paying taxes after they takes their taxes

Reply #21

starchild_45 — Thu, 30 Sep 2004 06:48:57 GMT

Quote: Originally posted by Todd on September 26, 2004 SC tax info can be found on the USA Mega Powerball Jackpot Analysis page.kewl site. i love coming to lottery post because i find out so much good stuff.

Reply #20

Babel — Thu, 30 Sep 2004 06:47:33 GMT

They pay experts in the tax code to eek out every little possible deduction they can, and pay lobyists to make sure new loopholes are put in for them. I remember the California governer's recall race last year Ariana Huffington was one of the canidates and she came out to say that she would make sure rich fat cats pay their share. Well after that little statement someone looked into Ms. Huffington's finances and found out that she had only paid $700 in income tax despite a taxable income of abou... [ More ]

Reply #19

tjsmarine — Thu, 30 Sep 2004 05:52:22 GMT

thats the truth with that much money who can you trust my plans would be to get a estate planner and a financial advisor. i would not do the stocks and investment at first i would try to learn as much as possible. may real estate is they way i would go hell i think me and my wife would go to school and get a bussiness degree and an accountant degree while we let our team do the work after we got our degree we would just keep a lawyer. man it is so much to know about money i just want to know h... [ More ]

Reply #18

Babel — Thu, 30 Sep 2004 05:41:57 GMT

You might try Clark Howard. He has a financial advice radio show every day and a website http://www.clarkhoward.comListening to today's show he mentioned a pretty good beginer's course on financial planning and investing available at http://www.latimes.com/moneyFor legal stuff I've always turned to Nolo. They have a good website and a series of legal books on various topics. Check out http://www.nolo.comWhile the last two sites won't help you put a team together it will give you some idea of wha... [ More ]

Reply #17

four4me — Thu, 30 Sep 2004 05:41:50 GMT

There are all kind of resources for financial planing. If you won powerball and or any other game for big bucks they are going to give you a check drawn from a bank. The lottery doesn't keep 20 million dollars on the premise. All the money they get for selling tickets and the like go into a bank. Maybe more than one bank. If you win the lottery you take the check to the bank of your choosing and set up however many accounts as you would like. Talk with a financial planner at the bank. They might... [ More ]

Reply #16

tjsmarine — Thu, 30 Sep 2004 04:30:37 GMT

but i thought that a regular banking institution could not cover a winning like the powerball amount

Reply #15

four4me — Thu, 30 Sep 2004 04:07:42 GMT

wherever you do your banking is a good place to start.

Reply #14

tjsmarine — Thu, 30 Sep 2004 03:52:05 GMT

does anyone know how to pick a great financial team ????? i won't know who to start to talk to.. how do u know were to look

Reply #13

Babel — Wed, 29 Sep 2004 23:30:04 GMT

You aren't being taxed twice. You are paying a withholding, kind of like a payment on dventual taxes owed. Kind of like giving the government a tax free loan instead of the money sitting in your bank account or investment portfolio earning interest/returns until tax time. The government makes it in your best interest for you to do this because if you don't they will penalize you for under withholding. But you aren't being taxed twice. Your final tax bill is unknowable until the end of the tax ye... [ More ]

Reply #12

four4me — Wed, 29 Sep 2004 14:30:57 GMT

I'll try and explain what I found out about this tax stuff. I won 5000 I had to pay taxes on that 5000 to the feds and state. At the end of the year when I filled my taxes I had to pay taxes on the remaining money after they got the first cut. So essentially I got taxed twice once when I won the money and again for the remainder of the money I received. It has to be reported as unearned income. Regardless of whether you put it in the bank or pocketed the money. If you win a large amount you'll b... [ More ]

Reply #11

twisted — Wed, 29 Sep 2004 13:47:13 GMT

After the lottery withhelds 25% federal tax and state tax (if there is any), you would have to pay another 10% federal tax when you do your taxes (since lottery winnings are considered personal income). Ofcourse this would only happen if you won a big jackpot which would put you in the highest tax bracket.The highest tax bracket for 2004 is $319,101 Over 35.0%Its better than 2002 when you almost paid 39% federal tax.Does anyone know if you have to pay social security and medicare on your jack... [ More ]

Reply #10

Babel — Wed, 29 Sep 2004 08:11:50 GMT

Quote

Reply #9

Todd — Sun, 26 Sep 2004 10:49:54 GMT

Quote: Originally posted by dvdiva on September 26, 2004oregon's state tax is wrong - it's 9%the 8% listed at the oregon lottery web site just for state withholdingsdvdiva,I posted my original response above, but then realized that the reason you posted your messages was that you don't understand the Jackpot Analysis page.It is not designed to show what the winner would pay at the end of the year as a total tax bill. NOBADY CAN KNOW THAT IN ADVANCE. You can say that the winner will probably be... [ More ]

Reply #8

Todd — Sun, 26 Sep 2004 10:42:47 GMT

Quote: Originally posted by DoctorEw220 on September 26, 2004another thing to remember is that some states do not tax their own residents if they win the lottery, but if a non-resident wins the same amount, that person will have to pay state taxes (look at hobart parnell. he's from VA, but won a powerball jackpot in 2003 with a ticket purchased in WV. it even mentioned in the article that because he was from out-of-state that he had to pay state taxes.)Sometimes the out-of-state winner pays a di... [ More ]

Reply #7

Todd — Sun, 26 Sep 2004 10:41:02 GMT

Quote: Originally posted by dvdiva on September 26, 2004in fact some other states are wrong - you might want to check out http://www.taxadmin.org/fta/rate/ind_inc.htmlto see how bad the damage is in whatever your state is.The state lotteries themselves provided the data, and I believe they are correct. If you think there is an error then I suggest you contact the states lottery and ask them.I have no idea how you can look at the chart you linked to and say that it applies to lottery withholding... [ More ]

Reply #6

DoctorEw220 — Sun, 26 Sep 2004 05:51:30 GMT

another thing to remember is that some states do not tax their own residents if they win the lottery, but if a non-resident wins the same amount, that person will have to pay state taxes (look at hobart parnell. he's from VA, but won a powerball jackpot in 2003 with a ticket purchased in WV. it even mentioned in the article that because he was from out-of-state that he had to pay state taxes.

Reply #5

dvdiva — Sun, 26 Sep 2004 05:31:36 GMT

in fact some other states are wrong - you might want to check out http://www.taxadmin.org/fta/rate/ind_inc.htmlto see how bad the damage is in whatever your state is.

Reply #4

dvdiva — Sun, 26 Sep 2004 05:29:15 GMT

oregon's state tax is wrong - it's 9%the 8% listed at the oregon lottery web site just for state withholdings

Reply #3

tjsmarine — Sun, 26 Sep 2004 04:36:03 GMT

i see it now thanks

Reply #2

tjsmarine — Sun, 26 Sep 2004 04:35:23 GMT

todd does s.c not have a state tax or does it just not show it

Reply #1

tjsmarine — Sun, 26 Sep 2004 04:33:33 GMT

thanks todd

paying taxes after they takes their taxes

Todd — Sun, 26 Sep 2004 04:25:48 GMT

SC tax info can be found on the USA Mega Powerball Jackpot Analysis page.