The OFFICIAL Powerball and Megamillions thread:

[deeester]

I mean...this does "technically" make their odds better than ours

But if you lose......after spending that much on tickets can't be fun.

He good though...this no different than what he does anyway.

 

[Undefined]

100K? I guess if you got the bread then why not 

 

[gil23]

you miss 100% of the shots you dont take. id play at least 1 or 2 tickets.


"today could be your day."

i went for a run in the neighborhood and put 2 dollars in my pocket to play a set of numbers at the 7-11 up my street, i always play those numbers and didnt want to have the numbers come up and me regret that for the rest of my life

 

[wallyhopp]

How does gifting money work? They already did the Federal withholdings, and then the state comes in. Now if I win and gift someone $1 million. I get taxed on TOP of that or say 20% off of the $1 million. If they now have $800,000, and want to gift $50k to a friend, that is gift taxable as well? $1.5 billion can be taxed down to zero?

I had a family member win on price is right. She couldnt afford the gift tax at the time (some $3k on a $25k car) so they gave her the option to basically trade the car in for cash, and use part of that trade in cash for the gift tax... It all feels rigged.

People don't realize just what 1 in 192 million is. There is no relation for many when it comes to odds. I always think about when I'm at a sporting event. 50,000 people there. When they do those drawings for free pizza for section L, row 6, seat 3, think of your odds then.

Interesting read from over the summer just after the rule change which has sparked the Billion dollar pay outs.

http://fivethirtyeight.com/features...ive-america-its-first-billion-dollar-jackpot/

These huge payout will be the norm since the odds are much worse now but people are flocking to buy tickets (and it only increases with each failed drawing) like this is a one of.

The executive director of the Powerball being put on leave, the security director is in jail currently convicted of fraud , and a switch to substantially worse odds (1 in 175 million chance to 1 in 292 million) and people are spending more than ever.

https://www.washingtonpost.com/news...-million-jackpot-rigged-by-a-former-employee/

The lottery knows what they are doing. They are getting the exact attention they wanted. For awhile, people forgot it even was around. Created Hysteria is not cool in my book.

 

[wallyhopp]

News just showed this bordertown between CA and NV. 4 hour wait.. Why aren't these people at work? The reality check for so many when they realize they can't pay rent, can't buy food for their next meal, or can't afford heat because every ounce of savings was used to buy tickets is sad to me.. The powerball has non players for decades dropping what they do to wait in line. They've created millions of new gamblers. I think the casinos will thank them now . Once you've sprinkled someone with that "thrill" of what gambling is about, it's like a drug.

With all this hate, I did manage to get in a $10 pool. That $10 is $10 less I would have spent on fast food. For most, I hope they spend in this sort of manner. Dropping $400 from my savings would be out of the norm for me.. There are lotto games with much better odds. The payout may only be $100,000. But your odds are so so so much better..

 

[frank mucus]

News just showed this bordertown between CA and NV. 4 hour wait.. Why aren't these people at work? The reality check for so many when they realize they can't pay rent, can't buy food for their next meal, or can't afford heat because every ounce of savings was used to buy tickets is sad to me.. The powerball has non players for decades dropping what they do to wait in line. They've created millions of new gamblers. I think the casinos will thank them now . Once you've sprinkled someone with that "thrill" of what gambling is about, it's like a drug.

With all this hate, I did manage to get in a $10 pool. That $10 is $10 less I would have spent on fast food. For most, I hope they spend in this sort of manner. Dropping $400 from my savings would be out of the norm for me.. There are lotto games with much better odds. The payout may only be $100,000. But your odds are so so so much better..

That's America

 

[robtoofresco]

290 person pool + that "hey, look at me" dummy w/ thousands of tickets...

FL is just one big L.

**** a pool too btw, I don't want to split my winnings w/some Joe Shmoe from work... I want it all.

With that said, i got $12 riding on tonight's drawing... GL NT

 

[mynameaintg]

if a NTer wins, you gonna let NT know?

 

[alp]

Well now that we know about the $14k limit, I think I'll give 100 of the top posters in this thread the limit. I'm avoiding extra tax however possible.

what 14k limit?

 

[robtoofresco]

if a NTer wins, you gonna let NT know?

Not immediately.

I'll go ghost for awhile, plan for all possible contingencies, come back when I'm ready to claim my prize & make a thread where the first __ NTers to post will receive a cash prize.

I have a great memory so if you don't post or are new to general you aren't getting Nathan

 

[Undefined]

 

if a NTer wins, you gonna let NT know?

Not immediately.

I'll go ghost for awhile, plan for all possible contingencies, come back when I'm ready to claim my prize & make a thread where the first __ NTers to post will receive a cash prize.

I have a great memory so if you don't post or are new to general you aren't getting Nathan

bless me wit a mil papi

 

[sonoftony]

If I win. I will host the biggest NT summit evar

 

[moderndarwin]

I bought one ticket.

 

[flyny]

As I type this, I'm sitting in my car in a 7-11 parking lot facing the entrance. I've been sitting here for 10 minutes, watching. People rushing in. People trying to get that fix. Lottery is really a drug. I have my windows down, and in the midst of this new Uncle Murda coming out my speakers, I overheard a couple talking to each other. "Don't spend the whole $50 baby, we need to buy baby formula" - "forget the formula, this is 1.5 billion dollars, we about to be rich baby". Welcome to America.

 

[moonman818]

As I type this, I'm sitting in my car in a 7-11 parking lot facing the entrance. I've been sitting here for 10 minutes, watching. People rushing in. People trying to get that fix. Lottery is really a drug. I have my windows down, and in the midst of this new Uncle Murda coming out my speakers, I overheard a couple talking to each other. "Don't spend the whole $50 baby, we need to buy baby formula" - "forget the formula, this is 1.5 billion dollars, we about to be rich baby". Welcome to America.

 

[mynameaintg]

next time this hits a billion, im buying tickets to resell to folks that dont live in lottery-playing states.

 

[swaggdaddy]

News just showed this bordertown between CA and NV. 4 hour wait.. Why aren't these people at work? The reality check for so many when they realize they can't pay rent, can't buy food for their next meal, or can't afford heat because every ounce of savings was used to buy tickets is sad to me.. The powerball has non players for decades dropping what they do to wait in line. They've created millions of new gamblers. I think the casinos will thank them now . Once you've sprinkled someone with that "thrill" of what gambling is about, it's like a drug.

With all this hate, I did manage to get in a $10 pool. That $10 is $10 less I would have spent on fast food. For most, I hope they spend in this sort of manner. Dropping $400 from my savings would be out of the norm for me.. There are lotto games with much better odds. The payout may only be $100,000. But your odds are so so so much better..

Sounds just like thr holiday release of the bred 11s a few years ago! Had mofos that didn't even wear jays camping out trying to buy them. When it's popular everyone wants in!

 

[alp]

next time this hits a billion, im buying tickets to resell to folks that dont live in lottery-playing states.

if one of them tickets wind up popping out you gonna be furious

 

[mynameaintg]

if one of them tickets wind up popping out you gonna be furious

i would know too. i can see the story on the news now.

"Alabama Woman Hits Jackpot With Ticket She Bought In Georgia Parking Lot."

 

[bjamez20]

Hope nobody wins, want to see the chaos continue 

Good luck NT 

 

 

[the qbz]

Hope win i tonight its enough money for my mom to finally love me





Jk jkjkjk

 

[703 hwy]

Any way to figure out the annuity? With the jackpot so high I feel this would be the better option. And keep you from going broke

 

[usdlaw]

How does gifting money work? They already did the Federal withholdings, and then the state comes in. Now if I win and gift someone $1 million. I get taxed on TOP of that or say 20% off of the $1 million. If they now have $800,000, and want to gift $50k to a friend, that is gift taxable as well? $1.5 billion can be taxed down to zero?

I had a family member win on price is right. She couldnt afford the gift tax at the time (some $3k on a $25k car) so they gave her the option to basically trade the car in for cash, and use part of that trade in cash for the gift tax... It all feels rigged.

People don't realize just what 1 in 192 million is. There is no relation for many when it comes to odds. I always think about when I'm at a sporting event. 50,000 people there. When they do those drawings for free pizza for section L, row 6, seat 3, think of your odds then.
The lottery knows what they are doing. They are getting the exact attention they wanted. For awhile, people forgot it even was around. Created Hysteria is not cool in my book.

Lottery withholding doesnt equal your full tax liability. Your full fed tax liability is 39.6% of your winnings (taxed as ordinary income) and whatever state or city tax applies

. You have a $5 million gift exemption throughout your life. If you go over the 5M, you will be taxed 40% for every dollar.  

However, you are allowed to give 14k/yr to an unlimited amount of people without taking away from your gift exemption (Gift tax exclusion). The giftee will have to pay tax on that as ordinary income. 

As for the 1M to the giftee, he or she has to pay income tax on that as ordinary income, not you. This is assuming you have not gone over the $5 million exemption. As for the 50k he or she gifts to the friend, he or she will not be taxed but will decrease the the 5M exemption. The friend will have to pay for the taxes incurred on the 50k as ordinary income. 

Here are the consequences on your million dollar gift (only accounting for fed tax and not state or city taxes):

You: Reduction in your gift exemption by one million 

Giftee: I dont want to do the math but it should be around 35%. It's a progressive tax so the highest tax rates will apply which is 39.6% tax on money over 413k (430k if married). Total after the gift of 50k = 600k (650 -50: gift). Decrease of 50k from the exemption

Giftee's friend: Wont be able to say final amount without taking account of other income. Assuming if income total is only from the 50k gift, he or she will collect 41700. 

 

[alp]

Lottery withholding doesnt equal your full tax liability. Your full fed tax liability is 39.6% of your winnings (taxed as ordinary income) and whatever state or city tax applies

. You have a $5 million gift exemption throughout your life. If you go over the 5M, you will be taxed 40% for every dollar.  

However, you are allowed to give 14k/yr to an unlimited amount of people without taking away from your gift exemption (Gift tax exclusion). The giftee will have to pay tax on that as ordinary income. 

As for the 1M to the giftee, he or she has to pay income tax on that as ordinary income, not you. This is assuming you have not gone over the $5 million exemption. As for the 50k he or she gifts to the friend, he or she will not be taxed but will decrease the the 5M exemption. The friend will have to pay for the taxes incurred on the 50k as ordinary income. 

Here are the consequences on your million dollar gift (only accounting for fed tax and not state or city taxes):
You: Reduction in your gift exemption by one million 

Giftee: I dont want to do the math but it should be around 35%. It's a progressive tax so the highest tax rates will apply which is 39.6% tax on money over 413k (430k if married). Total after the gift of 50k = 600k (650 -50: gift). Decrease of 50k from the exemption

Giftee's friend: Wont be able to say final amount without taking account of other income. Assuming if income total is only from the 50k gift, he or she will collect 41700. 

so you cant even give your own money away? that's disgusting.

 

[alp]

i would know too. i can see the story on the news now.

"Alabama Woman Hits Jackpot With Ticket She Bought In Georgia Parking Lot."

yea word
but even she would probably have trouble claiming the ticket since the video would show you as the one purchasing the ticket