BewareTheHumanRace (contrachamp) wrote in thequestionclub,
BewareTheHumanRace
contrachamp
thequestionclub

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taxes and the lottery

I got into an argument at work about winning whether one should go for the lump sum or the 20-year annual installments if you won a lottery prize worth like $60 million or whatever that recent Mega Millions thing was.

I said I'd got with the installments, since the lump some is less money total. They said the lump sum would be more because you'd be paying more taxes with the annual payouts. That doesn't make any sense to me. Can anyone explain it?
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