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re: Powerball-cash vs annuity
Posted on 1/13/16 at 8:14 pm to southernelite
Posted on 1/13/16 at 8:14 pm to southernelite
You can't move it offshore
Posted on 1/13/16 at 8:39 pm to TigerFanDan
This got me thinking, although given the probability, it's probably a waste.
Anyways, just moved from Tennessee, where there are no state and local income taxes, back to Ohio, where there are state and local income taxes. At the top bracket, that would be over 7% for an extra 65+ million in taxes.
Now if I won and moved back to Nashville or Knoxville, would I be able to able to avoid that 7% tax on the annuity in subsequent years?
If that is possible, by my non-accountant analysis (although I assumed equal payments for simplicity), that would be upwards of 350-400 million MORE paid out, post-taxes, compared to the lump sum. It seems that would be another variable to consider.
Anyways, just moved from Tennessee, where there are no state and local income taxes, back to Ohio, where there are state and local income taxes. At the top bracket, that would be over 7% for an extra 65+ million in taxes.
Now if I won and moved back to Nashville or Knoxville, would I be able to able to avoid that 7% tax on the annuity in subsequent years?
If that is possible, by my non-accountant analysis (although I assumed equal payments for simplicity), that would be upwards of 350-400 million MORE paid out, post-taxes, compared to the lump sum. It seems that would be another variable to consider.
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