$1,080 Billion powerball lotto winner in the USA

[rahmad2nd]

To be honest, i didn't know about the ins and outs of the lottery and the part of the tax that is charged. however, the money won by the winner is not a small amount of money when converted to our local currency. and this is what is unique about lottery gambling. someone who is lucky, can become a rich person in an instant. but I was surprised, if the tax charged covers half the winnings that should be. even though the amount of winnings is still large, isn't the tax too huge?

By the way, I'm not from the US. question, is the Powerball lottery managed by a state institution. if yes, why is the tax levied too enormous. but if this lottery shop is managed by a private party, isn't that too odd. I don't dare to speculate too far, because I don't know how the judiciary applies there. however, it is highly probable that the taxes imposed have passed the standards set forth in the regulations passed in that country.

[OgNasty]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US.

The comma will mistakenly assume your thread to be 1.08 Trillion instead of 1.08 Billion reward because you use 3 digit after the comma.

Indeed that was my first thought when seeing the title of this thread. I had to click it and investigate because I thought for sure if someone won a trillion dollars in the lottery I would have hear something about it. While winning a billion dollars is still an unbelievable amount, winning a trillion would have been some Hollywood movie stuff.

[famososMuertos]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

here's the video I saw ...

AND?
Taxes, it's that simple, but the gain is still huge.

It always happens, I don't know about the last $12,100,000 winner of the wsop ME NLH 2023, but years ago, another winner had payment in taxes close to 30% (+-), at Las Vegas, then, also leave another 15% to state of residence.  The prize was something like $7,000,000 but The winner ended up with half of it, tax free.

It is the United States, taxes must be paid, even immigrants must pay taxes even if they are illegal.

[noormcs5]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

here's the video I saw ...

AND?
Taxes, it's that simple, but the gain is still huge.

It always happens, I don't know about the last $12,100,000 winner of the wsop ME NLH 2023, but years ago, another winner had payment in taxes close to 30% (+-), at Las Vegas, then, also leave another 15% to state of residence.  The prize was something like $7,000,000 but The winner ended up with half of it, tax free.

It is the United States, taxes must be paid, even immigrants must pay taxes even if they are illegal.

Who cares about the taxes when someone has won such a big lottery amount? Do you think that he will not be willing to pay the tax on the winning amount? I think he would be happy paying the taxes and going home with still a lot of money.

By the way, I never feel happy seeing such news where people become millionaires through lotteries and gambling. I always wish that one day I would be such a millionaire gambler but it never happened  

Why every one of us isn't so lucky as him/her who wins millions of dollars 

[wheelz1200]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

here's the video I saw https://www.youtube.com/watch?v=LINxj6C-00c

That's how those taxes work.  Not only does the total prize amount get cut if its a lump sum it also gets taxed at the highest bracket.  So in the end the government always wins around 70% given that they take some of the proceeds before that's even established.  The prize is so high so what's the difference to the winner but it truly is criminal.  But hey if ypu don't like it just don't play it's like anything else.

[fullhdpixel]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

Even if the winner is going to receive half of that more than $1 billion it's still enough to make him one of the richest, there are a lot of dilemmas and stigmas associated when you become an instant multi-millionaire, suddenly from being an ordinary you becoming magnified and everything you want in life are easily reach, I hope the winner is educated enough to know the value of money and the best thing in life, if he is still young I hope he puts it in helping others as this is a one of a kind blessing.

Not everything as there are still some things which can not be bought by money. Winning the heart of a woman for example. They won't just come to you simply because you have billions now. If the winner is not educated enough, he can always use the money to go to school or he can hire someone that can manage his finances better.

A young person has a lot of desire but an old person can be weak to pursue some things so all that they want to do is to pass their money to someone else but there is no age requirement when lending a help. There is no point of being selfish with all of that money that you won. When you help others, you will also feel good.

[Pierre 2]

This is very surprising amount and claim. She went full public after winning that much is even more weird. I wouldn't go public even after winning a million dollars in lottery. Billion dollars is unimaginable amount that can save many lives. It would be asking for trouble to go public. Well I am not well informed how American laws work on lottery wins - like I don't know if winner is gonna pay like %20 back. In my country taxes on lottery are terrible and meaningless. But man, I wish I was the one making a billion dollars in just a day.

[uneng]

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

That is what I consider a clickbait. Because at first impression the news lead the reader to believe the winner is going to profit the whole prize, as stated on the news' title, however he ends only with half prize. The correct of such news and the lottery itself would be to report the liquid prize, that is, the sum of money the winner is going to receive for real, subtracting all the taxes. However, maybe it's not interesting for the marketing to say the jackpot winner is going to win only 540$ million dollars prize.

[Japinat]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US.

The comma will mistakenly assume your thread to be 1.08 Trillion instead of 1.08 Billion reward because you use 3 digit after the comma.

Indeed that was my first thought when seeing the title of this thread. I had to click it and investigate because I thought for sure if someone won a trillion dollars in the lottery I would have hear something about it. While winning a billion dollars is still an unbelievable amount, winning a trillion would have been some Hollywood movie stuff.

Nah! Nobody would surely hand somebody a Trillion dollars or at least make it as a jackpot prize in a lottery because if that happens and someone will win, he or she would be the first person in the Trillionaire club but even so, the after tax will just make them a couple of a hundred billion dollars worth. Still, the recent lottery winner is just too lucky because apparently, she was the only who won the prize money.

[wheelz1200]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

here's the video I saw https://www.youtube.com/watch?v=LINxj6C-00c

That's how those taxes work.  Not only does the total prize amount get cut if its a lump sum it also gets taxed at the highest bracket.  So in the end the government always wins around 70% given that they take some of the proceeds before that's even established.  The prize is so high so what's the difference to the winner but it truly is criminal.  But hey if ypu don't like it just don't play it's like anything else.

[darkangel11]

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

The winner can feel cheated because they claim you've won that amount, but you don't get it. You're taxed anyway, which I understand because it's income, but why take additional part of the win if the winner decides to take all the money at once? It's his money after all.
Think what any of you would do if you were given a reward by your boss but did not get the promised money, but instead 10% of it each month because he doesn't have the money to pay you all at once. You'd feel like you're being lied to, right?

another winner had payment in taxes close to 30% (+-), at Las Vegas, then, also leave another 15% to state of residence.  The prize was something like $7,000,000 but The winner ended up with half of it, tax free.

That's just called taxes, but really it's a scam. How come in the US you have to pay 45% tax, while in many other countries you just pay 1 income tax on your win which is something like 25-30% and you're done? Scam country if you ask me.

[Lida93]

I just saw a news on youtube that someone won the $1,080 Billion jackpot prize on the Powerball lotto in the US. In the video I watched, someone claims that she was the winner, but as of now, there is still no official announcement from the lottery organization. also, the store where the winning ticket was bought will receive a $1 Million bonus from the organization.

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

This what could be described as an infectious success for the store owner who sold the winning ticket, one million dollars is no joke amount.

AFAIK half a billion dollars is lot of money that can be used to spread investments to divers sectors leading from crypto to real estate, stocks etc, he shouldn't be in a hurry to take a slump sum so long as he's going to get his full money subsequently. Take a lump slum can put a lot of financial pressure on the lotto company because 1billion dollars taken from an account at ones is enough to make a state face some financial crisis.
A bug congratulations to the winner, looking forward to my own win

[DoublerHunter]

~snip~

That's how those taxes work.  Not only does the total prize amount get cut if its a lump sum it also gets taxed at the highest bracket.  So in the end the government always wins around 70% given that they take some of the proceeds before that's even established.  The prize is so high so what's the difference to the winner but it truly is criminal.  But hey if ypu don't like it just don't play it's like anything else.

^ Definitely right and in fact, it is unfortunate but not uncommon.
Lottery winnings are typically subject to hefty taxes, which can significantly reduce the final amount received by the winner. Opting for a lump sum payment can also result in a reduced amount, as it takes into account the present value of the prize and the taxes that need to be paid upfront. However, winning such a massive amount, even after taxes, would still be life-changing for the lucky individual. I will be keeping an eye out for the official announcement to see who the real winner is and how this amazing story unfolds.

[TimeTeller]

~snip~

That's how those taxes work.  Not only does the total prize amount get cut if its a lump sum it also gets taxed at the highest bracket.  So in the end the government always wins around 70% given that they take some of the proceeds before that's even established.  The prize is so high so what's the difference to the winner but it truly is criminal.  But hey if ypu don't like it just don't play it's like anything else.

^ Definitely right and in fact, it is unfortunate but not uncommon.
Lottery winnings are typically subject to hefty taxes, which can significantly reduce the final amount received by the winner. Opting for a lump sum payment can also result in a reduced amount, as it takes into account the present value of the prize and the taxes that need to be paid upfront. However, winning such a massive amount, even after taxes, would still be life-changing for the lucky individual. I will be keeping an eye out for the official announcement to see who the real winner is and how this amazing story unfolds.

That is true, even if they deduct such taxes, the winner still got a ton of money that will change her life.
Some won't officially disclose the identity of the winner to safeguard her privacy.
But if the winner herself is announcing it to the public, then, that's her problem when some of illegal actors will be after her.
She should have kept it secret, she has no money yet from those winnings. And yet, she's giving her face to the public.
I hope she won't face any trouble claiming her winnings if she's the real winner. Should try to be discreet as she has no idea how those scammers work out there.

[goaldigger]

Winning and paying the taxes is fine as long as you spend less compare to what you are winning and in this case, that’s still a hundred of millions which can totally change your life.

Why there’s no confirmation yet about the winners?
This can also be a good business since you also get a reward if your outlet produces the winners, will look into this opportunity in my place and see if its feasible to have such business.

[dezoel]

The way you've written the amount makes it way too high to be true, I was thinking it is one thousand and eighty billion dollars which is unrealistic, and after reading some of the comments, I realized that what you were trying to write was one billion and 80 million, and you would right that either like this: $1.08b, or: $1,080m, because 1,000 million is equal to 1 billion, and you don't right billion after mentioning how many millions you are talking about.

Anyway, coming back to the lottery, it's actually a huge amount to be won in a lottery and only one out of a million users will be able to get that much I'm pretty sure, now, even if the winner pays a big chunk of it in taxes, she would still have a lot of money to live her live off of it or simply start businesses with it to enjoy the whole life in luxury.

[Poker Player]

I'm confused, how would you type out one billion eighty-five million? wouldn't it be $1,085 Billion? so, why would a $1,080 with a "billion" next to it be mistaken for a trillion? I also wrote Billion next to it for more clarification.

$1.08 billion

You have it written in the description of the same Youtube video you link. Come on, edit the title.

Regarding the news, I am partly happy for her but partly cautious. First because she has shown her face to the cameras and second because it is too big an amount of money. Knowing that 70% of lottery winners end up bankrupt after a few years, I can fear that such an amount could drive people crazy.

[maydna]

~snip~

Elon is known Billionaire, I think that he can still manage to be safe after revealing the winner’s identity since he will still need the extra security even if he claim the reward privately because the people behind the lottery knew well his personal information.

Everyone that participates in lottery knew well about the tax. There’s no sad thing about it and you’re right that winning even fraction of the total prize is still an extraordinary thing to happened on a person entire life.

Yeah, but perhaps it's normal when the winner finds out she's the lottery ticket winner, so she goes straight to the shop and shows her winning emotions. And she does need extra security to escort her from the house, pick up the money, deposit the money in the bank, and until she gets home again, no bad person will stalk her or do anything bad to her.

What is certain is that she still has more money even though she has to pay taxes which may not be small either. And that doesn't matter because she is now a rich woman around the people in his neighborhood.

[Negotiation]

anyway, it still really surprises me that if the winner decides to take the prize in one lump sum, they will only get half of the total price because of the taxes that will be taken out.

here's the video I saw https://www.youtube.com/watch?v=LINxj6C-00c

It's like returning the money to the government through taxes. 
Anyway, if she's the lucky winner I wonder why exposing herself that much, I wish for her safety and hopefully its a real winner and not just a fake one.
There's a trust issues already in my country with regards to lottery because of there are many winners already in the first half of the year, it looks like an inside job or what.

The winner will have to pay tax on it, but the government has a vested interest in winning this lottery. Because Lottery Association statistics say only one person has a chance of winning the Powerball jackpot. And Edwin Castro is the super-lucky winner. Even if you say too much, it seems less. Also the reason for loss of confidence in lottery is that local people are suffering financially by falling into lottery trap. In this month-long fair, gambling called lottery is going on every day under the name of raffle draw.

[shinratensei_]

This is very surprising amount and claim. She went full public after winning that much is even more weird. I wouldn't go public even after winning a million dollars in lottery. Billion dollars is unimaginable amount that can save many lives. It would be asking for trouble to go public. Well I am not well informed how American laws work on lottery wins - like I don't know if winner is gonna pay like %20 back. In my country taxes on lottery are terrible and meaningless. But man, I wish I was the one making a billion dollars in just a day.

Look at how the store was also putting banner "billionaire made here"

https://www.wsj.com/video/powerball-ticket-sold-in-los-angeles-wins-1-billion-jackpot/E7F4D7DC-5D53-4623-B17B-FB8C6ACC25F2.html

I guess what? The popularity of the store was boosting a lot. Many people would always be buying lottery from that store. That's the main rule for winning the lottery. Never try to reveal your face in public and tell others if you have won lottery. She can hire an accountant to help her with it instead of claiming it by herself.

I can only hope that he will use all of money acquired by her after tax wisely. She may live in luxury after this.