If you won the lottery?

Question

and i'm talking about 20 million dollars and they give you a choice to choose the payment if you would like a lump sum or annual what is the difference? Explain i know doesn't annual mean yearly?

Answer 1

Take the lump sum if you were to win that way you pay all your taxes at once not yearly.

Answer 2

annuity payment -  specific percentage per million for 26 years ; depending on state

lump sum - you will receive one payment after federal and state taxes are calculated; amount depends on state where u reside.  in maryland take home on a lump sum is 59.75%; so if you won 20 million, you would actually take home 11,950,000.00 on the lump sum calculator.

Answer 3

Yes, annual means yearly.

Answer 4

UHHHH......... DUNNO

Answer 5

Yearly...yes.  Take the lump sum of $20 million...you'd have approx 10-13 left after taxes are removed to do with what you will.  If you take the annual allowance they'll take the taxes every year and they'll add up to even more than just giving them roughly 1/2 the $$$ you won.  PEACE & GOOD luck with your $20 million...

Answer 6

lump sum.....