If You Won The Powerball Jackpot Would You Take The Lump Sum Or The Annuity? [POLL]
With no winners from last night's Powerball drawing, the jackpot is estimated to reach a record breaking $675 million. The question is, would you take a lump sum or would you take the annuity payout?
Each state has a slightly different tax code for Lottery winnings, and Michigan is no exception.
Based on the probable jackpot of $675 million, you would receive an average payment of $15,918,750 a year for 30 years ($477,562,500 total), or you can get the lump sum of $292,268,250. So what would you do?