$340 Million Powerball ...

[Nascar_James]

Looks like someone hit the all-time jackpot!

A 340 Million Dollar Powerball ticket was sold in the Gold Rush town of Jacksonville Oregon.

Read on ...

http://www.usatoday.com/news/nation/2005-10-20-jackpot_x.htm

 

[Hard-Luck Henry]

Damn. If only I lived in Jacksonville, Oregon. I should be so lucky ...

 

[no1important]

RE: $340 Million Powerbal

The winner can take the money in an after-tax lump sum of $110 million, or receive 30 annual installments of about $7.6 million.

The tax sure shrinks it. 7.6 million for 30 years equals 228 million (which is still lots)or a lump sum of 110 million (which is still lots) so where is the rest?

I know a third or so for tax but what about the other 118 million? Lottery keeps it?

Seems misleading to me, like lottery was really 133 million if you take lump sum(110 x 1/3 rd = approx 133 miliion) not 340 million.

What is the reasoning behind that? I am just curious thats all.

 

[MMMike]

Re: RE: $340 Million Powerbal

The winner can take the money in an after-tax lump sum of $110 million, or receive 30 annual installments of about $7.6 million.

The tax sure shrinks it. 7.6 million for 30 years equals 228 million (which is still lots)or a lump sum of 110 million (which is still lots) so where is the rest?

I know a third or so for tax but what about the other 118 million? Lottery keeps it?

Seems misleading to me, like lottery was really 133 million if you take lump sum(110 x 1/3 rd = approx 133 miliion) not 340 million.

What is the reasoning behind that? I am just curious thats all.

The rest is gone in taxes. Here taxes are deducted from the total ticket sales, so there is no need to pay tax on the winnings: the tax has already been paid.

 

[GL Schmitt]

I always consider the 340, 000,000+ people who had to lose to make the $ work out.

When you beat that kind of odds, the chance of being hit by a truck on the way to collect your money must seem like really short odds.

No?