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gogidolim

Inland Empire
United States
Member #118,109
October 22, 2011
327 Posts
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Dec 6, 2016, 11:49 pm

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

100

u$a
United States
Member #106,658
February 22, 2011
19,967 Posts
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Dec 7, 2016, 6:25 am

Don't worry they will take the taxes out for you.
Rexer90

LA Ca.
United States
Member #172,741
February 3, 2016
203 Posts
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Dec 8, 2016, 12:52 am

They don't collect maximum bracket on any winnings, they collect 25%. It's up to you to pay anything extra due in April.
wander73

Philadelphia, PA
United States
Member #153,765
March 24, 2014
12,491 Posts
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Dec 9, 2016, 1:11 pm

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
Drenick1

USA
United States
Member #152,790
February 25, 2014
1,111 Posts
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Dec 9, 2016, 3:08 pm

Quote: Originally posted by wander73 on Dec 9, 2016
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

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.
bigdaddy

BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
United States
Member #1,647
June 10, 2003
3,387 Posts
Offline

Dec 9, 2016, 3:14 pm

take the lump sum payment if offered

Relax,Bigdaddy has your number

turning $30 or less into thousands everyday!!

here we go steelers ..here we go---------stairway to seven

TIME FOR THE LOMBARDI TROPHY TO COME HOME..
Kingofearth

Israel
Member #174,646
May 5, 2016
1,100 Posts
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Dec 9, 2016, 7:28 pm

Quote: Originally posted by bigdaddy on Dec 9, 2016
take the lump sum payment if offered

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.
helpmewin

100

u$a
United States
Member #106,658
February 22, 2011
19,967 Posts
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Dec 9, 2016, 7:35 pm

They can't tax you twice.
noise-gate

* In hot pursuit of $ *

White Shores- California
United States
Member #136,469
December 12, 2012
7,259 Posts
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Dec 9, 2016, 8:16 pm
- 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.
* Voice of Reason *

* People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.
Stack47

Kentucky
United States
Member #32,651
February 14, 2006
10,528 Posts
Offline

Dec 11, 2016, 12:16 am

Quote: Originally posted by bigdaddy on Dec 9, 2016
take the lump sum payment if offered

and most financial advisers will too.
LottoAce

N.C.
United States
Member #56,003
October 28, 2007
877 Posts
Offline

Dec 11, 2016, 7:54 am

Quote: Originally posted by Stack47 on Dec 11, 2016
and most financial advisers will too.

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 could be disastrous.

If the jackpot is big enough you can hire a CPA. and or
a finacial planner. if the jackpot is small,
you may want to re-think on the lump sum.

I know for a fact the kind of hard work and research that goes
into keeping up with the market. 8:00am-9:00pm Monday through
Friday. just having to keep up with the latest world news (events in other
countries that effect our market here in the U.S.) would be enough
to detour me.

Stack47 you strike me as an intelligent man. you may be able to
handle it.

the point I'm trying to get across is that there are some people who
would be better off to take the allotted payments.

learn first how to handle that kind of money.

ever seen those lottery players that win a jackpot
and are broke within 5 years?
there is a TV show called "the lottery ruined my life"

its the most ridiculous show on the air. the truth is, winning the lottery didn't ruin
anyone's life. their lack of finacial education, and economic awareness is what
deteriorated thier new found fortune.

If I was to win a Lucky4Life Jackpot.
$1000 a day, for life, thats also willable.
I would definately not take the lump sum.

I wouldn't have to spend countless hours on an E-trade account,
or deal with crooked lawyers and accountants that are trying to
swindle me out of my money. I also would have the time. to enjoy my life, take no
more than I need, and I can leave my family with something.

just offering a different perspective.

"know your limitations, but excede your expectations"
DELotteryPlyr

Maryland
United States
Member #162,425
January 2, 2015
3,999 Posts
Offline

Dec 11, 2016, 8:15 am

Quote: Originally posted by LottoAce on Dec 11, 2016
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 could be disastrous.

If the jackpot is big enough you can hire a CPA. and or
a finacial planner. if the jackpot is small,
you may want to re-think on the lump sum.

I know for a fact the kind of hard work and research that goes
into keeping up with the market. 8:00am-9:00pm Monday through
Friday. just having to keep up with the latest world news (events in other
countries that effect our market here in the U.S.) would be enough
to detour me.

Stack47 you strike me as an intelligent man. you may be able to
handle it.

the point I'm trying to get across is that there are some people who
would be better off to take the allotted payments.

learn first how to handle that kind of money.

ever seen those lottery players that win a jackpot
and are broke within 5 years?
there is a TV show called "the lottery ruined my life"

its the most ridiculous show on the air. the truth is, winning the lottery didn't ruin
anyone's life. their lack of finacial education, and economic awareness is what
deteriorated thier new found fortune.

If I was to win a Lucky4Life Jackpot.
$1000 a day, for life, thats also willable.
I would definately not take the lump sum.

I wouldn't have to spend countless hours on an E-trade account,
or deal with crooked lawyers and accountants that are trying to
swindle me out of my money. I also would have the time. to enjoy my life, take no
more than I need, and I can leave my family with something.

just offering a different perspective.

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, I would gladly change my status from 'worker' to 'student' to LEARN how to keep my jackpot safe and use it in a positive way.
LottoAce

N.C.
United States
Member #56,003
October 28, 2007
877 Posts
Offline

Dec 16, 2016, 10:37 am

Quote: Originally posted by DELotteryPlyr on Dec 11, 2016
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, I would gladly change my status from 'worker' to 'student' to LEARN how to keep my jackpot safe and use it in a positive way.

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"

"know your limitations, but excede your expectations"
Sunglasses

Belgium
Member #173,922
March 26, 2016
1,396 Posts
Offline

Dec 16, 2016, 12:38 pm

Quote: Originally posted by helpmewin on Dec 7, 2016
Don't worry they will take the taxes out for you.

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