How Much Do Lottery Winners Pay in Taxes? $669.8M Jackpot!

Someone just won the Powerball Jackpot Ticket worth $699.8 million dollars!! And it’s the 7th largest jackpot-winning n US history. And it got me thinking... How much do lottery winners pay in taxes?
& What would you do if you won the lottery?

How I Became a Millionaire: https://www.youtube.com/watch?v=JQO3C3F-XX0
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Tax Planning & Tax Preparation Services: https://bit.ly/3iC6FCI

So in this brief video, what I want to do is break down how much taxes the recent $699.8M Powerball Jackpot winner could pay.

Timestamps:
How much do lottery winners pay in taxes? (0:00)
Lump-Sum vs Annuity Payment (1:54)
Taxes on the Lump Sum Payment (2:48)
Taxes on the Annuity Payment (4:06)
What I would do (5:06)

Which one would you take? $496 million dollar lump-sum…. OR $23.3M per year? I’m super curious, tell us in the comment section below!

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Видео How Much Do Lottery Winners Pay in Taxes? $669.8M Jackpot! канала LYFE Accounting