I won $1 million from a scratch-off game but my choice made me automatically lose $350,000 and now I owe money
After winning $1 million, a couple discovered they would not be turning into millionaires.
Taxes and other withholdings required the scratch-off winners to pay out almost half of their winnings.
The two Aberdeen, Maryland residents won the top prize in the $20 scratch-off game Gold Rush 777, and on November 22, they scooped the life-altering award.
The wife, who has been purchasing scratch cards with her husband for almost thirty years, stated, “I still don’t believe it.”
The ticket that was seized at their neighborhood Wawa store was wiped off by her husband.
Selling the winning stub will earn the outlet a $1,000 lottery bonus.
read more in money
When the winning number 18 appeared in a square with a $1 million prize, he was shocked.
“It’s a million-dollar winner, Mama,” he exclaimed. She said, “I didn’t believe it.”
The couple is debating whether to purchase a new house in Pennsylvania or Western Maryland, where the husband hails from.
Numerous other lottery winners have opted to get their winnings all at once.
Millions were lost when another Massachusetts winner decided to take a lump sum payment.
After winning $15 million, they received $9.75 million before federal and state taxes.
Lottery warning to check ticket for unclaimed $1 million Powerball prize and winning numbers were drawn two days ago
A grandmother in North Carolina chose to receive a lump sum payment of $1,716,009 after taxes on her $4 million win.
Telling Queen City News, “I think I’m still in a state of shock,” she said.
LUMP SUM V ANNUITY
You may question if a lump sum or an annuity is a better choice if you ever become lucky enough to win a sizable lottery prize.
The majority of financial professionals concur that the lump amount is the better choice, even though both has advantages and disadvantages.
On The Dave Ramsey Show, Dave Ramsey once said to a lottery winner: “If you take the lump money and invest it, you will make nearly twice as much.
Because the cheque would be taxed each and every time, Ramsey also referred to the long-term annuity option as garbage.
He said, “I know that by investing the money after taxes, I will make more money than if I leave it with those individuals in that annuity.
Ramsey, however, believes that in order to prevent them from blowing the entire amount, someone who is prone to mismanage their lump sum should instead receive the annuity payments.
Read More on The US Sun
However, it would be wiser for someone with a consistent track record of prudent financial management and investing to take the lump sum payment.
Keep in mind that participating in the lottery involves gambling and ought to be done sensibly.
Top lottery winners in the US
Millions of people hope to win the lotto and become famous and wealthy. These are the largest lottery winners in US history.
- Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan, and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!