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1 Gross Proceeds from Lottery This Quarter from Li  Form

1 Gross Proceeds from Lottery This Quarter from Li Form

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when did you win the lottery and how old were you I won in 1999 and I was 21 years old when I won I was 28 million now I'm curious 28 million dollars is that the total amount or is that the amount that he received after all the taxes because here's how it works okay let's just say you win 100 million dollars in the lottery well generally you're not going to get the entire thing instead you have the option to take an annuity with the payment is basically dispersed over 27 years and the 100 million is what you would get after those 27 years of payments or you take a lump sum right now which is typically about half of the overall value and then you'd also have to pay taxes on top of that well guess what if you live in a state with high income tax that could be as high as 37 to walk 50 so already right off the bat you go from 100 million dollars to 50 million dollars to about 25 million dollars

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