Tax Implications Of America's Got Talent's $1 Million Prize Winner!

[@laurie6332]

Thank you. While watching his win I had conversation with someone about how much he would really get after taxes. For him it works out ok because he is older and probably doesn’t have a lot of working years ahead of him so it will help for his retirement. Kind of deceiving AGT keeps announcing “win a million dollars” but I don’t think many people know it is in an annuity.

[@EvanCarmichael]

It's interesting to see how taxes affect Richard's winnings! The prize's structure as an annuity over 40 years is also a smart move, allowing him to manage taxes better and receive a steady income. This really highlights the importance of understanding tax implications when it comes to big winnings! Thanks for sharing - Lipika - Team Evan Carmichael

[@kerrybyers257]

Great as an annuity IF it can be inherited by his heirs.

[@ritalebron3989]

Lumo sum verses monthly, take the lump sum. More purchase power to buy a home verses yearly rent increase. Home build equity, homes will not lose value.

[@davidjsouth231]

Any winnings, awards, etc are always categorized at at least 30%. Every time I get a monetary award whether large or small I get taxes 30%. I don’t play powerball or mega millions but if I ever won I’d go with annuities. Have you made a video of any sort as it relates to settlement or money gained through lawsuits. I told my wife that if anything ever happens to her at school we’re going straight to a lawyer and suing her school district and hopefully winning and riding off into the sunset

[@BrittMFH]

Interesting!

[@cooltkll]

would u take the 1m over 40yrs or the 350k

[@FinancialFastLane]

@@cooltkll For some people I think the annuity would be the best but for me personally I would take the lump sum.