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Hello My Fellow Lotto PlayersReply
If this guy is a tax attorney, then the moon is made of green cheese. No tax attorney worth his salt would make a blanket statement to take an annuity over a cash payout without factoring in the persons age, health, and family obligations. Judging by his cavalier attitude about living life to the fullest tells me that I should not trust his judgement to advise me in how to manage my money. Just my opinion.pegleg
Jan 17, 2003, 7:22 pm - pegleg - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
Cash Boy,I assume that voting process is tailored after the show Survivor .As I recall, you vote off people who are a threat.... That's okay though.... I'm here to post my views so people may see that...ANNUITY IS GREAT!
Jan 17, 2003, 2:54 pm - AnnuityIsGreat - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
Thomas,Now, wer're factoring in death... Geez man, gotta live life to the fullest before you worry about things like that.Let me pose you a question, let's say you're annual income is $50K... and you receive another $300K from your annuity payments, factoring in $10K standard deduction and personal exemption for example, how much federal tax will you pay? (assuming you're filing single).Thomas, do you know what progressive tax rates are?That's exactly my point.
Jan 17, 2003, 2:46 pm - AnnuityIsGreat - Lottery Discussion Forum

Warning! Warning!! Warning!!Reply
Sandy,Can you give specifics where the govt have double or triple taxed us esp. when talking about lottery winnings?Annuity broker? Hmmm, NOT!Like I stated, I'm a tax attorney and a venture capitalist.BTW, where are the safe places you can put your cash away and not pay tax on it just out of curiosity. Are you talking under your mattress?
Jan 17, 2003, 2:39 pm - AnnuityIsGreat - Lottery Discussion Forum

Playing the Lottery can be Tax DeductibleReply
Lottery Analyst,As a CPA, yes you can deduct your losses against your winnings however .. let's be honest, say you win the huge jackpot of $50M, it's not worth it to maintain a log to save few measely dollars.However, if you're a frequent player of Pick 4 or 5, then it might be worthwile.Note: You do not have to report any winnings under $600. Note: Why choose lump sum and pay all taxes upfront when you can defer it over 26 - 30 years and pay lower taxes.....Think Annuity!
Jan 17, 2003, 11:17 am - AnnuityIsGreat - Lottery Discussion Forum

Warning! Warning!! Warning!!Reply
Overall, yes, you should choose Annuity except on few circumstances. The message is to the general public.Would you still choose Cash only if you know that the govt is lowering the tax rates over the next few years?
Jan 17, 2003, 10:08 am - AnnuityIsGreat - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
That's right Cash... the tax rates can drop significantly over the next 20 years. So therefore, if you take Annuity, you would be paying a whole less of taxes to the government than paying the mandatory high rate if you chose lump sum today.
Jan 17, 2003, 9:58 am - AnnuityIsGreat - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
Like I said before, you don't have to play the games Cash Boy. And if you don't have to take the annuity payments if you ever won the scratch off games. You can always set up a trust so that your annual payments can go to worthy charities instead.Personally, if I were you, I'd take the money to have my head examined.
Jan 17, 2003, 8:40 am - AnnuityIsGreat - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
The NY Lottery (currently) forces winners of over $500,000 on its scratch games to receive annuity payments. Winners of Massachusetts' 6/42 and 6/49 games CANNOT choose lump sum either.
Jan 17, 2003, 8:38 am - CASH Only - Lottery Discussion Forum

Hello My Fellow Lotto PlayersReply
I am a legal adult. If I were to win the lottery, I want to make the cash/annuity decision myself. I don't want the lottery to make the choice for me. Let me take the LUMP SUM; then I'll decide (with or without help) how to invest my winnings.
Jan 17, 2003, 8:33 am - CASH Only - Lottery Discussion Forum