A LOTTERY winner only walked away with half of his $1 million win after a ruling.
The player purchased this ticket at a gas station in Adairville, Kentucky, about 40 miles north of Nashville, Tennessee.
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This ticket was a scratch-off ticket and was purchased at the Adairville Market on South Main Street.
He made the lucky purchase on June 8th.
The player, who is a father, said he won the game’s top prize of US$1 million.
The winner revealed what he said to the gas station employee while scratching off the ticket, according to NBC affiliate WLEX-TV.
“If I hit that million dollars, I’ll never eat bologna again,” he said.
The winner revealed the $1 million win on the first few lines of the scratch-off, lottery officials said.
“It kind of shocked me,” the winner recalled.
The winner revealed that he immediately called his son Jody to tell him the good news.
This son and father duo visited the Kentucky Lottery headquarters in Louisville to claim the money.
Big lottery winners can choose between taking their winnings home through a lump sum or annuity payments.
Annuity payments divide the earnings into monthly payments over several years.
The lump sum is a one-time payment, but these earnings are affected by high taxes and fees.
These winners found this out when their $1 million fell to $700,000 after Jody selected the one-time payment.
Earnings fell further to $504,000 after taxes.
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 establish 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.
The winner’s son said the pair planned to invest the new money.
Lottery officials also revealed that Adairville Market will receive $7,000 for selling the winning ticket.
LOTTO MONEY
This father and son duo were not the only lottery players to suffer these high taxes and fees, The US Sun previously reported.
Bernica Yelverton won the jackpot in the Lucky for Life lottery game.
This lucky player from North Carolina bought a $2 ticket online and matched all five balls in the draw.
Yelverton chose the $390,000 one-time payment option when he went to claim his winnings.
That dropped to $278,851 after state and federal taxes were taken into account.
This story originally appeared on The-sun.com read the full story
