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If he takes annual payments, he'll get somewhere around $440K per year after federal tax.
If he takes the lump sum, he get somewhere around $7.3 Million after federal tax.
Now here's the part that really sucks for him ... Idaho is among the few lottery states that also taxes lottery winnings at the state level to the tune of 8%!
So the above stated amounts are reduced a bit more ... annual further reduced to around $400K and lump sum further reduced to around $6.7 Million.
Despite the big tax bite ... bigger than many folks may realize ... he's still getting a lot of money ... hopefully he has better luck with his money than Jack Whittaker had.
Ron
Ron
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Domagon - Website Management and Domain Name Sales
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