Reply to "MLB Draft - Signing Bonus"

Trust In Him5,000+ posts

keewart posted:
bacdorslider posted:
4T2 posted:
I would love to have to worry about how it gets taxed...
-42
I used to think the same thing... but when it happens it's no fun
...or when it is not taxed: no fun.
Son certainly didn't get a multi-million bonus, but what he did get was not taxed at the state level. I did a quick calculation, printed off a state tax payment coupon, and had to ask son for a HUGE check to cover state taxes. He was not please. Oh, to be thrown in to adulthood!

If your son gets in this position deciding where they want to live and become a resident of that state is very important. Can potentially save tens to hundred of thousands $ in state taxes.

12/2/1712:50 PM

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