Tallying Up the Taxes on Lottery Winnings - TurboTax

Tallying Up the Taxes on Lottery Winnings - TurboTax annuity for lottery winners With the annuity payments, the winner would see roughly $23 million annually after deducting federal taxes Depending on their state laws, they annuity lottery A lottery annuity prize is just like any other asset You can pass any remaining annuity payments on to your heirs or to anyone else The

annuity lottery Why? Lottery wins are subject to income tax in the year you receive the money If you take the lump sum option, the entire $10 million is

annuity vs lump sum lottery The gulf between the cash and annuity options has become larger because inflation has prompted a rise in interest rates, which in turn results Rather than receiving the full jackpot immediately, winners are given the choice to receive their winnings in a structured manner over a set