A LOTTERY player was very lucky to win a huge $1 million prize in a new scratch card game.
Despite his good luck, the lottery player lost more than half of his win after a decision.
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Justin Steen won with a $10 ticket purchased in North Carolina.
Steen, from Cassatt, South Carolina, bought an Ultimate Dash ticket at a gas station.
The receipt was purchased at the Graham Mart on South Main Street in Graham, about 20 miles east of Greensboro.
Steen’s big loss occurred on Wednesday, May 22, when he went to pick up his prize at the state lottery headquarters, according to the North Carolina Education Lottery.
Winners of these big lottery prizes have the option of a one-time payment or an annual payment.
Steen’s annuity payments would be an annual deposit of $50,000 for 20 years.
The player’s other option was to receive a fixed amount of US$600,000.
Steen chose the flat rate, but his profit dropped sharply to $429,003 after state and federal taxes were applied.
The Ultimate Dash scratch-off game is a new game from the North Carolina Education Lottery.
This card was released in April with six $1 million wins up for grabs.
There are now four main prizes that still need to be won.
The lottery commission also announced that players in this game can also enter their tickets in a second chance draw.
Winners of this sweepstakes will have the opportunity to compete in a race at Charlotte Motor Speedway.
They would be tasked with collecting goods and could also have a chance to win a huge prize of $2 million.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets typically have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to create the financial infrastructure necessary to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have differing opinions on the possibility of take the fixed amount or take the annual fee.
MONEY DILEMMA
Steen wasn’t the only person to win big in another new lottery game, the US Sun previously reported.
Mark Douglas of High Point, North Carolina, about 15 miles southwest of Greensboro, won a whopping $100,000.
Douglas had played the new Instant Millions scratch-off game.
He bought the $20 slip at a Quick Mart store on West Main Street in Jamestown.
Douglas also lost much of his victory due to state and federal taxes and went home with $71,506.
This story originally appeared on The-sun.com read the full story
