https://www.lotterypost.com/thread/65338 Lottery Post Forum Topic: Question for Annuity en-us Lottery Post RSS Generator https://www.lotterypost.com/thread/65338/90553 https://www.lotterypost.com/thread/65338/90553 Sun, 19 Jan 2003 07:14:41 GMT CASH Only Tom: If you took the LUMP SUM, and then bought an annuity, you would pay tax ONLY on the interest.

]]> CASH Only https://www.lotterypost.com/thread/65338 https://www.lotterypost.com/thread/65338 Sun, 19 Jan 2003 03:41:36 GMT Thomas Covenant Lets say I won the Megamillion lottery this week and I took the cash option of 29 million. After withholding taxes I take home $21,170,000. I then spend all of it on an annuity. this annuity gives me $1,460,736 a year for 25 years. How is this taxed? I have already paid taxes on the original lottery winnings.Or I could just take the annuity offered by lottery commission. How is this taxed? I haven't paid any taxes on the money yet. I am trying to put some actual numbers to a comparision. Your in... [ More ]

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