With lottery prizes, the full amount is usually only available as annuity payments over 20-30 years. If you pick a lump sum, it’s typically only 40% of the full amount.
This winner chose the lump sum payment, so his lottery prize was about $600,000,000.
No, the top tax rate is 37%.
With lottery prizes, the full amount is usually only available as annuity payments over 20-30 years. If you pick a lump sum, it’s typically only 40% of the full amount.
This winner chose the lump sum payment, so his lottery prize was about $600,000,000.