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Someone's gonna win a billion dollars cash (Original Post)
MrScorpio
Jan 2016
OP
if $1.5B then lump = $930M - immediate 25% fed tax = $697.5M - your state tax
kristopher
Jan 2016
#4
hunter
(38,328 posts)1. Odds are good whoever wins will self-destruct or be destructed.
If you want to kill a heroin or meth addict give them a kilo of the pure stuff.
dixiegrrrrl
(60,010 posts)2. and it ain't gonna be a biliion
technically speaking......after taxes, etc and if it is lump sum, gonna be a whole lot less.
kristopher
(29,798 posts)4. if $1.5B then lump = $930M - immediate 25% fed tax = $697.5M - your state tax
settle up w/ IRS at tax time to pay total 39.5% fed tax.
11 states have no tax on powerball winnings.
set up allows for adjustments due to charitable donations.
https://www.usamega.com/powerball-jackpot.asp
dixiegrrrrl
(60,010 posts)5. 11 states have no tax on powerball winnings.
Wow..I knew not.
Alabama is in the midst of "thinking" about allowing lottery.
We have already allowed beer and wine into grocery stores ( except Sunday , of course)
so the state is approaching the 20th century, gradually.
hay rick
(7,641 posts)3. And it ain't gonna be me...
but not because I didn't buy tickets...