Power Ball

[SERE Bear]

In the end, the lump sum ends up being around $380 million take home. Taxes take 40%, and the irs takes another 25-28% because it's gambling. Not worth the time nor paying $584 million for.

You really aren't very good at this. Facts are available with a simple google search.

http://lottery-calculator.com/default.aspx#

Enter Amt (in millions) : 1500
Lump Sum : (approx) $930,000,000.00 / $561,720,000.00 (after 39.6% federal tax)
Payments - Average (annuitized payments - check specific lottery rules) Per Year ( 1 initial payment and annuitized pymts for 29 additional years. ) :
(approx) $50,000,000.00 / $30,200,000.00 (after 39.6% federal tax)

 

[AussieBear]

How exactly is it fucked up? Seems reasonable to me.

as an american living in oz, id have to pay taxes on it - i get that. however, how can you make an aussie pay american taxes, especially when they dont live in the usa.

if i win the oz lotto, i dont pay taxes here... but id have to pay murica something eh.. people working overseas are still required to file a return...

its why one day ill just renounce my american citizenship and become an aussie.. no point in doing returns or paying murica taxes if i never plan on coming back... only if im a tourist...

 

[ijustposthere]

You really aren't very good at this. Facts are available with a simple google search.

http://lottery-calculator.com/default.aspx#

This is when it was 1.4 million

http://www.wired.com/2016/01/the-fascinating-math-behind-why-you-wont-win-powerball/

How low? First off, you only get $1.4 billion if you accept the payout over 30 years. If you want it all at once, your bounty drops to $868 million. Then you gotta pay taxes. I’m going to assume you’re not already rich, and therefore do not have a cabal of Randian lawyers standing between your money and the government. Which means you’re losing about 40 percent at the federal tax rate. Oh and also, the IRS withholds an extra 25 to 28 percent because you struck it rich gambling.

If you’re lucky enough to live somewhere without state taxes, you take home around $524 million. Otherwise, your pot could be as “little” as $394 million—but multiplied by 1/292,000,000, your expected return on a $2 ticket is about $1.79 at the high end, and $1.35 at the low. That’s all back-of-the-napkin math, but the answer tells you what you need to know: If your expected return is less than your investment, put your money towards something else.

Either way, still a lot more than I have now, but holy shit at how much you actually get. Doesn't make sense to me because I thought the 40% was the withholding.

 

[ijustposthere]

IJPH hates the lottery so much hes invented new Math to battle against the lottery in a war of mental attrition

Haha, I'm just trying to get as many people as possible to not play.

 

[Monster]

It is really just a tax on the poor. But fun to dream for two bucks when it's this high.

 

[Tater]

It is really just a tax on the poor. But fun to dream for two bucks when it's this high.

How is it a tax on the poor? If you win, you're not poor anymore. And just playing is not mandatory like paying a tax is.

 

[ijustposthere]

LOL, saw this and immediately thought of my fam:

 

[BNB]

Winning ticket was supposedly sold in Chino Hill, California. 6th highest income place in the United States. Rich get richer?

 

[Bergz22]

Winning ticket was supposedly sold in Chino Hill, California. 6th highest income place in the United States. Rich get richer?

Sounds about right. Some who can drop 3k on tickets

 

[Unannounced Fart]

Winning ticket was supposedly sold in Chino Hill, California. 6th highest income place in the United States. Rich get richer?

Only one winning ticket? ****... and Chino Hills ain't a bad place at all, but there's no way it's the 6th highest income city in the US, let alone southern California.

 

[Bergz22]

Only one winning ticket? ****... and Chino Hills ain't a bad place at all, but there's no way it's the 6th highest income city in the US, let alone southern California.

So far, other states still trying to figure it out.

 

[Warrior Spirit]

You really aren't very good at this. Facts are available with a simple google search.

http://lottery-calculator.com/default.aspx#

The only reason for the disparity in payout, be it lump sum or spread out, is due to the interest earned over that time. You can take lump sum and put much or most in CDs and earn more than that 30 year payout. The taxes are same % regardless. Read an article that asked Mark Cuban what he'd advice the winner of such an amount to do. Think the first thing he said was to get a tax lawyer.

 

[brett05]

The jackpot was split three ways. Other two in Ten and Fla

 

[Monster]

Oh well. Back to work

 

[Bearin' Down]

LOL, that's like a lesser chance of actually hitting the numbers.

Especially since its all plus one away. You'd have a better chance if it could be plus or minus one away

 

[Novak]

LOL, saw this and immediately thought of my fam:

That is a bean packed train right there

 

[LordKOTL]

How exactly is it fucked up? Seems reasonable to me.

as an american living in oz, id have to pay taxes on it - i get that. however, how can you make an aussie pay american taxes, especially when they dont live in the usa.

if i win the oz lotto, i dont pay taxes here... but id have to pay murica something eh.. people working overseas are still required to file a return...

its why one day ill just renounce my american citizenship and become an aussie.. no point in doing returns or paying murica taxes if i never plan on coming back... only if im a tourist...

From what I've gathered, I think it all depends on the tax treaty that, say, Australia has with the U.S. In most cases, if there is a tax treaty income (even a windfall like the lottery) is only taxed once.

Ergo, if AUS's tax treaty is the same as SVK's, It's either taxed by the Australians, the US, but not both. Chances are with that windfall Uncle Sam will fight Austrialia tooth and claw or that tax money.