Tallying Up the Taxes on Lottery Winnings - TurboTax

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On the other hand, the annuity option entails a lottery winner receiving a series of payments over a predetermined period of time Usually,

The IRS taxes lottery prizes differently depending on how the winner chooses to get paid You have two choices: lump sum payout or annual POWERBALL JACKPOT PRIZES: Players have 60 days from the date a winning ticket is validated and claimed to choose the cash or annuity option Federal (24

mvsd-524 Kentuckians who win big have two options for claiming their prize: take a lump sum or receive annual payments Harville said most winners in Most lottery winners have several months to claim their prizes You might consider waiting for two reasons: to take time to reflect, and to avoid a media frenzy