Lasser's Your Income Tax 2022: For Preparing Your 2021 Tax Return
Lasser's Your Income Tax 2022: For Preparing Your 2021 Tax Return
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You don't get the face value In the case of the Massachusetts lottery winner, she received a lump-sum check for $168 million instead of the entire $294 million
The IRS taxes lottery prizes differently depending on how the winner chooses to get paid You have two choices: lump sum payout or annual An annuity is paid out over several years whereas a lump-sum payout is a one-time payment When a jackpot is won, each lottery participating in that particular
lottery lotto numbers While the lump sum provides a full prize up front, the annuity offers one immediate payment, followed by 29 annual payouts that increase 5% each With a lump sum, the winner receives all the money at once, after taxes are withheld With the cash option in the Mega Millions jackpot, the
