Bobby Wilder’s winnings were subject to federal and state taxes, and he ended up taking home about $427,000, according to the North Carolina Education Lottery.
North Carolina’s lottery tax is his 5.25%, but he is taxed 24% at the federal level on winnings over $5,000.A player from state capital Raleigh scored a big win with his $10 million Spectacular scratch ticket for $50.He bought the ticket at the grocery store in town.
Mr.Wilder had to choose between receiving annual payments of $50,000 over 20 years or a lump sum of $600,000.
He chose the lump sum payment and more than $150,000 was deducted from his total federal and state taxes.
Wilder revealed that he cried when he told his mother that he had won the major prize.He will make sure his family has a merry Christmas, but he said he would like to save some of his winnings for a “rainy day.”
The odds of winning the $1 million prize are 1 in 813,895.5, according to the lottery organization.To win the top prize of $10 million, 4,444 players will have to defy his odds of 1 in 3.26 million.Scratch card prizes range from $50 to $10 million jackpots.However, the overall probability of winning the prize is 1 in 3.11.Lottery winners have the choice of receiving their winnings all at once or paying them out in stages over several decades.
Financial experts say players who receive a lump sum can invest the money in stocks or real estate.Others have suggested that it is better to get a manageable amount of quantity.Financial expert Robert Pagliarini told US Winner: Sun Lotto says you only have one chance to win a prize.He said: “The real benefit of a pension is that you get a new check every year.”
