Top Lottery Systems Revealed and Reviewed
Just wondering, how the state lottery to pay people to win the jackpot? Not give them the controls after winning the flag?
The first answer is correct. The state taxes do suck…especially if you are living in California…then they take almost half!
It also depends on how you would like the lotto to pay-out. Meaning, you can have the state pay you a certain amount a month (you would end up with more earnings this way) or have them pay in a lump sum and receive all your earning at one time (this option gets you taxed up the ying yang).
Hope this helps.
The Federal Deduction when I had a very significant win was 27% of the total winnings.
The state (Illinois) took another 3% of the total.
My check was the remaining 70%. I had no options in this if I took a lump sum.
Yes, they give you a check after they take one-third out for taxes. If you win a million you only get about 600-700 thousand back. Doesn’t that suck!!
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