If you wuin the lotto in America can you only get it in instalments or can you get 1 big payout?

Question

and if you get it in installments do you also get the intrest it generated in lotto HQ's bank account?

Answer 1

If you win a big ammount where you are going to get a 20 year payment you can usually go to a 3rd party like JG Wentworth and get a lump sum or in the case of the Powerball get it all at once which for some reason is almost always half before taxes and then pay taxes on that ammount. For example. I win 310 million, I take the lump sum, 186 million, then they tax me 33% and I get the rest. You will never get anything that the lottery makes $$$ off in there own accounts. This is another way for them to rob people and would never do this.

Answer 2

It depends on the state but most give the option of one lump sum or annual payments! Either way you have to pay taxes. The amount of money you get with a  lump sum is usually a lot less then you receive if you take the annual payments though.

Answer 3

Yes you can have it as a lump sum, but if you do, then you have to pay a much higher level of tax, than if you have it in instalments, because they tax lotto winners in the US. if you are young and healthy have the instalments, because you need to learn, to live with this kind of money, not as some do, just go mad over it, and no, you do not get the interest, this is why the sign in Las Vegas says, as you leave the city limits,      "NEXT TIME,TRY ENGLAND, THE ODDS ARE BETTER" This sign is sponsored by the British Casino Association, but it also applies to the lottery, America does not have the same moral imperative that the law works under in Britain, that the customer must be prevented from making bets that are clearly against their own  interests, hence certain types of bets are prevented by law, in America the situation is much harder nosed,  and they believe a customer, has to make their own judgements, even to the extent that they do not even offer information about a bets "edge", as Britain requires operators to do. to the detriment of their interests, that's why Vegas is built with Casino's costing as much as a billion dollars, because the law makes it easy to remove the money from customers pockets.

Answer 4

You can only receive it in installments and it is taxed.

Answer 5

You can get a big payout, you don't get as much as the installments but with free money, who really cares right?

So yes you can choose!

Answer 6

You can get it either way.  You can get it in installments or you can get it 1 big payout.  BUT.....the tricky thing is that if you take 1 big payout they take out taxes and this fee and that fee and you never come up with the amount you think you are going to get.  If you choose installments you do NOT get interest!!!!  BUT....you actually do end up with more money if you choose installments.

Answer 7

Hello,

If you win you get your payment by check or instant sending to your bank account......that's all!

Take care where you play...and never send money if you get an email announcing you'r the winner..1Million...and you never played...!!! NEVER SEND MONEY TO CLAIM A PRIZE FOR A LOTTERY YOU HAVE NOT ENTERED.

Regards,

ChrisA.

webmaster at www.hotwinings.com

P.S.

For Legal  International Lotto see my link source:

Answer 8

You can get one big payout or in payments. Alot of people take the payout, pay the taxes on it, and go on their way. Some others choose to take the installments and pay yearly taxes. I'm not sure about the intrest.