A LOTTERY player almost gave up hope as he scanned his tickets when the last one revealed he had won $500,000.
Benjamin Pauline, 49, took home the Michigan Lottery’s Powerball prize.
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He bought the lottery ticket with his son at a Stop & Go convenience store in Southgate, about 20 minutes outside of Detroit.
The next day, he was going to a party with his wife when his son called to say that someone had won.
“He said, ‘You might want to check your Powerball tickets because a $500,000 winner was sold at Stop & Go, and it wasn’t me!'”
When he arrived at the party, his son began scanning all the tickets he had.
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“As we were scanning them, I was starting to lose hope that I was the big winner, and finally we scanned the last one and $500,000 appeared on the screen with confetti,” he said.
“It was unreal!”
After claiming her prize at lottery headquarters in Lansing, Pauline said she would use the money to buy a new house, invest and take care of her family.
It is unclear whether he chose the lump sum or the annuity. For Powerball prizes, annual fees are paid in 30 annual installments.
Michigan taxes lottery winnings over $5,000 at 4.25% in addition to the 24% federal tax.
This could shave up to $141,250 off your total earnings.
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Another winner in Michigan wanted to remain anonymous while accepting the $6 million prize.
The player spent $50 on the 500X Money Maker instant scratch card at a gas station.
“I play lottery games from time to time and this 500X Money Maker ticket was only the second ticket I bought this year,” he counted Michigan Lottery Officials.
“I went into the store to buy some things and saw the 500X Money Maker game, so I asked the clerk what the next ticket number was.”
The ticket was number 14, a symbol of good luck that he shared with his wife.
As soon as they crossed out the card, they started hyperventilating.
They hit the jackpot.
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.
“I had to take a day off work because I was in shock,” he told authorities.
“I texted my wife and said ‘lucky number 14’. She jokingly responded, ‘What do you mean? Are we millionaires?’ As soon as I got home, I told her the big news!”
After taxes, he walked away with about $4.1 million.
He said he would use the money to invest in his own business and take care of his family.
A gambler who made $25,000 a year for the rest of his life lost almost half of it because of one big choice.
Lottery officials are asking players to check their tickets as a $500,000 prize remains unclaimed.
This story originally appeared on The-sun.com read the full story
