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United States
Member #380
June 5, 2002
11296 Posts
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| | Posted: October 25, 2005, 11:16 am - IP Logged | |
todd: Many who are receiving annuity payments had no choice. Many such winners would choose cash if they won again. | | |
Chief Bottle Washer New Jersey United States Member #1 May 31, 2000 19933 Posts Online | | Posted: October 25, 2005, 11:24 am - IP Logged | |
I don't think that has been the case for many years. Either way, it's really getting off-topic. | | |
Sparta, NJ United States Member #18644 July 9, 2005 1977 Posts Offline | | Posted: October 25, 2005, 1:12 pm - IP Logged | |
What will they get lump sum after taxes? $200,000,000 perhaps? divided by 4? $50,000,000 each chump change :) "after taxes" is an open ended term. Assuming you have a social security card, that initial hit of 25% is only for marking. The real rounds come in once the target is established. The 25% figure is not a marketing term, it is a rule set by the Federal Government. Most people will owe additional money in taxes, although it depends on how you disperse your prize. For example, if you give large amounts to some kind of tax-deductable organization, then you may not owe anything more, or you may get something back. Also, those who choose the cash option pay more in taxes, because there is much more money that falls within the highest tax bracket. Those who choose annuity get taxed at the lower tax brackets for a percentage of their payout every year, so they end up paying less in taxes over the long haul. Todd, I did not mis-spell the word marketing, the word, "marking" is an artillery term used to "mark your target" prior to sending volley after volley into the enemy’s position. The 25% is a starting position. The IRS will then go after all they can. Thus the reference. 
|||::> *'`*:-.,_,.-:*''*:--->>> Chewie <<<---.*''*:-.,_,.-:*''* <:::||| I only trust myself - and that's a questionable choice | | |
United States Member #24723 October 21, 2005 622 Posts Offline | | Posted: October 30, 2005, 1:35 am - IP Logged | |
Have they come forward to claim it yet? | | |
Sparta, NJ United States Member #18644 July 9, 2005 1977 Posts Offline | | Posted: October 30, 2005, 6:34 am - IP Logged | |
Unlike Chucky Shumer, maybe they have learned that not every person with a TV Camera or a "pencil" is in love with them!
|||::> *'`*:-.,_,.-:*''*:--->>> Chewie <<<---.*''*:-.,_,.-:*''* <:::||| I only trust myself - and that's a questionable choice | | |
United States
Member #380
June 5, 2002
11296 Posts
Offline
| | Posted: October 30, 2005, 1:15 pm - IP Logged | |
What will they get lump sum after taxes? $200,000,000 perhaps? divided by 4? $50,000,000 each chump change :) "after taxes" is an open ended term. Assuming you have a social security card, that initial hit of 25% is only for marking. The real rounds come in once the target is established. The 25% figure is not a marketing term, it is a rule set by the Federal Government. Most people will owe additional money in taxes, although it depends on how you disperse your prize. For example, if you give large amounts to some kind of tax-deductable organization, then you may not owe anything more, or you may get something back. Also, those who choose the cash option pay more in taxes, because there is much more money that falls within the highest tax bracket. Those who choose annuity get taxed at the lower tax brackets for a percentage of their payout every year, so they end up paying less in taxes over the long haul. Todd, I did not mis-spell the word marketing, the word, "marking" is an artillery term used to "mark your target" prior to sending volley after volley into the enemy’s position. The 25% is a starting position. The IRS will then go after all they can. Thus the reference. Chewie: Somebody who chooses annuity might end up paying more in taxes than if they took the lump sum, especially if they live in a state like NJ that doesn't CURRENTLY tax lottery winnings. | | |
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