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Deleted Deleted Member Posts: 0	Powerball Jan 12, 2016 17:24:45 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Deleted on Jan 12, 2016 17:24:45 GMT -5 For those who are following the news, Powerball Lottery is currently over $1 BILLION. If you won that money, what would you do with it?

kplewisvox
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Powerball Jan 12, 2016 17:37:51 GMT -5 via mobile

Quote

Post by kplewisvox on Jan 12, 2016 17:37:51 GMT -5

Take the lump sum and invest it in high-grade municipal bonds and corporate bonds, and live lavishly off the interest. Should be close to $10 million a year, and I never touch the original prize money, so I can't go broke like the many stories you hear.

ausgameshowfan Fan Games Pass Holder Posts: 483	Powerball Jan 12, 2016 18:03:19 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by ausgameshowfan on Jan 12, 2016 18:03:19 GMT -5 I wonder how much tax you would need to pay. It would most likely be astronomical. How much money would you actually get after tax and if you chose the lump sum amount.

retched
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Powerball Jan 12, 2016 21:19:49 GMT -5

Quote

Post by retched on Jan 12, 2016 21:19:49 GMT -5

Jan 12, 2016 18:03:19 GMT -5 ausgameshowfan said:

I wonder how much tax you would need to pay. It would most likely be astronomical.
How much money would you actually get after tax and if you chose the lump sum amount.

Would suck if you live anywhere but the territories of the US (they don't get taxed like a state).

time.com/money/4177517/powerball-jackpot-taxes/

Provided you pick the cash lump sum (currently estimated at $930 million itself as one lump sum), you would be talking about $368 million being pulled back for FEDERAL taxes.

In addition to that, you'd also have to pay a STATE income tax too. (Yeah, state and federal classify lotteries as earned income). All but 11 states have a tax on lottery winnings. (Since I live in New York City, I get taxed twice

))

Last Edit: Jan 12, 2016 21:20:16 GMT -5 by retched

dhumphreys17

Posts: 74

Powerball Jan 12, 2016 21:22:54 GMT -5

Quote

Post by dhumphreys17 on Jan 12, 2016 21:22:54 GMT -5

Jan 12, 2016 17:37:51 GMT -5 kplewisvox said:

Why keep all $10 million of that interest though when $5 million could be reinvested in high-grade municipal and corporate bonds, keeping your bottom line from being impacted by inflation? I'd be pretty happy living off $5 million a year; I don't know about you.

FinalAnswer19 Global Moderator Posts: 2,620	Powerball Jan 12, 2016 21:46:30 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by FinalAnswer19 on Jan 12, 2016 21:46:30 GMT -5 I would have no idea what to do with so much money.
	-FinalAnswer19

Deleted Deleted Member Posts: 0	Powerball Jan 13, 2016 12:50:27 GMT -5 FinalAnswer19, millionaireloveruk, and 2 more like this Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Deleted on Jan 13, 2016 12:50:27 GMT -5 Can I buy out the right of US Millionaire from Disney? lol

Deleted Deleted Member Posts: 0	Powerball Jan 13, 2016 13:05:58 GMT -5 retched and ausgameshowfan like this Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Deleted on Jan 13, 2016 13:05:58 GMT -5 With $1 BILLION ? Well... build an WWTBAM set in a warehouse... Spend the rest of money for me, my family and friends...
	Last Edit: Jan 13, 2016 13:08:14 GMT -5 by Deleted

gamecrazyh Posts: 74	Powerball Jan 13, 2016 23:48:56 GMT -5 via Tapatalk Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by gamecrazyh on Jan 13, 2016 23:48:56 GMT -5 If I had $1 Billion, I'd buy my mom a mansion, a car, maid service, a personal chef, and all the food she could eat in a lifetime, and I'd give my sisters each a college tuition.

ausgameshowfan Fan Games Pass Holder Posts: 483	Powerball Jan 14, 2016 0:09:34 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by ausgameshowfan on Jan 14, 2016 0:09:34 GMT -5 I have heard that the winning ticket is possibly from California. Hopefully any member of this site lives in California.

futuregshost Fan Games Pass Holder My BIRTHDAY dinner to myself... bone Apple tea Posts: 1,118	Powerball Jan 14, 2016 16:12:31 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by futuregshost on Jan 14, 2016 16:12:31 GMT -5 There have been jackpot tickets sold in California, Tennessee, Florida; the three people (or groups) will each receive about $500 million. Here's a news article about the whole situation.
	Last Edit: Jan 14, 2016 16:13:15 GMT -5 by futuregshost

Shoutbox

Post by Deleted on Jan 12, 2016 17:24:45 GMT -5

Post by kplewisvox on Jan 12, 2016 17:37:51 GMT -5

Post by ausgameshowfan on Jan 12, 2016 18:03:19 GMT -5

Post by retched on Jan 12, 2016 21:19:49 GMT -5

Post by dhumphreys17 on Jan 12, 2016 21:22:54 GMT -5

Post by FinalAnswer19 on Jan 12, 2016 21:46:30 GMT -5

Post by Deleted on Jan 13, 2016 12:50:27 GMT -5

Post by Deleted on Jan 13, 2016 13:05:58 GMT -5

Post by gamecrazyh on Jan 13, 2016 23:48:56 GMT -5

Post by ausgameshowfan on Jan 14, 2016 0:09:34 GMT -5

Post by futuregshost on Jan 14, 2016 16:12:31 GMT -5