting a pool tapped into some irrational fears of me not only losing out on a share of the winnings but me being stuck with everyone's work lol.
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It's really quite insidious.
 
Phokus said:
Yeah normally I wouldn't play the powerball, it's irrational, but my coworkers starting a pool tapped into some irrational fears of me not only losing out on a share of the winnings but me being stuck with everyone's work lol.
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We did one at work too, but it might have been a bit much with a $50 buy-in price. It does give us the fun time joking that if we win, almost our entire team would be gone the next day. 😛
 
thegimp03 said:
Typically I would agree on your joke about California taxes, but surprisingly, California doesn't tax lottery winnings.
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you still get the federal tax, but yeah--CA is one of the cheap places to play. (Puerto Rico being the cheapest: no state tax--obv.--but also no federal tax!)

so $950 mill lump sum = $950 mill.

shite.
 
ViviTheMage said:
No Fed taxes? How unamerican!
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Because PR is not a US state but territory. See one of my post above = http://forums.anandtech.com/showpost.php?p=37959258&postcount=643
about the story from CNN how a winner from PR could walk away with very much the whole jackpot of $930 million while a winner from NYC would have to pay up the nose with federal income tax (39.6%), then state income tax (8.82%), then city income tax (3.9%).


In other news, the jackpot could go up to $2 BILLION USD if no one wins tonight = http://money.cnn.com/2016/01/13/new...o-winner-billions/index.html?iid=hp-stack-dom
 
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Got a feeling we're gonna win this time...all it takes is some dumb luck...we've got half of that covered already:awe:
 
Svnla said:
Because PR is not a US state but territory. See one of my post above = http://forums.anandtech.com/showpost.php?p=37959258&postcount=643
about the story from CNN how a winner from PR could walk away with very much the whole jackpot of $930 million while a winner from NYC would have to pay up the nose with federal income tax (39.6%), then state income tax (8.82%), then city income tax (3.9%).


In other news, the jackpot could go up to $2 BILLION USD if no one wins tonight = http://money.cnn.com/2016/01/13/new...o-winner-billions/index.html?iid=hp-stack-dom
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I would be pretty surprised if only one person wins tonight, let alone zero
 
Chiropteran said:
It's because they don't get to vote in federal elections or something... yet neither can Washington DC residents, and they still pay fed taxes so it's a bit of a silly loophole.
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They do have a "representative" of some kind in Congress though. No one listens to her but she's there. 'We see your lips moving but we can't hear a word you're saying.'
 
Train said:
No No, no votes here.
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nonono

photo-credit-amir-chamdin-nonono.jpg
 
ViviTheMage said:
Yeah, I get it. DC residents cant vote? Any idea why? I never knew that.
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Because it's a district and specifically not a state. For practical reasons it was decided that it would be better that the US capitol not reside in a state. This way a state isn't attempting to exert influence over the Federal Government, and no one gets to play favorites.
 
AdamK47 said:
Screw the 1 in 292,000,000 odds of Powerball. I was reading about the lottery in Spain recently. The total available money for that was €2.2 billion around Christmas. Now the payout for the top prize is "only" €4 million, but the odds of winning it are 1 in 100,000. There is also 10,000 other ways to win substantial amounts of money.

http://www.christmaslottery.co/spanish-lotto-prizes.html

I'd play it.
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Thanks for that link! I am in Spain and have never played this, but yes, they're going NUTS selling tickets everywhere. I knew it's a big event here but didn't know it's SUCH a big event... maybe I buy some this year 🙂
 
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