I won $1million playing the lottery but I’m only getting $625,000 and I still have to pay taxes
DURING a routine visit to his local store, a Virginia man took home a sandwich — and $1 million.
George Katan usually buys a sandwich and a scratch on his way to work.
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While he usually buys $50 and $30 tickets, he decided to buy a $20 Multiplier Mania ticket.
The Virginia man scraped the ticket free in the store and realized he’d won, but didn’t know it was the grand prize.
“I know it was big, but I didn’t know how big. I was very excited,” he told lottery officials.
Like all lottery winners, George had two options for securing his income: an annuity or a lump sum.
An annuity is a series of annual payments, while a lump sum provides players with instant cash.
However, the lump sum payment option will eventually take up oodles of cash due to taxes and other withholdings.
He chose the lump sum payment option and ended up taking home $625,000 before taxes.
The winning ticket was purchased at the 7-Eleven at 1931 Old Gallows Road, Vienna.
7-Eleven also received a $10,000 bonus from the Virginia Lottery for selling the winning ticket.
The lottery is a game, but for some it can be a problem. Players should only play as much as they can afford.
For those struggling with gambling addiction, the National Gambling Helpline is 1-800-522-4700.
MORE MANIA
The Multiplier Mania ticket is a $20 scratch card with three top prizes worth $1 million.
To win, match one of your numbers to one of the winning numbers to win the displayed prize.
When you reveal a purse, you immediately win the displayed prize.
To win the multiplier bonus, reveal a 2x, 5x, 10x, 20x or 50x, then multiply the total prize amount won below by the multiplier shown.
Each ticket comes with a multiplier bonus ranging from “2X” to “50X” giving players the chance to multiply the total prize amount won on the ticket.
Additionally, players can enter their non-winning Multiplier Mania Scratcher into the eXTRA Chances promotion for another chance to win.
A NEW WAY TO PLAY
The Virginia Lottery just launched an app that features all available games from anywhere in Virginia right on your phone.
The app offers:
Download the app to explore the other features.
A lottery expert tells you what to do with your ticket once you’ve won.
Also, another lottery winner received less than half of his money.