Lottery and Taxes

[gjohnsoniv]

geez all I want is a bass boat.  

Heck, now you could have a bass yacht with that kind of dough.

[Chucktshoes]

I'd disappear to the tune of converting the winnings to hard currency, moving it out of the US through fair means or foul, buying a small island from a poor nation in the pacific or Caribbean and telling the rest of the world to go fornicate with itself.

[No_0ne]

I'd disappear to the tune of converting the winnings to hard currency, moving it out of the US through fair means or foul, buying a small island from a poor nation in the pacific or Caribbean and telling the rest of the world to go fornicate with itself.

 

Not a very good plan, after all, Al Gore says your island will soon be underwater due to global warming ...

[analog_kidd]

I think the OP's question was basically: how much does the Gov get from the lottery in total. That is a difficult Google search, especially right now. I got a million pages of "how much do I have to pay" results. I did find one page that said in 2010 there were $33B worth of payouts to lottery winners in the US. Just doing the simple math that the Gov gets 40% of that comes to $14 Billion!

[peejman]

I'm surprised we don't have a CPA here that knows all this stuff.  But this is clearly why all the people in the know say the firs thing to do is hire a good tax attorney and accountant. 

 

geez all I want is a bass boat.  

 

 

Yep, just a little bass boat....

 

[Dolomite_supafly]

If I won very little would change except I would help more. No way I could ever spend it all so I would be helping more than I do now.

My wife and I have dreamed about starting a rescue of some sort and the winnings would ensure we would be able to do good on a much larger scale.

[crossfire]

I'm surprised we don't have a CPA here that knows all this stuff.  But this is clearly why all the people in the know say the firs thing to do is hire a good tax attorney and accountant. 

 

 

 

Yep, just a little bass boat....

 

Bass boat not ass boat :eek:

[felinesNfreedom]

geez all I want is a bass boat.  

 

 

Yeah really. Well a bass boat for each lake house I would have. I know it's a drop in the pot money wise but I'm pretty sure I could come close to spending 100K on a bass boat.

[Garufa]

Bass boat not ass boat :eek:

 

To hell with bass.

[Handsome Rob]

I'd offer the government $900,000,000 for a citizenship for Jules & I, then retire.
30 mill would keep me pretty warm for the rest of my life!

[KaNaPaPi]

I have 2 kids in college that is killing me financially.  Now they both want to go to medical school.  I would heavily invest in their future, so they could take care of me when I get old.

[glowdotGlock]

I would buy about 500 acres not far from where I live now and have the most awesome underground bunker you'd ever seen. I would rent the machinery and do all the digging myself just because it's fun. I would have room to sustain 20 or so people underground for as long as I could. About 300 feet from there would be my modest 3,000 square foot home with an underground tunnel connecting the two. I would just shoot all day. I would just hire someone full time to load mags for me. When my AR gets dirty or malfunctions I'd just toss it and grab another off the shelf.

[kieefer]

http://www.ammoland.com/2016/01/powerballs-biggest-winner-government/?utm_source=Ammoland+Subscribers&utm_campaign=5ab100c7a4-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_6f6fac3eaa-5ab100c7a4-20837857#axzz3x94UcLUS

[-boatman-]

I would buy a minimum of 200 acres, part pasture, part woods, Build a 3000 sq ft house in the middle of it, (built one that size before, sold it and moved off) that's plenty big enough for me. I'd build a nice barn, shooting range, and up size in boat, really up size. My sons would have their homes paid off or would be buying a home. My wife would have more horses and other animals. I do like the idea of the bunker that glowdotGlock mentioned. Lastly I would like to do some good with it to help others. No way could I spend all that money in my lifetime.

[Lumber_Jack]

I have 2 kids in college that is killing me financially.  Now they both want to go to medical school.  I would heavily invest in their future, so they could take care of me when I get old.

 

As a husband of an MD, we were married through med school.....you definitely NEED to win the lottery.  That shit is expensive.  She had classmates with $300K+ in debt, then they married another MD and ended up with close to 1mil in student loan debt.  Medical salaries are not going to be that of what they were in decades past, so this is an enormous mountain to climb even if you are getting paid $300K a year combined.  

 

so buy an extra ticket :D

[MP5_Rizzo]

http://www.ammoland.com/2016/01/powerballs-biggest-winner-government/?utm_source=Ammoland+Subscribers&utm_campaign=5ab100c7a4-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_6f6fac3eaa-5ab100c7a4-20837857#axzz3x94UcLUS

 

"Government lotteries of all kinds raked in a whopping $70 billon in revenue last year, according to the North American Association of State and Provincial Lotteries."

 

 

Thanks kieefer, just what I was looking for.  I'm certain our government spends this about as wisely as the average low income earner or government assistance dependent person that wakes up an instant millionaire would.

 

ETA: I kant spel gud.

Edited January 13, 2016 by MP5_Rizzo

[kieefer]

http://www.williwinthelottery.org

[Sam1]

http://www.williwinthelottery.org

 

 

[CommsNBombs]

Statistically you have 289M chances of being a loser.

This last drawing sold 320M tickets, so that surpassed the odds a bit and no one hit the big one.

Hell Id he happy with 25K right now

Sent from my SPH-L720 using Tapatalk

[MacGyver]

Interestingly, you could buy every possible ticket if you had the time and money to fill out 292 million forms - at what - $2 each?

 

So, that $930M lump sum would turn a tidy profit if you actually had half a billion dollars to play with.  And, that's assuming there's only one winning ticket.

[TripleDigitRide]

I was listening to a radio show, and if the winner of the $1.5 billion lived in New York City and took the lump sum option, they would walk away with a tad over $500 million, after taxes. Edited January 13, 2016 by TripleDigitRide

[Sam1]

Interestingly, you could buy every possible ticket if you had the time and money to fill out 292 million forms - at what - $2 each?

 

So, that $930M lump sum would turn a tidy profit if you actually had half a billion dollars to play with.  And, that's assuming there's only one winning ticket.

 

CNN posted an article about an australian group that tried it with the Virginia lottery in 1992. I think it said there were 7mil possible combinations with a $27mil jackpot.  They miscalculated the amount of time it would take to print out all of the tickets so they get $2.2mil worth of them bought, ran out of time and didn't win lol.

[peejman]

I would buy about 500 acres not far from where I live now and have the most awesome underground bunker you'd ever seen. I would rent the machinery and do all the digging myself just because it's fun. I would have room to sustain 20 or so people underground for as long as I could. About 300 feet from there would be my modest 3,000 square foot home with an underground tunnel connecting the two. I would just shoot all day. I would just hire someone full time to load mags for me. When my AR gets dirty or malfunctions I'd just toss it and grab another off the shelf.

 

 

I would buy a minimum of 200 acres, part pasture, part woods, Build a 3000 sq ft house in the middle of it, (built one that size before, sold it and moved off) that's plenty big enough for me. I'd build a nice barn, shooting range, and up size in boat, really up size. My sons would have their homes paid off or would be buying a home. My wife would have more horses and other animals. I do like the idea of the bunker that glowdotGlock mentioned. Lastly I would like to do some good with it to help others. No way could I spend all that money in my lifetime.

 

 

 

Acres?  Nah.  Think square miles. 

[Sam1]

If no one wins tonight, there is no doubt in my mind it will be at $2bil on Saturday.  I stopped by to get some gas and figured what the hell let me go get a ticket... That was a no-go.  They had at least 10 people in line trying to buy all they could afford.  Waited for maybe 2-3 minutes and they were still printing out tickets for the first person and I had to head out.

 

Stuff is crazy.

[Spiffy]

Depends on your age. An annuity would be like 46mil a year for 30 years. Some financial planners suggest taking the payments to prevent blowing it (not such a risk with this high jackpot). Basically you win the lottery every year for 29 more years. It's transferable to your estate as well if you die before its paid.

 

You can't roll around naked in a pile of annuity.