A LUCKY lottery player from Massachusetts won the top prize of $2 million on a $10 scratch-off ticket.
However, the lottery winner didn’t get to keep all the money.
The Massachusetts winner purchased his lottery ticket in Marlborough — about 30 miles west of Boston — at Monti’s Mini Mart.
The player won in the $2,000,000 50X Cashword game released on June 27 last year.
The crossword-style scratch-off is $10 a ticket.
Because the prize value was over $103,000, the winner was required to claim their money at the Massachusetts Lottery headquarters in Dorchester.
They claimed the prize on May 9, but were unable to keep the $2 million.
For prizes over $5,000, 24% is withheld for federal taxes and 5% for state taxes.
In this case, the winner lost $480,000 in federal taxes and $100,000 in state taxes.
EARN SECRETS
If you hope to win the lottery, consulting a previous winner can be helpful.
Richard Lustig of Orlando, Florida has won seven times, totaling $1,047,060 in prize money.
Lustig stated that luck has nothing to do with winning, but rather strategy – and he relies on some tips.
The repeat winner suggested that players prepare to play consistently by remaining realistic about how much they are willing to spend, for The Jerusalem Post.
The secret is to avoid overspending and, at the same time, increase your chances of winning by playing more games.
If you’re on a budget, Lustig suggests starting a lottery club and buying tickets from friends.
When it comes to the numbers you choose, the seven-time winner finds that random numbers are your best bet.
“When selecting lottery numbers, avoid following conventional patterns,” says the website.
“For example, if the lottery involves five winning numbers up to 55, try a total sum between 104 and 176.
“Interestingly, 70 percent of lottery jackpots fall into this numerical sweet spot.”
Additionally, you may want to rethink the games you play.
Lottery Prizes: Lump Sum vs Annual Fee
Lottery winners have to decide whether they want to win a big prize as a lump sum or as annuity payments.
What is a lump sum?
- Lottery winners can accept a one-time cash payment.
- Although a winner would lose a portion of their payout in taxes, they would likely lose more over time with annual payments.
What are annual payments?
- Installments are paid as one immediate payment followed by a series of payments every year.
- This guarantees an inflow of money for years or even decades, but some winners worry that tax rates could increase over time.
Although the big Powerball and Mega Millions jackpot prizes are attractive, these games are very popular and have low chances of winning.
Players are more likely to win a prize by focusing on less popular state games.
In related news, the lottery is warning people to check their numbers as two $50,000 Powerball tickets purchased at Wawa are about to expire.
Furthermore, a lottery winner wins a $4 million prize with a $10 ticket – but instantly loses a third of the money.
This story originally appeared on The-sun.com read the full story
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