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Taxes??

Topic closed. 5 replies. Last post 4 years ago by Brcebrce.

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United States
Member #130815
July 25, 2012
1636 Posts
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Posted: October 31, 2012, 9:10 am - IP Logged

So sitting around doing some figuring and I had to wonder if the lottery takes the taxes off the top every year for you if you take the annunity???.......Or do you pay on your interest and everthing else you make while working (if you plan on keep working thru the years) as a whole each year??? Anybody know??

    rcbbuckeye's avatar - Lottery-043.jpg
    Texas
    United States
    Member #55889
    October 23, 2007
    5615 Posts
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    Posted: October 31, 2012, 9:18 am - IP Logged

    So sitting around doing some figuring and I had to wonder if the lottery takes the taxes off the top every year for you if you take the annunity???.......Or do you pay on your interest and everthing else you make while working (if you plan on keep working thru the years) as a whole each year??? Anybody know??

    If you collect on an annuity then you will pay income taxes each year, on the annuity amount you receive, and on any interest earned from money you deposited in an interest bearing account.

    If you take a lump sum payment, you pay taxes on the lump sum one time. If you took the remaining money and stuffed it in your mattress, you would not pay any more taxes on that money. If you took the remaining money and put it in the bank or earned interest on it, then you would pay taxes on the interest earned.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)


      United States
      Member #130815
      July 25, 2012
      1636 Posts
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      Posted: October 31, 2012, 9:21 am - IP Logged

      If you collect on an annuity then you will pay income taxes each year, on the annuity amount you receive, and on any interest earned from money you deposited in an interest bearing account.

      If you take a lump sum payment, you pay taxes on the lump sum one time. If you took the remaining money and stuffed it in your mattress, you would not pay any more taxes on that money. If you took the remaining money and put it in the bank or earned interest on it, then you would pay taxes on the interest earned.

      Ok that's what I was thinking.....except the mattress thing...my luck I'd do that and the house would burn down....so anyways thanks rcbbuckeye

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: October 31, 2012, 11:21 am - IP Logged

        If you collect on an annuity then you will pay income taxes each year, on the annuity amount you receive, and on any interest earned from money you deposited in an interest bearing account.

        If you take a lump sum payment, you pay taxes on the lump sum one time. If you took the remaining money and stuffed it in your mattress, you would not pay any more taxes on that money. If you took the remaining money and put it in the bank or earned interest on it, then you would pay taxes on the interest earned.

        I can't stuff it in my mattress cuz I got one of those stupid air (sleep number) mattresses that goes flat 3 times a night and sounds like a 747 taking off everytime you pump it up until the pump breaks and you have to buy a new one.

        So I guess I'll just stuff it in a cookie jar or something.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                    --Edmund Burke

         

         

          rcbbuckeye's avatar - Lottery-043.jpg
          Texas
          United States
          Member #55889
          October 23, 2007
          5615 Posts
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          Posted: October 31, 2012, 7:59 pm - IP Logged

          I can't stuff it in my mattress cuz I got one of those stupid air (sleep number) mattresses that goes flat 3 times a night and sounds like a 747 taking off everytime you pump it up until the pump breaks and you have to buy a new one.

          So I guess I'll just stuff it in a cookie jar or something.

          LOL. Sorry you had to learn the hard way about those things. Next time buy an innerspring.

          CAN'T WIN IF YOU'RE NOT IN

          A DOLLAR AND A DREAM (OR $2)

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            Ga
            United States
            Member #120454
            December 20, 2011
            141 Posts
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            Posted: November 4, 2012, 4:56 pm - IP Logged

            I can't stuff it in my mattress cuz I got one of those stupid air (sleep number) mattresses that goes flat 3 times a night and sounds like a 747 taking off everytime you pump it up until the pump breaks and you have to buy a new one.

            So I guess I'll just stuff it in a cookie jar or something.

            In a cookie jar? You have a major sweet tooth.