The Powerball jackpot was 900 million for last nights drawing. Nobody won. The jackpot for Wednesdays drawing is expected to be 1.3 Billion dollars. Is buying a ticket a good idea ? Not really, the odds are around 1 in 300 million. If you need every dollar that you have - don't buy one. Will I ? Oh yes. I'll get a chance or two but I won't spend 20 or more dollars. Two bucks for a chance. Cash option pays about 1/2 so if you could get by on 650 million (or more, it could go higher) you can get a chance at many gas stations, or convenience stores. Best of luck to you.
Chet Ruminski Wrote: If after all taxes are paid and the cash out is $600,000,000 then you can rest assured that at least 200 million will disappear. Fees, consulting, consultants et al will chew away $200 million in a heartbeat and with the support and blessing of the winner doing the smart thing.
CNBC did an interesting article breaking down exactly how much a sole winner would take in after taxes.
If there was only one winner and they took the lump sum it would shrink to $930 million before taxes. Then there would be the federal taxes, which brings it down to $561.7 million. Then, depending on where you bought the ticket, there could be local and/or state taxes deducted from that sum.
The article stated that after all the taxes are calculated the total would be roughly $422.2 million. It's no paltry sum, but it's still a far cry from $1.5 billion.