She tried her luck on a popular lottery scratch-off game earlier this month and managed to beat the odds.
GettyA woman has won $5 million of a scratch-off lottery ticket (stock image)[/caption] GoogleShe bought the ticket recently at her local Publix[/caption]
Collins purchased her ticket for THE PERFECT GIFT scratch-off game at a Publix in the city.
Only two remain now, according to the Florida Lottery website.
Collins was then faced with two options to claim the $5 million sum, which is the same for all lottery winners.
NOW OR LATER?
Annuity payments are championed by some lottery lawyers and experts that The U.S. Sun has spoken with as a way to “guarantee wealth” for years to come.
They also can avoid some of the significant taxes imposed on the lump sum.
Some states also tax lottery wins, but Florida, fortunately for Collins, does not.
That means instead of walking away with $5 million when she chose the lump sum option, she got about $2,989,062.
Lottery winnings: lump sum or annuity?
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.
It’s still a considerable return on the $20 cost for the scratch-off.
On March 25, the second Mega Millions jackpot prize worth $349 million was won.
Officials have urged the unknown lucky player to sign the back of the ticket immediately and keep it in a secure location, ideally a safe, per Fox affiliate WFLD-TV.
It was confirmed that the slip was bought at a local store in Illinois.
Another Mega Millions winner also has little time left to come forward and get a much smaller (in comparison to $349 million) jackpot prize of $1 million.
Responsible gambling
Remember to gamble responsiblyA responsible gambler is someone who:
Establishes time and monetary limits before playing Only gambles with money they can afford to lose Never chase their losses Doesn’t gamble if they’re upset, angry, or depressed National Council on Problem Gambling – www.ncpgambling.org/ Gamble Aware – www.begambleaware.orgFor help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
Read More Details
Finally We wish PressBee provided you with enough information of ( Woman scores $5 million jackpot from cheap scratch-off ticket – but a forced choice cost her over $2 million )
Also on site :