TAX on annuity prizes

Reply #13

Sunglasses — Fri, 16 Dec 2016 17:38:11 GMT

Reply #12

LottoAce — Fri, 16 Dec 2016 15:37:32 GMT

a friend of mine, whom I play the lottery with once made a statement.

I would rather deal with the problems that the weathy face, than the

problems that get in the face of the poor

Reply #11

DELotteryPlyr — Sun, 11 Dec 2016 13:15:47 GMT

Well stated. The corny line comes to mind - With great wealth comes great responsibility.

I agree with you comment - if you have been living paycheck to paycheck and just funding a 401k for retirement you really have no understanding of how to handle a jackpot win. The big issue today is that its very hard to find trustworthy financial planners. Just look at the show American Greed (CNBC) there are endless examples of people being 'taken' from ALL kinds of scams.

But with that all said,... [ More ]

Reply #10

LottoAce — Sun, 11 Dec 2016 12:54:06 GMT

most of them would take the lump sum.

thats because they believe they can handle the money in the market.

most of them can.

the average person who has handled nothing more than a checkbook

and a 401k account would be in way over thier head.

without the proper education and study;

the market could chew them up and spit them out!

a recent example would be the housing sector of 2008.

for some people. under certain circumstances a decision

to take the lump sum cou... [ More ]

Reply #9

Stack47 — Sun, 11 Dec 2016 05:16:35 GMT

and most financial advisers will too.

Reply #8

noise-gate — Sat, 10 Dec 2016 01:16:31 GMT

One gets taxed on ANY income that was earned above a certain limit, like your K400. If one can get taxed on an amount exceeding the gift limit..oh well, you get my point. It's rather elementary my dear Watson.

In a word: No free lunches, especially from Uncle Sam.

Reply #7

helpmewin — Sat, 10 Dec 2016 00:35:34 GMT

They can't tax you twice.

Reply #6

Kingofearth — Sat, 10 Dec 2016 00:28:47 GMT

If it's a big enough jackpot

Small jackpots, you may as well collect the annuity as your life wouldn't change in any real way.

Reply #5

bigdaddy — Fri, 09 Dec 2016 20:14:14 GMT

take the lump sum payment if offered

Reply #4

Drenick1 — Fri, 09 Dec 2016 20:08:33 GMT

Under the current law, all winnings that are collected from the lottery offices are subject to the initial 25% withholding. The tax laws may change under the new administration so it's hopeful that the tax rate may go down.

Reply #3

wander73 — Fri, 09 Dec 2016 18:11:15 GMT

It depends on the price that you win and ask a financial advisor and accountant especially that ask your accountant too bad my father passed away he would have given an answer really fast

Reply #2

Rexer90 — Thu, 08 Dec 2016 05:52:46 GMT

They don't collect maximum bracket on any winnings, they collect 25%. It's up to you to pay anything extra due in April.

Reply #1

helpmewin — Wed, 07 Dec 2016 11:25:35 GMT

Don't worry they will take the taxes out for you.

TAX on annuity prizes

gogidolim — Wed, 07 Dec 2016 04:49:20 GMT

Do they still collect the maximum tax bracket even if the annual check is smaller than $400,000