Choosing the Annuity Payments and State Taxes.

Reply #11

dallascowboyfan — Fri, 22 Mar 2013 09:48:25 GMT

That is messed up.

Reply #10

dallascowboyfan — Fri, 22 Mar 2013 09:46:42 GMT

10.8% DANG

Reply #9

sully16 — Tue, 19 Mar 2013 04:02:52 GMT

Wow, just when you think you've heard it all, retro taxes on lottery, that is a dirty rotten shame.

Reply #8

rdgrnr — Tue, 19 Mar 2013 02:57:56 GMT

I hope they voted them guys out, whoever put that bill through.

Reply #7

whiteballz — Tue, 19 Mar 2013 02:46:24 GMT

yes, you are right. I just found the news story here: https://www.lotterypost.com/news/196448

If I learned anything it is: never underestimate the goverment's ability to tax you at anytime for any reason

Reply #6

rdgrnr — Tue, 19 Mar 2013 01:45:39 GMT

They really beat up that winner, cause they won in june, and they made the tax retroactive to jan. 1st

What a dirty rotten lowdown thing to do.

They wanted to rob that guy so bad they created a law allowing them to do it.

Unfrigginbelievable.

Reply #5

haymaker — Tue, 19 Mar 2013 00:16:08 GMT

I would hope that you are correct, but w/ Jersey's greed I could never be sure,

used to be we did'nt have a state tax on lottery wins.

But then we had a huge JP won here, and they went and passed a tax bill on lottery @ 10.8%

They really beat up that winner, cause they won in june, and they made the tax retroactive to jan. 1st

Reply #4

haymaker — Tue, 19 Mar 2013 00:08:09 GMT

If annuities were paying better rates I would have to consider that and move to Nevada, Jersey is incredibly greedy w/ a 10.8%

but as things are I'll stick w/ cash.

Reply #3

maringoman — Mon, 18 Mar 2013 19:45:13 GMT

Its simple, you usually pay income taxes on the state where you earn the income.

Reply #2

Stack47 — Mon, 18 Mar 2013 19:36:48 GMT

Assuming that New Jersey will say the income comes from that state, they probably will use the same state tax laws that require residences of New Jersey that work in New York to pay the difference between the state taxes (1.98%) to New Jersey.

The way things are going it looks like that in the future many municipalities, states, and the Feds will raise taxes and something to seriously think about when opting for the annuity.

Reply #1

billionaire2bee — Sun, 17 Mar 2013 12:13:52 GMT

Hmmm that's a good question...mainly cause I was wondering the same LOL....I love to be your guinea pig and give it a try...

Choosing the Annuity Payments and State Taxes.

whiteballz — Sun, 17 Mar 2013 07:55:48 GMT

If someone won a MM or PB jackpot and they lived in a state like New Jersey that taxed lottery winnings 10.8%, what would happen if the winner choose the annuity payments and then moved to another state that doesn't have income tax, a state like Nevada?

I'm guessing New Jersey would want to tax the first annuity payment for 2013 but what about the other annuity payments in 2014, 2015, 2016 and so on? Can the state you resided in when you won the jackpot continue to tax you after you left the... [ More ]