i.e. NO annuities or present value of that $1 million, the winner receives the $1 million immediately (whether tax is deducted or not)
2006-09-04 13:32:56 · 4 answers · asked by meco031719 3 in Games & Recreation ➔ Other - Games & Recreation
lotto..
2006-09-04 13:35:24 · answer #1 · answered by pitbullcopper2004 5 · 0⤊ 0⤋
Any annuitized lottery that reaches a value equal to or greater than the number of years times in the annuity times $1M, would have an immediate pre-tax payout of at least $1M. Some of them even offer a "lump-sum" option which immediately pays an amount equal to about one-half of the annuitized amount.
Otherwise, most individual $1M+ grand prizes are found in major poker tournaments these days - discounting the years of preparation, training, and qualifying it takes to enter most professional competitions.
2006-09-04 13:53:13 · answer #2 · answered by W 2 · 0⤊ 0⤋
Lotteries and Who wants to be a Millionaire
2006-09-04 13:35:28 · answer #3 · answered by Bill 6 · 0⤊ 0⤋
same what they said up there^^^^^^
2006-09-04 13:38:56 · answer #4 · answered by classy chic 3 · 0⤊ 0⤋