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IbogaProject

(4,977 posts)

13. And $1.1 Billion is if one takes the 30 year annuity

Reply to Bengus81 (Reply #5)

Tue Sep 2, 2025, 12:21 PM

Sep 2

The actual payout is way under 50%, might even be under 40% with the high interest rates and the 20% mandatory federal withholding. Ten to Fifteen years ago a cash payout would be under 43% of the posted amount. And don't forget the likelihood of two winners splitting the prize. There was a time when some group cornered a state lottery, but then one of the partners didn't honor the deal.

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Powerball jackpot grows to $1.1 billion after Saturday drawing ends without a winner [View all] Omaha Steve Aug 31 OP

So if you bought all of the combinations you would spend $300m but win a billion, as long as nobody else has them. twodogsbarking Aug 31 #1

PB tickets are $2.00 each,it would cost $584M to cover all the combinations Bengus81 Aug 31 #5

Correct you are. My mistake. Good catch. twodogsbarking Aug 31 #6

And $1.1 Billion is if one takes the 30 year annuity IbogaProject Sep 2 #13

Stupid question..... FarPoint Aug 31 #2

Taxes still apply Omaha Steve Aug 31 #3

Top federal rate of 37% would apply SickOfTheOnePct Aug 31 #7

Thanks for the correction Omaha Steve Aug 31 #8

But could you get a tax write-off for all the losing tickets? intrepidity Sep 1 #9

Yes...as long as you have the receipts for a calendar year. Big wins wouldn't matter Bengus81 Sep 1 #10

Federal gambling winnings tax rate is a flat 24% IbogaProject Sep 2 #14

It's not even half anymore. I looked when it was 1B and the payout was $453M Bengus81 Aug 31 #4

I wasted six bucks, fingers crossed! Emile Sep 1 #11

Know if you bet twice you are betting against yourself IbogaProject Sep 2 #15

No winner Emile Sep 2 #12