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MUSL claims to withhold 27%, the new bracket for money over $311,000.00 is 35% (formerly 39.6%). You are required to make estimated tax payments throughout the year (quarterly, I presume) to pay that 8% you will owe.

Just one more case for Cash Option, with large annuities, you need to do this each year if the payments are greater than $311,000... why not get it done all at once while the top rate is still favorable... next Dem. in office will hit that number first!

My favorite part of the annuity payments since I'm 28 is that if I would win in the near future I could recieve all 30 payments and not even be 60 years of age.  You get the cash now and its 30 some million or you take the payments and its like 50 to 60 million over 30 payments.  I probably wouldn't spend 30 million dollars in my lifetime or 50 to 60 million.  But I like having a check every year just in case you get a little crazy with your money to fall back on.  And if I die by some fluke reason I'm not going to care who has my money since I took the ol' dirt nap. 

Quote: Originally posted by hypersoniq on December 18, 2003

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MUSL claims to withhold 27%...

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That number (if it exists on their Web site) is probably outdated.  The Feds were at 28% for a long time, and then dropped the rate gradually to the current level of 25%.  If the Webmaster did not stay on top of the changes, then they would have an old rate on their site.  It's a Federal standard, so MUSL doesn't use a different rate than everyone else.

weshar:

And if you move during the 30 years, you have to notify the lottery your new address/PO box.

I'm not letting anyone tell me how to spend my money, but me.  I can go to classes or get on the internet if I want to know how to make my money work for me.  Why should I give anyone a cut, when I can keep it for muah?  Who can spend my money other than me??????????

Quote: O

Quote: Originally posted by Todd on December 18, 2003

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If the Webmaster did not stay on top of the changes, then they would have an old rate on their site.

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