1 week Ago By Jack Hobbs
ONE lucky lottery winner managed to claim the top prize in a brand-new scratch-off game. The lucky winner managed to scoop the $4 million lotto prize after only paying $50 for the ticket. It was reported the winning ticket was sold to a resident of Windsor, Connecticut at the Noble gas station located in Hartford, reported Patch.
com . The winner — who has chosen to remain anonymous — claimed their winnings on Wednesday, the Connecticut Lottery website reported. According to the site, the winner opted to have their winnings distributed to them in a one-time gross payment of $3 million rather than being paid over 20 years.
Arthur Mongillo, the Manager of Public Affairs for Connecticut Lottery, called the situation "unique." Read More On Lottery “What’s very unique about this is that this is the first top prize we’ve sold for a $50 scratch ticket,” Mongillo said to The Trumbull Times . According to the outlet, the store that sold the winning ticket received a $40,000 bonus from the state lottery system.
Mongillo told the outlet that to celebrate the big win, Frank Suarez, the president and CEO of the Connecticut Lottery, presented the check to the winner in person. “That’s not something that happens every day,” Mongillo said. Most read in Money The whopping million-dollar tax on the winnings comes from the federal government.
The IRS imposes a federal tax rate of 24% on lottery winnings. Some states may also impose a local tax. According to the state's official website , Connecticut imposes a seven percent tax on the winnings.
WINNER, WINNER Connecticut is no stranger to having big winners. According to the lottery site, three residents of the constitutional state have been winners of large amounts of money. Players who win big on lottery tickets typically have a choice to make: lump sum or annuity? The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years. Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away.
Many states tax winnings as well. Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once. Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar.
That means that you'll likely be getting less valuable money towards the end of an annuity. Each state and game pays out 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 varying opinions on whether to take the lump sum or take the annuity . Along with the announcement of the $3 million win, one Stratford resident was the recipient of a $100,000 prize while another received a $50,000 and a $10,000 prize. UNSPENT WINNINGS The news of this latest lottery win comes after three Powerball winners in Pennsylvania could lose out on their $1.
25 million prize. According to the state's rules, the players have until Halloween to claim their prize. The U.
S. Sun previously reported that last year in early October, an unknown player bought a $1 million lottery ticket at the United Food Market in Philadelphia. Another player also managed to score a $100,000 win on the same day with a ticket they bought at a Rite Aid in Pittsburgh.
Read More on The US Sun The final $150,000 ticket was sold on October 9 at Blose's Market in New Tripoli, about an hour north of Philly. Should the winners fail to collect their winnings, the money will be added to the Lottery Fund and be used for programs that benefit older residents of the state..
