Lottery: Tax on those who choose not to use math.
Says the man who lives in the state that just sold the only winning Powerball ticket for $260 million last week.
Lottery: Tax on those who choose not to use math.
Odds of winning: 1 in 175,711,536. It's like having a cluster of about 3,888 baseball stadiums of 45,000 seats each, all packed with people, and having a bird fly over all the stadiums and randomly drop a slip of paper at some point. The person that catches it wins the jackpot.
I'm very clear about the math, and I am determined to win. The key part of the odds is the "1."
I deducted federal tax too. And the lump sum is all the cash that they actually have. The advertised jackpot amount is what it would add up to if they paid you over 26 years because they'd invest the money and give it to you along with interest.
So I was right about the 25% federal tax.
Think of lottery prizes as regular earned income from a job.
Says the man who lives in the state that just sold the only winning Powerball ticket for $260 million last week.![]()
Or the bird poops, and hits somebody, because theres a good chance the wind picks up the slip of paper and carries it away, so nobody wins.
It's impossible for anyone who's taken even basic statistics to buy a lottery ticket.
The fact that so many do says something.
Just look at it this way. If you bought every single ticket at standard price, you be guaranteed to win. And yet you would lose money, since the price of the tickets would be more than what you made, even before taxes.
Don't count on it.
They might withhold 25%, but if your prize is in the millions, your tax obligation is much higher. The way I read that FAQ, the 25% tax applies to prizes $5,000 or more - the 25% rate is much more reasonable.
If they only withhold 25% on a $100 million-plus payout, you're gonna be hit with penalties for not prepaying enough tax.
It's impossible for anyone who's taken even basic statistics to buy a lottery ticket.
The fact that so many do says something.
Just look at it this way. If you bought every single ticket at standard price, you be guaranteed to win. And yet you would lose money, since the price of the tickets would be more than what you made, even before taxes.
It's impossible for anyone who's taken even basic statistics to buy a lottery ticket.
^^ thats soooo lame
why does NY (and the NE in general) suck!