A LUCKY lottery player has won big after making a life-changing discovery in his pocket.
A computer programmer and lottery player from Prince George’s County, Maryland, recently won $100,000 with a scratch-off ticket he bought while pumping gas.
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The lucky winner, who remained anonymous, told state lottery officials that he bought the ticket at the Sandy Spring Exxon in Laurel – about 30 minutes south of Baltimore.
He explained that he normally stops at the gas station to fill up his vehicle and occasionally buys a scratch ticket every year.
However, on this day, he made a discovery that changed his life.
The lottery player found an extra $10 hidden in his pocket.
With the bonus money, he purchased a $10 Money Drop scratch-off ticket.
“I looked and saw purple on the Money Drop scratch cards, so I decided to buy one,” he told lottery officials.
Soon after, the computer programmer began scratching the ticket and quickly saw that he had matched one of the winning numbers – 18.
This winning number has been uploaded a maximum prize of US$100,000.
The winner told officials he couldn’t believe his eyes at first, checking the corresponding numbers a second time.
“At first I didn’t believe it. I took a photo to send to my friend,” he said.
The player was not the only winner of the grand prize.
Sandy Spring Exxon is also receiving a $1,000 bonus from lottery officials for selling the winning ticket.
The player told officials he plans to take the prize money and use it to pay bills and save money.
It was not immediately clear whether the winner decided to receive their winnings in a single lump sum payment or as an annuity.
However, lottery officials said the prize would “fall into his bank account” – implying he opted for the one-off payment.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets often 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 needed 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.
All lottery prizes in Maryland are subject to state and federal taxes – but how they are reported may vary depending on the amount, according to employees.
Specifically for prizes between $601 and $5,000, winners must report the prizes on their tax returns for taxes to be deducted.
Meanwhile, for wins of $5,001 or more, lottery officials automatically deduct 24% federal tax and 8.75% state tax for Maryland residents before winners can receive the money.
State tax is adjusted to 8% if winner is not a Maryland resident.
For scratch card games, the last date players have to claim their winnings depends on the type of game.
Most last claim dates can be found at the official Maryland Lottery website.
Ticket winnings from drawn games must be collected within 182 days of the drawing date.
In Maryland, winners can remain anonymous after winning the lottery.
If you or someone you know recently won a big prize in a lottery game, consider consulting a financial advisor before receiving your winnings.
This story originally appeared on The-sun.com read the full story
