Welcome Guest
Log In | Register )
You last visited January 21, 2017, 4:32 pm
All times shown are
Eastern Time (GMT-5:00)

DO you really lose money if u take the annunity over the lump sum?

Topic closed. 125 replies. Last post 4 years ago by rdgrnr.

Page 8 of 9
51
PrintE-mailLink
Nikkicute's avatar - nnjx1k
Wisconsin
United States
Member #123290
February 17, 2012
3091 Posts
Offline
Posted: August 24, 2012, 10:20 am - IP Logged

That is exactly correct Nikki. With the combined state tax (7.75%), plus the federal tax (25%) = 32.75% total taxes.

The lump sum he took home ($1,345,000) represents 67.25% of $2 million, after the required 32.75% in taxes. Type    Thumbs Up

Wait a minute...

 

When they take the 7.75% State Tax they take that out of the original $2 million not

the amount after they take the 25%What?


    United States
    Member #111442
    May 25, 2011
    6323 Posts
    Offline
    Posted: August 24, 2012, 10:25 am - IP Logged

    Wait a minute...

     

    When they take the 7.75% State Tax they take that out of the original $2 million not

    the amount after they take the 25%What?

    The original jackpot, whatever the amount was.

      Nikkicute's avatar - nnjx1k
      Wisconsin
      United States
      Member #123290
      February 17, 2012
      3091 Posts
      Offline
      Posted: August 24, 2012, 10:34 am - IP Logged

      The original jackpot, whatever the amount was.

      All this time I thought they took the State Tax out of whatever was left of the Federal amount!

      No wonder my math was off!! Well..well..well..Look at the State!!! 

      They're going to get theirs right off the top!! lol

       

      THANKS mcginnin56Smiley

       

      He put the money into a retirement fund.


        United States
        Member #111442
        May 25, 2011
        6323 Posts
        Offline
        Posted: August 24, 2012, 10:37 am - IP Logged

        All this time I thought they took the State Tax out of whatever was left of the Federal amount!

        No wonder my math was off!! Well..well..well..Look at the State!!! 

        They're going to get theirs right off the top!! lol

         

        THANKS mcginnin56Smiley

         

        He put the money into a retirement fund.

        Sorry to burst your balloon Nikki!  Disney

        The state is very greedy, more so than the fed's.   Red Devil

         

        Good luck this evening.  Lep


          United States
          Member #116268
          September 7, 2011
          20244 Posts
          Offline
          Posted: August 24, 2012, 10:38 am - IP Logged

          LOL. What? You thought the STATE was your friend??

            Nikkicute's avatar - nnjx1k
            Wisconsin
            United States
            Member #123290
            February 17, 2012
            3091 Posts
            Offline
            Posted: August 24, 2012, 10:45 am - IP Logged

            LOL. What? You thought the STATE was your friend??

            I lived here long enough!! I thought me and the State were BEST FRIENDS!

            Guess not! lol

              Avatar
              NY
              United States
              Member #23835
              October 16, 2005
              3502 Posts
              Offline
              Posted: August 24, 2012, 3:07 pm - IP Logged

              Wait a minute...

               

              When they take the 7.75% State Tax they take that out of the original $2 million not

              the amount after they take the 25%What?

              There's a reason it's called "income tax" and not "after-tax income tax".


                United States
                Member #128790
                June 2, 2012
                5431 Posts
                Offline
                Posted: August 24, 2012, 11:56 pm - IP Logged

                There's a reason it's called "income tax" and not "after-tax income tax".

                You make a good point, however, the real injustice that should be discussed here in my opinion is the double taxation. It's an aberration ! It's a bummer and so uneccessary. One example is If i had 10 million dollars to give to my nephew, or whomever, it's taxed again but this time at 50%. WTF ?

                If i already paid taxes on that 10 million which I netted after taxes, then why the heck should it be taxed again? Seriously?


                  United States
                  Member #111442
                  May 25, 2011
                  6323 Posts
                  Offline
                  Posted: August 25, 2012, 12:11 am - IP Logged

                  You make a good point, however, the real injustice that should be discussed here in my opinion is the double taxation. It's an aberration ! It's a bummer and so uneccessary. One example is If i had 10 million dollars to give to my nephew, or whomever, it's taxed again but this time at 50%. WTF ?

                  If i already paid taxes on that 10 million which I netted after taxes, then why the heck should it be taxed again? Seriously?

                  Because that's the way the tax codes were designed by this government.  Patriot

                  Ideally uncle Sam would like to see that "original" money change hands several times.   Yes Nod

                  This way they can re-tax every new person that receives the original amount. Taxing multiple times is what the government does best.  Smash

                    Avatar
                    cleveland ohio
                    United States
                    Member #65897
                    October 9, 2008
                    275 Posts
                    Offline
                    Posted: August 25, 2012, 1:46 am - IP Logged

                    this is so true, and I agree if you are paying tax FREE dollars to gamble why should you then have tagain.  Not to mention at a 50% loss of the odds

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
                      Member #37136
                      April 11, 2006
                      3316 Posts
                      Offline
                      Posted: August 25, 2012, 2:19 am - IP Logged

                      thats why you make  people you are going to gift money to share holders in the ticket. talk to your planner before claiming etc.

                      2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                      keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318


                        United States
                        Member #111442
                        May 25, 2011
                        6323 Posts
                        Offline
                        Posted: August 25, 2012, 7:09 am - IP Logged

                        thats why you make  people you are going to gift money to share holders in the ticket. talk to your planner before claiming etc.

                        I like your new monkey Avatar savage! He appears to be in deep contemplative thought, much like the members here.  Conehead

                        Being shareholders in the ticket is brilliant   Idea  , are you talking from experience of being such a shareholder.  What?

                          Avatar
                          New Member
                          Jersey City, NJ
                          United States
                          Member #132076
                          August 26, 2012
                          13 Posts
                          Offline
                          Posted: August 26, 2012, 12:17 am - IP Logged

                          To me, the answer to that question is, who can invest my money better, the state or me?

                           

                          I'd rather take my lump sum and invest it myself, so long as the fund doesn't have the title MADDOFF or CORZINE :)

                            savagegoose's avatar - ProfilePho
                            adelaide sa
                            Australia
                            Member #37136
                            April 11, 2006
                            3316 Posts
                            Offline
                            Posted: August 26, 2012, 4:15 am - IP Logged

                            thanks mac

                            yeah he looks to me that he considers his post more than your average member, certainly makes  me look more thoughtful than i really am.

                             

                            i have never had the privelige of winning big here. but we dont get taxed like in the US so the need to declare share holders on a ticket is moot.

                            I have seen claimants that have had their family all turn up to claim, and state they " went shares, " and 5 of them  got checks. gotta think gift taxes are easily avoided that way. and im pretty sure the mum and dad actually won but put in their adult kids when claiming.

                             

                            i have s syndicate card here with me and all my family neames on it. and we pool to buy , i run it,. the claim will be processed in my name as its my card, even if i lose the ticket.  but all their names are recorded. also have a card for myself, and one for a buddy and I. buy tickets registered to ea card. names on card wins.

                            only once did i mess up and play the wrong numbers on the wrong card lol,. boy was i nervous that draw.

                            they also let you record regular numbers onto the card and can enter from memory not a coupon. so i alway s do it that way now.

                            2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                            keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

                              Avatar
                              NY
                              United States
                              Member #23835
                              October 16, 2005
                              3502 Posts
                              Offline
                              Posted: August 26, 2012, 4:26 am - IP Logged

                              You make a good point, however, the real injustice that should be discussed here in my opinion is the double taxation. It's an aberration ! It's a bummer and so uneccessary. One example is If i had 10 million dollars to give to my nephew, or whomever, it's taxed again but this time at 50%. WTF ?

                              If i already paid taxes on that 10 million which I netted after taxes, then why the heck should it be taxed again? Seriously?

                              Should my landscaper be exempt from paying income taxes because I pay him with my after tax income?