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Old 01-13-2016, 03:17 PM   #1
kccrow kccrow is offline
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Quote:
Originally Posted by Rain Man View Post
However, I think one key thing is missing. If I remember right, you're allowed to write off gambling losses as long as they're less than your winnings. So you won't pay taxes on all of the losing tickets, which will massively decrease your taxes owed. That would be a game changer.
One thing I overlooked, but yes it is correct from an IRS standpoint. You can write off all losses up to, but not to exceed your winnings if you can itemize deductions.

So, given that situation, he could hypothetically come out ahead if he's the only winner.

$930,000,000 lump sum winnings. Not taxed on $584,402,676. Taxed on $345,597,324. Total tax burden in Missouri is approximately $157,592,379 (IIRC Missouri has some ****ed up tier on the first $9k which will lower this by a few hundred bucks). Winnings net of tax is then $772,407,620. Less debt yields $188,004,944 profit. A split ticket is automatically a loss on the lump sum (~$119.4 million).

So, Hog has hope after all.
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Old 01-13-2016, 08:22 AM   #2
Hog's Gone Fishin Hog's Gone Fishin is offline
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Anyway ,I've already emailed my banker with a request for the $584 million. Told her I needed it well in advance of 10:00 tonight.
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Old 01-13-2016, 08:27 AM   #3
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Quote:
Originally Posted by Hog Farmer View Post
Anyway ,I've already emailed my banker with a request for the $584 million. Told her I needed it well in advance of 10:00 tonight.
Might as well get the power play multiplier since you're guaranteed to get winning tickets.

An Australian lotto had a group of people do this once. Turns out there wasn't enough time to print off all the tickets, but they still won the jackpot and a lot of smaller prizes. Kind of a cool story.
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Old 01-13-2016, 08:58 AM   #4
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an article I read yesterday said it would take 1 person 9 years to purchase all the combinations.
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Old 01-13-2016, 09:13 AM   #5
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Old 01-13-2016, 09:21 AM   #6
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I read in some article that it would take over a year to print out every single combination of powerball numbers...so you would miss the drawing.
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Old 01-13-2016, 09:39 AM   #7
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Quote:
Originally Posted by mnchiefsguy View Post
I read in some article that it would take over a year to print out every single combination of powerball numbers...so you would miss the drawing.
Has this been addressed in the fine print of the lottery rules? Seems like an opportunity for a lawsuit if it was forgotten.
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Old 01-13-2016, 10:08 AM   #8
scho63 scho63 is offline
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Quote:
Originally Posted by A Salt Weapon View Post
Has this been addressed in the fine print of the lottery rules? Seems like an opportunity for a lawsuit if it was forgotten.
Someone did this once I believe on Mega Millions-think it was a hedge fund. There is no rule to ban how many tickets you buy.
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Old 01-13-2016, 05:19 PM   #9
A Salt Weapon A Salt Weapon is offline
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Originally Posted by scho63 View Post
Someone did this once I believe on Mega Millions-think it was a hedge fund. There is no rule to ban how many tickets you buy.
I was more thinking a lawsuit against the lottery for not supplying adequate means to purchase the tickets.
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Old 01-13-2016, 10:07 AM   #10
scho63 scho63 is offline
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Quote:
Originally Posted by Hog Farmer View Post
If the odds are 1 in 292,000,000 to win, does that mean there are 292,000,000 different number combinations ? If so, I'm thinking about getting a loan. Just a short term loan.

Thoughts ?
You are correct.

Downside would be more than 3 winners.

1-2 winners you're in the black

3 winners about break even after all taxes

4+ winners and you are screwed
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Old 01-13-2016, 10:45 AM   #11
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Old 01-13-2016, 11:52 AM   #12
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Old 01-13-2016, 12:57 PM   #13
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Find number that you are comfortable with as the winners, and buy numerous tickets with only that combination. Then when it hits, even if there are others, you are ensuring yourself a large slice of the pie.
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Old 01-13-2016, 02:03 PM   #14
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Pretty sure all annuity payments go to your estate and your family would continue to get them.
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Old 01-13-2016, 02:05 PM   #15
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Pretty sure all annuity payments go to your estate and your family would continue to get them.
This is correct according to the FAQ for the lottery: https://www.usamega.com/powerball-faq.asp

What happens if I win an annuity and die before all the installments have been paid?
Your designated beneficiaries will receive the remaining payments.
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