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Mega Millions Payout Calculator Omni Mega Millions drawings are every Tuesday and Friday at 11 p.m. ET. Tickets are sold in 45 states, plus the District of Columbia and the U.S. Virgin Islands.
A financial planner who specializes in lottery winnings, a tax attorney or a certified public accountant can help you make the best choice between lump sum and annuity. They can calculate the tax ...
How to Protect Your Lottery Payout. Whether you choose the lump sum or annuity option for your lottery winnings, the first recommendation is to assemble an advisory team.
Come tax time, some states will also take a piece of your lottery winnings. How large a piece depends on where you live. The Big Apple takes the biggest bite, at up to 13%.
While the largest lottery prizes in the early history of U.S. state lotteries were "annuity-only," these lotteries gradually introduced a "cash option" for these games. All prizes listed below are reported as the pre-withholdings amount, as this is taxable income the player must report on their returns to be subject to taxation.
Tax laws are already convoluted enough, but adding large sums of money, particularly from lottery winnings, just muddles the equation further. And you don't need the IRS breathing down your neck.
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