Modern Living: THOSE WINNING WOES

When benevolent Tycoon John Beresford Tipton passed out checks in the 1950s television series The Millionaire, the recipients wound up with a cool $1 million tax free. No such luck awaits the million-dollar winners of state lotteries. Though the lottery commissions hardly emphasize the fact, they arbitrarily dole out their millions in installments of $50,000 a year over 20 years, all of it taxable. A winner with no other earnings to boost his tax rate further will end up with, at best, about $30,000 a year. In short, what you see emblazoned on...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!