In a stroke of luck, a lottery player became a millionaire after buying a Mega Millions ticket at a 7-Eleven store.
The ticket, which matched all five white balls drawn on June 14, guaranteed a substantial prize of $1 million.
1
This windfall comes as a result of correctly matching numbers 7, 20, 36, 45 and 47.
According to Mega Millions rules, matching all five white balls without the Mega Ball gives the winner a prize of $1 million.
This win is particularly timely following a recent $552 million jackpot claimed by a player in Illinois on June 4, marking one of the biggest Mega Millions wins in history, according to the New Jersey Media Group.
Under New Jersey Lottery regulations, lottery winnings are subject to federal and state taxes.
Read more about Mega Millions
For this $1 million prize, the winner can expect federal taxes of 24% and state taxes of 3%.
That equates to approximately $270,000 in taxes, leaving the winner with a net prize of about $730,000.
The New Jersey Lottery, responsible for overseeing these prizes, confirmed the ticket’s origins at a 7-Eleven in New Milford, 25 miles west of New York City.
According to lottery regulations, winners have up to one year from the date of the draw to claim their prize.
Once claimed, the winner will have the option of receiving the prize in cash, subject to the aforementioned taxes, or in annual installments over a period of 30 years.
PLAYING THE GAME
You can visit a local convenience store, gas station, or supermarket to purchase a ticket.
In some states, tickets are also available for purchase online.
You will need to choose six numbers to play, according to the Mega Millions website:
- Five white balls ranging from 1 to 70
- A golden Mega Ball from 1 to 25
You also have the option to request a Quick Pick or Easy Pick.
This gives you the option of having a computer generate random numbers for you.
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 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.
For an additional $1, players can add the Megaplier option, which can multiply non-jackpot prizes by two, three, four or five times.
Megaplier numbers are drawn before the Mega Millions drawing every Tuesday and Friday.
There are 15 Megaplier balls in total:
- Five balls for 2x
- Six balls for 3x
- Three balls for 4x
- One ball for 5x
Meanwhile, a Massachusetts family appears to be incredibly lucky, having won the lottery twice.
And a mathematician has revealed a lottery strategy that could increase players’ chances of retaining all of the prize money if they win.
Remember to gamble responsibly
A responsible player is someone who:
- Set time and monetary limits before playing
- Only games with money they can lose
- Never chase your losses
- Don’t play if you are upset, irritated or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
This story originally appeared on The-sun.com read the full story
