$800M powerball 30 yr payment plan
- Thread starter QChawks
- Start date
I'm convinced that if I won the Powerball I'd immediately have a heart attack and die.
No way you make it to year 30. If you don't die from natural causes, you'll have a hit put on you by relatives, enemies, or the government.
That has always been one of my questions: do the remaining years of payments go to your heirs?
My other question is whether you could take a big chunk as a lump sum and do the rest as annual payments.
this is HROT, i thought $800M was pocket change.
Before I retired, I warned my employer that if I ever won the lottery, I would not be reporting for work ever again.
There's no guarantee I wouldn't die early from some cause, but it wouldn't be because I was driving to or from work and got in an accident.
It's for my other pocket.
I find the tax rates misleading. Iowa is roughly 9% and fed is roughly 40%
25% is what the feds withhold. You either find a way to reduce your liability (charitable contributions, etc.) or you pay what else you owe at tax time. This chart shows what you get each year and does not reflect an accurate tax bill.
Iowa taxes negatively affected by federal tax deduction. I believe the % would be less. However, it would be a nice problem to have. I could afford the taxes.
Look if you throw $100 bucks I agreed stupid.
But, if you throw down $6 bucks every 8 months or so. It's seems to me that $6 bucks of hope and dreams of what you would do with a few hundred million is worth it. Hell that's the cost of a cheap, mid-day movie nowadays.
Read the website. Annuity payments go to your heirs/estate and the remaining balance can be cashed out to your estate should you die before the 30 years is up.
Can't win if you don't play. Obviously some people have a hard time with addiction and what not, but I see no harm in it as long as you're not spending the milk money.
I don't see the harm either, except where the state is the only game in town.
That's called a "monopoly" and progressives are generally unfavorable about that.
On top of a hooker with a nose full of cocaine?
I promise all you guys and gals on here, if I win this jackpot, I'm going to throw the largest party the North has ever seen, and you all will be invited.
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That and they should have another column that discounts the net payment for projected inflation.
Presumably the 25% withholding would stay the same unless the true rates changed a lot. But what you would actually owe would go up and down as the law or IRS adjust the the official rates.
Then again, if we went to a 20% flat tax, the withholding would probably change. Whereas if we went to the so-called Fair tax, there wouldn't be any federal tax.
I ran the numbers and after a tax rate of 18.58%, the total net payment after 30 years would be just under $456 million. Assuming a constant inflation rate of 2.25%, the value of the total earnings in today's money is just under $304 million.
Yep, the govt wins every time.
I would take the lump sum as you know govts going belly up will eventually confiscate lottery monies being held for payouts at some point within 30 years.
Keep dreaming chumps!!!! At least 3 people will win it tonight. Then a bunch of others will get 5 numbers. Make a long story short all the winnings will get taken out before they even give you your cut.
Yes. If you win and Bernie Sanders gets elected President your projected annual payout would be -$17.00.
That is assuming you do nothing more to lower your tax liability. You don't think most people would establish some sort of charitable foundation if they won that much money? Tax advantageous investments? People would be pretty stupid to pay full tax on all the income.
We bought 10 tickets with the extra power play or whatever it is. even worse, we are sharing the tickets 50-50 with a friend. So if we do get struck by lightening six straight times, we have complications galore. Won't be an issue...
