BONUS BUCKS
I won $1 million after buying a scratch ticket at an ice cream shop – as soon as I claimed it I instantly lost $524,770
The amount you can lose depends on your state
A NEW Yorker recently won $1 million off a scratch ticket, but lost over $500,000 in an instant.
The player lost more than half his winnings thanks in part to his own choices.
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Gregory Kinowski of Johnstown, near New York’s Adirondack Mountains, bought his lotto tickets at an ice cream shop.
It came from Stewart’s Shops, a combination ice cream parlor and gas station convenience store.
He bought a ticket from the ”$1,000,000 Cashword Bonus” scratch-off game.
He won the top prize, but took home a single lump sum totaling $475,230.
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The combination of tax withholdings and his choice to take the lump sum led to the lower award.
LOTTO OPTIONS
Lottery winners generally have two options: to take the lump sum, or an annuity.
Lump sums are the more common choice, as they pay out a larger amount at once.
Annuities pay the prize money in annual installments, usually over 30 years.
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There are pros and cons to both choices.
Lump sums are great for investors who want to grow their money and only get taxed once.
Largest Powerball winners
Annuities pay out the full prize amount, and allow people time to build up good financial habits.
However, annuities do not adjust with inflation, meaning it’s likely that your prize money will be worth less as it’s being paid out than it is now.
In Gregory’s case, tax withholdings by the federal and New York governments cut the prize down below half a million.
Lottery can be addictive and hard to control.
Players who are struggling to get a handle on their gambling can call the National Gambling Hotline at 1-800-522-4700 or visit the National Council on Problem Gambling website.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery 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.
- Unknown winner - $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.
LOTTO NEWS
Gregory is not alone in losing a hefty chunk of money, though the amount varies by state.
A Washington winner who hit a $4 million jackpot also lost a large amount of the prize.
The lump sum amount totaled $2.4 million.
In North Carolina, a prospective congressman won the lottery.
Ultimately, he took home only about a third of his $1.5 million prize.
Read More on The US Sun
Another New York winner also recently lost more than half his prize to the tax man and his lump sum choice.
A Mega Millions prize in Rhode Island totaling $1 million has also yet to be claimed.