What if I had a big lotto win. |
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oldguy
Senior Member
Cash: $ 751.85
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quote: If I take annuity can I go to a lessor tax state and only have to pay one year to CO?
I think that is the case. But then you would be stuck with a 20 year annuity, be careful not to let the 'tax tail wag the dog', the goal is to get the most money for yourself, not to avoid taxes.
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Thu Aug 04, 2011 4:53 pm |
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tonybringa50
Member
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good one
thanks
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Thu Jan 26, 2012 2:57 pm |
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eastmn
Senior Member
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Joined: 04 Apr 2010
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Just curious, but is there any way to pay tax as capital gains and not income tax? Winnings, yes, but what if winner is corporate investment structured? Wishful drinking?
Tax Court Rules Lottery Winnings Are Not Capital Gains
http://www.taxfoundation.org/blog/show/1997.html
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Thu Jan 26, 2012 6:28 pm |
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LottomagicZ4941
Senior Member
Cash: $ 1.66
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Location: Earth |
quote: Originally posted by oldguy
quote: If I take annuity can I go to a lessor tax state and only have to pay one year to CO?
I think that is the case. But then you would be stuck with a 20 year annuity, be careful not to let the 'tax tail wag the dog', the goal is to get the most money for yourself, not to avoid taxes.
Annnuity could put one in a higher tax rate year after year.
But I wouldn't mind getting stuck with an annuity. You get a reduction if you don't take annuity option.
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Fri Jan 27, 2012 12:19 am |
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naviown
New Member
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You must pay your taxes, thats all
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Thu Feb 23, 2012 5:39 pm |
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oldguy
Senior Member
Cash: $ 751.85
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Joined: 21 May 2006
Location: arizona |
quote: Annnuity could put one in a higher tax rate year after year.
I think you are afalling for the old urban legend that earning more money "puts you in a higher bracket". That only applies to the "extra' income, not your usual income.
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Thu Feb 23, 2012 5:59 pm |
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