Powerball jackpot hits close to $800 million

[Rsurfer]

Glad it's over!

How many winners?

 

[House of Wax]

3 last I heard

 

[jerry r]

how dose that get paid out,i heard that you cant just walk in and collect a cheque for the whole amount without paying tax on it but if you take the instalment plan you don't pay tax,so if for example you win 400 million and go the instalment route how much do you get per year.

 

[RaysWay]

how dose that get paid out,i heard that you cant just walk in and collect a cheque for the whole amount without paying tax on it but if you take the instalment plan you don't pay tax,so if for example you win 400 million and go the instalment route how much do you get per year.

I believe it's over 30 years.

 

[edb]

No opera? Shame...

 

[jerry r]

I believe it's over 30 years.

what happens if your 70 or 80 years old,do your family get the rest or can you leave it in your will

 

[edb]

You take the lump.

 

[jerry r]

You take the lump.

whats the tax on that then.

 

[edb]

Lottery Annuity vs. Lump Sum | Finance - ZacksLottery Annuity vs. Lump Sum | Finance - ZacksTax wise you could possibly be better or worse off. Depends on taxes in you area and what the taxes may do in the future. Payments can help control your spending so you dont end up broke 3 years after winning. According to this article the annuties can be passed to heirs.