Lottery Lump Sum vs Annuity: Which Payout Option?

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The winner would have decided whether to collect the prize through an annuity or as a one-time lump-sum cash value payment of over $350 million

Taking the lump sum will also mean you will be in the highest band of tax income As of 2020, you'll likely owe the IRS at least 37% in taxes  You'll fall into the highest tax bracket in the year you win if you take the jackpot in a lump sum For 2023 and 2024, this means you'll likely

google mass lottery This is because of a mandatory federal tax, which would withhold 24% of the amount plus any additional taxes based on their income If the This detailed booklet explains just about everything you need to know now that you've won a large sum of money less than the announced jackpot That's