Can you win the lottery in another state,training life coach,the secret online pdf free,law of attraction abraham hicks relationships - Good Point

21.09.2015, admin  
Category: Financial Management Online Course

We've taken a look into the point at which you should actually care about the Powerball lottery, factoring in the relationship between participation and jackpot size.
The key question we wanted to know is whether a winner should take the all the cash up front or whether one should take the annuity, which consists of more money spaced out over several years. But first, before we answer that we need to acknowledge the elephant in the room, which is the impact of taxes. So the multimillion-dollar question is what that top tax bracket will do over the next couple of years. So the first $400,000 annually is covered under the various steps of our progressive tax curve up to the top rate. Whether you should take the annuity or the lump sum depends entirely on what kind of return you can realistically achieve.
If you’re lucky enough to win the upcoming $600 million Powerball, you’ll also be putting a big smile on Uncle Sam’s face. And when it comes time to give the tax man his share, your total bill will have a lot to do with which state you live in. For example, if you buy a ticket and live in Florida, you'll pay less than if you live in New York; Florida does not collect state tax on lottery winnings. For smaller pots, you might be able to reduce your tax burden by opting to take your winnings in smaller annual installments to fly below the top state and federal tax brackets.

A Powerball spokesman said most winners take the lump sum these days because the annual payments are based on very low interest rates. If you live in one of ten states that don't tax lottery winnings, you’re probably off the hook for state income taxes.
You’ll pay more than $33 million if you live in one of the other high-tax states like Iowa, Vermont, New Jersey and New York.
And if you live in New York City, Mayor Michael Bloomberg will want a check for $14.6 million. Total lottery sales in the 2012 fiscal year came to $68.7 billion – up 9 percent from 2011, according to the North American Association of State and Provincial Lotteries.
As lotteries have raised more money over the years – both on the winnings of the lucky few and the ticket receipts from the vast majority of losers – the overall tax burden in some states has shifted heavily to those who can least afford it.
Ten states, for example, now raise more tax per capita from lotteries than from taxes on corporate income, including Rhode Island, West Virginia, South Dakota, Ohio, Texas, Georgia, Oregon, Washington, Delaware and South Carolina. Nobody is going to hide their winnings in a large cube of bills in a storage unit outside of Albuquerque, occasionally returning to spray for silverfish. As we figured out before the lottery, it really only makes sense to play provided that you take the annuity, according to the expected value.
The very day you cash in your winning ticket you'll be hit with a withholding that is deducted immediately from your payout.

They include: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. If you plan to share your winnings with your family, you’ll owe a 35 percent federal gift tax if you give more than $14,000 to any one individual in a year. As state and local taxes fell after the Great Recession hit in 2007, lotteries have become a booming source of revenues to make up the shortfall.
For the annuity (red lines), you invest the annual post-tax winnings once you receive them each year.
Then, next April, you’ll pay whatever additional tax you owe based on the bracket you’re in after you add up all your other earnings. If you choose to take the prize in 30 annual installments, it will add up to $20 million a year.

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