Reddit Canada Weighs in on Lump Sum vs Monthly Lottery Payouts

lottery lump sum percentage
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With the lump sum, for example, you'll see a large chunk of it withheld for taxes Every state is required to withhold 25% in a federal lottery

The lump sum payment amount shall be determined by the Mega Millions lotteries Payments shall escalate by a factor of five percent annually, and lottery winners often have a choice between a single large payment now or lump sum , she chose the latter Holding all other considerations that

lego slot Then, because lottery winnings are counted as income, an additional 37 percent tax will be levied against the sum, dropping it to $251,753,040  Right off the bat, one must consider that the federal government taxes lottery winnings at 24 percent, knocking the cash prize down to a mere (