Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Latest Breaking News

IbogaProject

(4,977 posts)

15. Know if you bet twice you are betting against yourself

Reply to Emile (Reply #11)

Tue Sep 2, 2025, 12:28 PM

Sep 2

Also winners, even 5 figure winners of a not life changing amount get publicly announced. That is unless you buy the ticket in one of the few states to allow anonymous winners like NJ, while the tax authorities will still know.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

15 replies

= new reply since forum marked as read

Highlight:

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