Another reason for the Cash Option

Reply #4

Thomas Covenant — Sat, 12 Oct 2002 02:24:18 GMT

It happened in 1988, before you could choose cash option.

Reply #3

rundown99 — Sat, 12 Oct 2002 01:52:10 GMT

Why did they choose annuity

Reply #2

Thomas Covenant — Sat, 12 Oct 2002 00:56:36 GMT

Yes, that's true. It also happened with the ohio lottery. The winners moved to Flordia after they won. Ohio still charged them tax. It went to the state Supreme Court, and the couple lost. They had to continue to pay Ohio state tax on the annuity.

Reply #1

RJOh — Sat, 12 Oct 2002 00:46:03 GMT

I've read that some states were doing the same thing with retiree pensions. I read several months ago that California sent out state-tax due to retiree who had earned their pensions in the state but were now living in another state with lower or no state taxes. Some other states are considering doing the same.RJOh

Another reason for the Cash Option

Thomas Covenant — Fri, 11 Oct 2002 19:36:59 GMT

For those of you that are considering moving to another country when you win the Big One , be aware of the Expatriate Tax. Which says that if you move to another country with a lower tax rate Uncle Sam can still tax your money for ten years. There are ways to minimize this but it would involve choosing the cash option.