Do you need to pay tax on lottery winnings?

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Do you take the lump sum or the annuity paid out over time? How much will you give to charity, friends and family? First things first, according

HOW DO YOU WANT YOUR MONEY? · 50% CASH OPTION: ONE LUMP SUM PAYMENT · YEARLY OPTION: 25 ANNUAL PAYMENTS All must pay lottery reward if you are unable to pay the required sum The only exception to taxation on game show winnings is that you do

totte-086 If the winner wants the annuity, the cash in the prize pool is invested to fund the annuity payments The winner gets the cash plus the interest earned When The breakdown of each $1 Lottery ticket is: Prizes Expense - 51%; Contracted Services - 10%; Retailer Commissions - 5%; AdvertisingMarketing Expense