Lottery Payout Options — Annuity or Lump Sum?

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If a lottery winner chooses to collect their winnings in a lump sum, it gives them the opportunity to invest in high-yield financial options,

The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note Lump sum payout is calculated by the Lottery and will always be smaller than the total of the annuity payments This is due to numerous reasons, for example,

poker folding table If you receive your lottery winnings as a single lump sum, you could be subject to the highest tax bracket for the current year Your $ winnings are over Lotteries are Lump - Sum Payouts and Winnings are Tax