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buyout money


zaz

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hi just wondered two questions 1 if you took a buyout how long before you got your money 2 if you claim married and 99 whats is your take of 100000 thanks for the info

It doesn't matter what you claim they take the same tax out at least the fed does you get about 63,000 give or take. It takes about a week or two although I've heard it's been taking a little longer lately.

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It doesn't matter what you claim they take the same tax out at least the fed does you get about 63,000 give or take. It takes about a week or two although I've heard it's been taking a little longer lately.

i talked to a guy and his wife was a cpa and she had him do married 99 on his w4 and they took very little fed tax he said you will just have to pay at the end of the year she said that taking 30 plus was to much and that they should only pay around 15 or so

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It took two weeks to get the buyout check.

 

I personally claimed married 99. The federal government did not take any income tax (they still took social security and medicare)

 

My buyout check was $89,000+. I will owe the government money at the end of the year, but it will be FAR less then $25,000 that they would have taken from my check. I have until Jan 15 to make that estimated tax payment WITHOUT penalty.

 

Anymore questions....

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It took two weeks to get the buyout check.

 

I personally claimed married 99. The federal government did not take any income tax (they still took social security and medicare)

 

My buyout check was $89,000+. I will owe the government money at the end of the year, but it will be FAR less then $25,000 that they would have taken from my check. I have until Jan 15 to make that estimated tax payment WITHOUT penalty.

 

Anymore questions.... thank you very much what state are you in and what plant did you work at

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Wouldn't you have just received a large tax refund, instead of messing around with the married 99 thing?

 

Yes, but the government doesn't pay interest on my refund. This way, for at least six months my money is working for ME not the government, it's a net gain for ME.

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Wouldn't you have just received a large tax refund, instead of messing around with the married 99 thing?

 

If you are good with your finances, messing around with the 99 isn't a bad ideal. If you are a spender than you might not want to take

a chance on it. I have three friends that did a married 99 and two of them are very good with their money, they made money by using

the extra cash received from the buyout. I told one of my friends not to do it because he is bad with money. He is crying right now because most of it is spent. If you try it just be careful! it's not for everyone.

Edited by FANTASTICFORD
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I was told that the buyout checks are taxed at the same rate as bonus checks (42%) regardless of what you set your deduction at!

Thats what I was told as well and some folks at ohap tried to change their deduction and they still took the same taxes out.Seems like different states different rules. :shades:

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I took the buyout in 2006. My wife and I both claims single and 0 so that we get refunds at tax time. The $100,000.00 cash buyout ended up being roughly $64,000.00 after taxes. Approximately $25,000.00 ws federal and the rest was state, etc. At the end of the year my wife and I had paid in over $43,000.00 to the feds. We were in SEVERE SHOCK when our refund was less than $4,000.00. BE CAREFUL!!!!!! Not sure if they messed up our taxes but just wanted to post so you would know.

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No, by taking a lump sum payment in that amount in addition to normal income, more than likely you pushed yourself into a higher tax bracket, thus screwing yourselves. These people claiming 99 dependants will have a rude awakening coming at tax time.

Yes they are in for a rude awakening, talk to a tax preparer before claiming 99. When you are claiming to receive a lot more money back from your buyout, having many deductions helps a great deal. Owning realestate property, donating to charitable organization, 401k including IRA etc is just a few to mention that will help you at tax time. A lot of people will be making a hugh mistake if they do not research or do their homework first on this type of tax claim. If you are not educated about this type claim or how it will effect you and your family at tax time, don't claim 99 dependants.

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I took the buyout in 2006. My wife and I both claims single and 0 so that we get refunds at tax time. The $100,000.00 cash buyout ended up being roughly $64,000.00 after taxes. Approximately $25,000.00 ws federal and the rest was state, etc. At the end of the year my wife and I had paid in over $43,000.00 to the feds. We were in SEVERE SHOCK when our refund was less than $4,000.00. BE CAREFUL!!!!!! Not sure if they messed up our taxes but just wanted to post so you would know.

I took the buyout in june 2006 didn't work the rest of that year claimed married and 1 dependent think my gross for the year was around 120,000 got back 11,000 at tax time.

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