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MrScorpio

(73,631 posts) Tue Jan 12, 2016, 09:58 PM Jan 2016

Someone's gonna win a billion dollars cash

And it ain't gonna be me.

5 replies

= new reply since forum marked as read

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Someone's gonna win a billion dollars cash (Original Post) MrScorpio Jan 2016 OP

Odds are good whoever wins will self-destruct or be destructed. hunter Jan 2016 #1

and it ain't gonna be a biliion dixiegrrrrl Jan 2016 #2

if $1.5B then lump = $930M - immediate 25% fed tax = $697.5M - your state tax kristopher Jan 2016 #4

11 states have no tax on powerball winnings. dixiegrrrrl Jan 2016 #5

And it ain't gonna be me... hay rick Jan 2016 #3

hunter

(38,328 posts)

1. Odds are good whoever wins will self-destruct or be destructed.

Reply to MrScorpio (Original post)

Tue Jan 12, 2016, 10:21 PM

Jan 2016

If you want to kill a heroin or meth addict give them a kilo of the pure stuff.

dixiegrrrrl

(60,010 posts)

2. and it ain't gonna be a biliion

Reply to MrScorpio (Original post)

Tue Jan 12, 2016, 10:34 PM

Jan 2016

technically speaking......after taxes, etc and if it is lump sum, gonna be a whole lot less.

kristopher

(29,798 posts)

4. if $1.5B then lump = $930M - immediate 25% fed tax = $697.5M - your state tax

Reply to dixiegrrrrl (Reply #2)

Wed Jan 13, 2016, 02:15 AM

Jan 2016

settle up w/ IRS at tax time to pay total 39.5% fed tax.

11 states have no tax on powerball winnings.

set up allows for adjustments due to charitable donations.

https://www.usamega.com/powerball-jackpot.asp

dixiegrrrrl

(60,010 posts)

5. 11 states have no tax on powerball winnings.

Reply to kristopher (Reply #4)

Wed Jan 13, 2016, 12:13 PM

Jan 2016

Wow..I knew not.

Alabama is in the midst of "thinking" about allowing lottery.
We have already allowed beer and wine into grocery stores ( except Sunday , of course)
so the state is approaching the 20th century, gradually.

hay rick

(7,641 posts)

3. And it ain't gonna be me...

Reply to MrScorpio (Original post)

Wed Jan 13, 2016, 01:25 AM

Jan 2016

but not because I didn't buy tickets...

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