Powerball at $1.3 Billion...dreaming gets bigger

Winning ticket sold 3 miles from my house. Not my ticket.... I can say with fairly high confidence that this will be the closest I come to ever winning. :)
 
tnbison said:
Winning ticket sold 3 miles from my house. Not my ticket.... I can say with fairly high confidence that this will be the closest I come to ever winning. :)
Click to expand...
Horse shoes and hand grenades.
 
What are the odds that there would be 3 winners of the jackpot, and all three are in states that don't tax lottery winnings?


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum
 
I gamble a lot but this is the first time I've bought lottery tickets in more than a year. Bought 10 tickets. Got one number...:facepalm: Not my game....
 
Taxman59 said:
What are the odds that there would be 3 winners of the jackpot, and all three are in states that don't tax lottery winnings?


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum
Click to expand...

Not too hard to figure out if you have a bit more data.

The odds of having three winners is just the % of numbers covered, times itself three times. 1/x * 1/x * 1/x.

Officials with the Multi-State Lottery Association, which runs the Powerball game, said they expected more than 85 percent of the possible number combinations would have been bought for the drawing.
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so if it was 87%, that is (0.87)^3 = 0.658503; so ~ 66% chance that three would win.

Now multiply that times a similar calculation based on the distribution of sales in tax-free states versus all states...

PS - one winner was in CA (has a State Income Tax), the other was in FL (no SIT), and one was TN (no SIT, but tax on int/divs). So 7 of the 44 states in the Powerball have no SIT (and then there is PR, VI, DC, I assume each has a local Income Tax?). So even 2 out of three in that small group seems like slim odds, but you'd need to do it with sales #'s, though TN and FL ought to be fairly typical?

-ERD50
 
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Taxman59 said:
What are the odds that there would be 3 winners of the jackpot, and all three are in states that don't tax lottery winnings?


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum
Click to expand...

I hope large groups of people won, not just three individuals. There is certainly enough to go around. Good luck to all who won - hope they keep their heads on straight.
 
Calico said:
I hope large groups of people won, not just three individuals. There is certainly enough to go around. Good luck to all who won - hope they keep their heads on straight.
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CA winner is just one individual, it seems like.
 
I saw somewhere that they sold 440 million tickets for the previous drawing. Anyone knows how many were sold for this most recent drawing?
 
ERD50 said:
PS - one winner was in CA (has a State Income Tax), the other was in FL (no SIT), and one was TN (no SIT, but tax on int/divs). So 7 of the 44 states in the Powerball have no SIT (and then there is PR, VI, DC, I assume each has a local Income Tax?). So even 2 out of three in that small group seems like slim odds, but you'd need to do it with sales #'s, though TN and FL ought to be fairly typical?

-ERD50
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Pretty sure lottery winnings are exempt from taxes in CA.
 
Well I hit the Powerball number on 2 lines-I will get $8. That was $8 more than I got on Saturday:)
 
RunningBum said:
Pretty sure lottery winnings are exempt from taxes in CA.
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hnzw_rui said:
Yup. Surprisingly.
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I did not know that! PA too.

from cnbc:

The luckiest Powerball winner would be someone who is a resident of Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming — those states participate in Powerball but do not have a personal income tax. California and Pennsylvania also exempt lottery winnings from state income tax if you bought the ticket in state, according to lottery information site USAMega.com.
Click to expand...

-ERD50
 
Calico said:
I hope large groups of people won, not just three individuals. There is certainly enough to go around. Good luck to all who won - hope they keep their heads on straight.
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Bless you my wife echoed that sentiment
 
Erd, according to a lottery website, California doesn't tax lottery winnings. So it is 3 of 3 not taxing the winnings.


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum
 
Taxman59 said:
Erd, according to a lottery website, California doesn't tax lottery winnings. So it is 3 of 3 not taxing the winnings.


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum
Click to expand...

Right, that got straightened out a few posts later.

So you'd still need to get stats on tickets sold in the non-lottery state tax states versus others, but three out of three is pretty unlikely.

But for very rough numbers, assume even distribution of sales across states, that's 9 tax free lottery states out of 44 powerball states, so (9/44)^3 =

(9 ∕ 44)^3 ≈ 0.0085579452 so ~ 0.86% that all three winners would be in no state tax states. One in 117 odds, slim, but a lot better than the lottery itself!

-ERD50
 
Here's about the worst thing to do with your ticket, go on national TV in NYC with ticket in hand and show it to the world.

https://twitter.com/x/status/687978033978806280

CYwwXxFUMAAlDGU.jpg
 
RunningBum said:
Here's about the worst thing to do with your ticket, go on national TV in NYC with ticket in hand and show it to the world.
Click to expand...

Hey, I know that guy! I should give him a call.


I won $8 of my $10 worth of tickets. First time I've ever won a penny, since I rarely play. But I did win a few bucks on my fantasy football team this year, so I'm still ahead.
 
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Yeah, I wasn't sure whether to call it legal advice or not, but I consider any advice a lawyer gives pertinent to whatever you hire him for as legal advice. "Advice from a lawyer" is probably more accurate, fwiw.
 
They need a lawyer who specializes in the issues of high NW individuals, not a generalist. I'm not sure this guy is the right guy.

There are probably more than a few such lawyers in Nashville that deal with the celebrity there.
 
Lawyer wanted to go on national tv methinks. Really though - you are Joe Schmo and have a ticket worth $500,000,000. Exactly how do you find the best lawyer/tax advisor/planner? Call random law firms from a burner phone and assert you have a gazillion bucks and want the top person in the state? And the secretary answering the phone does what?

Luckily, if you don't pay you don't play, so I can still rock my big money style -
dolla dolla bill y'all:

https://i.imgur.com/FddeIrY.gifv
 
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