For those of you thinking about buying 292mln Powerball tickets (for every combination)
The lump-sum jackpot payment is estimated to be about $868 million. That alone would give you a handsome $284 million profit if you bought every ticket. And since there are $92 million in lower-tier prizes, you'd win all of those too.
You can deduct the value of your gambling losses up to the amount of your winnings. So all but two bucks of what you spent on tickets would be tax-deductible. Effectively that deduction means you'd wipe out any federal taxes owed on the first $584 million of your winnings
You have to buy Powerball tickets in person. That's a lot of transactions - If you were able to buy one ticket every second, it would still take you more than nine years to buy every combination
And of course, the Strategy backfires if one other person buys that winning number.