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Lottery Winnings
Lottery winnings are payments - usually annual – paid by state lottery commissions to lottery winners.
Large lottery winnings typically are not paid out in one lump sum, but in annual installments over 10 to 26 years. Even though the dollar amount awarded in a lottery may be high, when winnings are “rationed” out over time, the installment payments may be relatively small. For example, a $1 million lottery prize paid out over 26 years works out to only $38,461 a year – before taxes.
Selling future lottery Payment for cash may benefit winners who need an immediate lump sum paymeny rather than a serries of payment overtime!!!!!!!
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