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Is it better to get lottery winnings in a lump sum?

2 Answers

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Most lotteries allow the winner to take a lump sum or an annuity. The lump sum is a single cash transfer whereas the annuity is a series of annual payments. Most lottery winners, if given the choice, take the lump sum payment. Lottery wins are subject to income tax in the year you receive the money.
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Powerball Payout Options: Lump Sum vs Annual Payment



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