all pick 2, pick 3, pick 4, pick 5, and fantasy 5 winners receive their winnings as a one-time, lump-sum payment. any winnings of less than $600 may be redeemed at an authorized florida lottery retailer; higher winnings must be redeemed at a lottery district office or at lottery headquarters in tallahassee. all non-powerball prizes greater than $250,000, or powerball prizes more than $1 million, must be redeemed at florida lottery headquarters. lucky money jackpot winners may choose between an annuity of 20 payments that equals the advertised jackpot, or a lump-sum payment, which is about 2/3 of the advertised jackpot, less federal income tax withholding. florida lotto jackpot winners may choose between an annuity of 30 payments, or a lump-sum payment, which is about 1/2 of the advertised jackpot less federal income taxes. for both lucky money and florida lotto, the cash option, if desired, must be exercised within 60 days of the applicable drawing. florida does not collect income tax; however, like all u.s. lottery prizes, they are taxable by the federal government.