Annuity or lump sum? Calculating how much a huge lottery win

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Winning the lottery can be a dream come true and a nightmare Understand the taxes and hidden costs when claiming your prize, and prepare ahead for possible While Power Play multiplies Powerball winnings at all prize levels except the jackpot, it does not apply to Double Play winnings Cash Option vs Annuity Option

omaha poker odds calculator How much do I pay in taxes if I win 1,000,000? If your gross prize for lump sum payout is $1,000,000, you need to pay $334,072 in total tax ($240,000 federal If the winner comes from a state without a lottery tax like Florida or Texas and chooses a lump sum, the federal government will take about $211