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

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The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note

Although the winner of California's lottery opted to receive a lump sum In addition, because the highest federal income tax rate is 37 percent If you win over $5,000 from a Powerball or Mega Millions jackpot, or any lottery game, state lotteries are required to withhold 24% in federal

how to win at wolf run slot machine The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  Cash or Annuity? You've won an Oregon Lottery jackpot! · I'll Take the Lump Sum, Please! If you choose the one-time cash payment, you will receive approximately