What will you do if you win $1.3B in the Powerball?

[Mary Terry]

The lottery is up to $1.7 billion today. If you took the lump sum and paid the taxes, you'd net about $300 million. That's plenty of money to live a life of luxury unless, of course, you engage in risky financial investments and buy stuff for everyone else who wants your money.

 

[pek73]

The net would vary depending on the state you bought the ticket and the taxes they impose. current lump sum of 770mil would be more like 450mil after federal tax. but 300 or 450 it doesn't matter it's all so large it's hard to contemplate. I think I would pick a problem in the nearest city I choose to live by and try to solve it. hunger, homelessness, mental health, education. something very focused but actually make an impact in my lifetime. I would also pay someone to clean and clean up for me because I hate too.

 

[Tony Ramirez]

I still haven't bought a lottery ticket BTW.

 

[Cutesie]

The lottery is up to $1.7 billion today. If you took the lump sum and paid the taxes, you'd net about $300 million.

The net would vary depending on the state you bought the ticket and the taxes they impose. current lump sum of 770mil would be more like 450mil after federal tax. but 300 or 450

What I saw:

Lottery - $1.7B

Lump sum - 45-55% - the lowest number there would net $770.3M

Federal tax - 24% plus 13% when tax season arrives* - brings the net winnings down to $535.5M

State and local tax - anywhere from 0% to 14.78% (NYS 10.9 plus NYC 3.876%), taken off the lump sum amount - a New York City resident's final take would be $372M

*The winner, with smart financial planning (trusts, investing), can reduce the amount payable at tax time.

 

[Captain Jigglypuff]

I’d give some of it to friends and family, buy some video games and consoles, give some to charity, and put the rest into the bank for safe keeping’s and take money out whenever my house or car needs a repair. I’m not going to buy a mansion as I am perfectly content in the house my dad bought for me.