Americans had always been hooked with mega jackpots which may serve as their one-way ticket on become the next millionaire. But, which willing payment would the Texas Lottery Winner benefit thevmost? Read more to find out.
Are You The Next Texas Lottery Winner? Find Out How You Can Take Home Cash After Taxes!
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Are You The Next Texas Lottery Winner?
In a recent report from the Sun, a lucky Texas Lottery Winner had won $17 million. The winning ticket was bought at a 7-Eleven in Dallas and matched all six numbers. After the lottery was conducted on August 16, the McKinney winner didn’t come forward until September 7.
But instead of receiving the whole $17 million prize, they will only receive $9,784,117 before taxes. They did so because they selected the cash option when they purchased the ticket. Most lottery winners have a choice between receiving the whole reward as annuity payments over time, or accepting a lower sum as a single cash payout.
Taxes will also be due on the remaining $9,784,177.
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Texas Lottery Winner: Cash Or Annuitized Payment?
Taxes will also be due on the remaining $9,784,177.
The question on which mode of payment to choose will actually depend on the winner. If they plan on investing the lump-sum, it may be worth more in the future. However, chances are the winner may spend the money and lost all winnings fast.
According to Annuity expert, people who win the lottery must pay taxes. As a result, annuities are a popular option for people who prefer to receive payments gradually rather than all at once. It is crucial to realize that both the annuity’s expenses and investment returns will increase with time.
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