Skip to comments.Powerball hikes jackpot to $325M; record cash tops $200M
Posted on 02/10/2012 12:40:41 PM PST by jakerobins
Powerball was enormous, but now it's more so. Spurred by heavy sales - at $2 a ticket - the jackpot was raised this afternoon to $325 million.
And the drawing's not till Saturday night.
The advertised prize, payable in 30 annual installments, is the third biggest in the history of the game.
The cash payout, already a Powerball record, is now $202.9 million.
If this jackpot doesn't get hit, expect to see history: the first annuity to reach $400 million
(Excerpt) Read more at philly.com ...
It’s only $87.75M after taxes......
Yeah, I put down $4 on two lines myself. Don’t usually play unless the jackpot gets over $200M.
And how do they expect the winner to live on only 87.75M?
Yes, what good would $199 million be to any of us?
In Texas, you’d only pay 25 percent of the cash option in taxes. Should I win, I couldn’t make the world a better place, just my little corner of it. (sigh) Dream on, I suppose.
Maybe I REALLY AM bad at math. I thought the top tax rate was 35% plus my state tax 7% which makes it 42%....So the after taxes is $117Million Yeah I can live with that! LOL
I bet the taxes will be 102% with that kind of income like this guy!
By my calculations, which has been borne out by previous stories about winners, the post-tax cash taking is about 34% of the annuity jackpot amount -- or roughly $136 million in this case.
In most, if not all, states, these lottery prizes are exempt from state taxes.
Note that different lotteries have different math behind them, based on how the annuity pays out. Mega Millions, for example, has a higher cash option due to being based on a 20-year annuity (as opposed to Powerball's 26 year), so your after-tax take is about 40% of annuity value.
Well what am I supposed to do for next weekend? ;)
LOL! If you can go thru $117 Million in a weekend...I WANT to hand out with you! I imagine a “Hangover” type weekend in Las Vegas if I did that...HAHAHA (Although I would enjoy buying some political ads in certain places that would target Romney) That would be fun.....
$136M instead of $87.6M????
Man.....now I gotta start my budgeting all over again!
You could buy yourself a President!
Hmmm now there is an idea! I wonder how much Obama would want to take Moochelle and leave the US...... $50-60 Million? If I thought it would keep Barry out of the White House I would deliver the check myself! LOL
Too late! He has already been purchased.
Here in Maine, I bought two tickets for $1.00 each.
The multiplier for each ticket was $2.00 additional per ticket, so the total for two tickets was $6.00.
This is the first time I bought a Powerball ticket in about three or four years.
I’m in Maine too. I stopped buying them a couple weeks ago when I had heard they went up to $2 each. They didn’t go up yet?
I thought that Powerball was $2.00 per line entry now. That’s why the jackpots are rising so incredibly fast. If no winner on Saturday night, the next drawing should have a jackpot of $400 - $500 million.
Studies suggest that if you win, the best thing to do for you long-term happiness to mail that ticket anonymously to your favorite charity.