Lottery

[Rsv1000R]

Originally Posted by TIGGER

35% of what? I don't know what the lump sum pay out was... do you? The total was 232 million, normally I believe that the lump sum penalty is half or maybe less...

No I don't, none of the reports said. But if it was paid out at 50% for the lump sum, he's going to have a big tax bill next year.

[Amber Lamps]

Originally Posted by Rider

Too many zero's so early in the morning. LOL

The last few years yes but if you look at many mutual funds over their lifetime they are well above 5%.

Hell, I remember when a money market certificate would get you around 10 points... of course a good car loan was 13% at that time as well....

[Amber Lamps]

Originally Posted by Rsv1000R

No I don't, none of the reports said. But if it was paid out at 50% for the lump sum, he's going to have a big tax bill next year.

Well, I think they take it out off the top. At least the way they were explaining it on the news... The way it sounds, and I don't know this for a fact, if he were to just "sit" on this money now. He shouldn't have to pay further taxes as it's not "new income" next year. Once again, I'm not 100% sure but as long as he doesn't DO anything with it, he's cool....

[Homeslice]

Originally Posted by TIGGER

35% of what? I don't know what the lump sum pay out was... do you? The total was 232 million, normally I believe that the lump sum penalty is half or maybe less...

If he takes the lump sum instead of the full payout schedule, I don't see how the gov't could argue that he owes tax on the full amount, seeing how he never received it.

[shmike]

Originally Posted by Homeslice

If he takes the lump sum instead of the full payout schedule, I don't see how the gov't could argue that he owes tax on the full amount, seeing how he never received it.

He wouldn't.

You pay taxes on money "earned" (can't think of proper term).

If his payout was $115M, that is what he'll pay taxes on, not the $232M.

[Rsv1000R]

Originally Posted by TIGGER

Well, I think they take it out off the top. At least the way they were explaining it on the news... The way it sounds, and I don't know this for a fact, if he were to just "sit" on this money now. He shouldn't have to pay further taxes as it's not "new income" next year. Once again, I'm not 100% sure but as long as he doesn't DO anything with it, he's cool....

Depends how much they took. But next April he has to file, and if they didn't take enough to cover that amount he'll have to pay the difference.

[Amber Lamps]

Originally Posted by Rsv1000R

Depends how much they took. But next April he has to file, and if they didn't take enough to cover that amount he'll have to pay the difference.

I agree with this but I doubt that it'll be a case of they took too little money from him....

[pauldun170]

Originally Posted by 101lifts2

... but the jews wanna push it to 12. something. fuckers.