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GWYNANNE1's Photo GWYNANNE1 Posts: 3,379
6/15/19 6:46 A

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If you take that money, pay the federal and state taxes immediately and then take the remainder and invest it wisely, you should be able to retire very comfortably. Not sure how old James is, but even if he is "older" and by that I mean age 40 or over 40, he still should be able to retire comfortably. and even if he spends some that money on "fun" things, retirement should still be comfortable

ECOAGE's Photo ECOAGE Posts: 12,523
6/14/19 12:37 P

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Do not worry about James. My crystal ball shows new career opportunities. The haze is clearing and I feel the presence of exciting career choices. Other bright spots shine the light on his happy future. Is that James in the bright spotlight of a big stage, but wait, he is not at a blinking podium ... is he addressing the audience ... is he the game show host? Perhaps he will find true happiness with his beloved baseball? The necktied group gathered at the edge of the green field is applauding him! And now I see a golden sky and three white horses galloping along a city street. Multiple endorsements are coming his way. The haze is returning, that's all for now.

I do what HR tells me to do. My out-of-state classrooms are located in cyberspace. I am on campus for events like orientation.

It takes a long time to grow young. - P. Picasso

Gail
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NUMD97's Photo NUMD97 Posts: 9,995
6/14/19 3:26 A

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The problem James is concerned about is the exposure on Jeopardy might damage his ability to practice his profession in Vegas. He has said this a number of times.

I am amazed that you don't have to pay taxes in any of the states where you work, unless the teaching is done on the net. Any time I work in Jersey, I have to pay taxes there, where I physically work, as well as NYS taxes.

Maybe I should consult with your accountant. emoticon

Knowing is not enough. We must apply. Willing is not enough. We must do.
~ Goethe

Dare to dream.
~ Me


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ECOAGE's Photo ECOAGE Posts: 12,523
6/14/19 2:51 A

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Worth it. He is walking away with more than he dreamed he'd get when he first learned he'd be on the show. Money: anyone betting for a career knows about losing lots of cash; and how much does he earn (and lose) in Vegas? And in addition to the $$$, he's got fame, respect, and admiration for his skills. His face and name are widely recognized ... how much is that worth to him? Let's see what he does next, and the offers he gets to refuse!

Answering based on my situation (I'm not a game show winner! but I teach for universities in several states). I declare my residency at the start of employment so I pay state income tax to the Commonwealth of Massachusetts and not the states where the universities are located. Additionally, federal income tax goes to the IRS.

It takes a long time to grow young. - P. Picasso

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PHEBESS's Photo PHEBESS Posts: 44,331
6/13/19 6:50 P

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I'd say worth it.

But somehow, it seems totally illegal for one state to charge income tax on money "earned" in that state when the person earning the money lives in another state. You'd think Nevada would sue for a share of that. (And then he'll have to turn around and pay federal income tax on it as well??? Or does California take out the withholding for federal income tax as well as state income tax?)

"Dance as if no one is watching."


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SPORTSPHOTOG's Photo SPORTSPHOTOG SparkPoints: (69,182)
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6/13/19 3:33 P

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At this stage of my life, absolutely. I wouldn't be able to be too extravagant, but I could live comfortably. I might work part time to keep myself busy, but I wouldn't have to commute 5 days a week, that's for sure.

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NUMD97's Photo NUMD97 Posts: 9,995
6/13/19 2:40 P

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And lifestyle of the rich and famous.

Knowing is not enough. We must apply. Willing is not enough. We must do.
~ Goethe

Dare to dream.
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BOSS61's Photo BOSS61 Posts: 6,607
6/13/19 2:17 P

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Depends on your age how $1M works.

"Some day we will look back on this, and it will all seem funny" - Bruce Springsteen (The real BOSS, as opposed to me.)





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NUMD97's Photo NUMD97 Posts: 9,995
6/13/19 1:55 P

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Yeah, but can you retire on one million dollars?

Knowing is not enough. We must apply. Willing is not enough. We must do.
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6/13/19 11:50 A

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lol $1 mill not what it used to be. that is true. many people will never see that adding up all their lives. but it was worth it!

BOSS61's Photo BOSS61 Posts: 6,607
6/13/19 8:18 A

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I have an out-of-state college tuitrion bill to pay. James' credit card number, please.

"Some day we will look back on this, and it will all seem funny" - Bruce Springsteen (The real BOSS, as opposed to me.)





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NUMD97's Photo NUMD97 Posts: 9,995
6/13/19 7:40 A

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I knew y'all would say that.

I really was hoping he would go all the way.

One million dollars is not what it used to be. emoticon

Knowing is not enough. We must apply. Willing is not enough. We must do.
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6/13/19 6:24 A

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I agree with Gwynne. He still is walking away with a million more than he had before he appeared on Jeopardy. Nothing to sneeze at.

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GWYNANNE1's Photo GWYNANNE1 Posts: 3,379
6/13/19 6:15 A

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not that I am an expert in taxes but I would say yes it was worth it. Just for the experience and the money

NUMD97's Photo NUMD97 Posts: 9,995
6/13/19 5:54 A

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James Holzauer to pay over $1MM in taxes on his Jeopardy winnings:

www.deseretnews.com/article/90007474
6/
jeopardy-james-holzhauer-taxes-winniR>ngs-california-rewards.html


Knowing is not enough. We must apply. Willing is not enough. We must do.
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Dare to dream.
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