Garcia won with the numbers 2, 12, 18, 24, 39 and with the golden Mega Ball 18.
Photo: ShutterstockProfessional/Shutterstock
A New York man named Jerson Garcia won $20 million in the lottery, but ended up taking only $6.5 million.s because he had to pay state, federal and local taxes.
The player, who lives in the Bronx, in New York City, hit the jackpot playing with a Mega Millions ticket with which he hit all 5 white balls and the golden ball.
Garcia won with the numbers 2, 12, 18, 24, 39 and with the golden Mega Ball 18.
The player said that this was the first time he had played Mega Millions and told lottery authorities that he planned to use the money to enjoy it with his family.
“I really want to help my mother and get her a house. The dream of every son is to buy a house for her mother, ”García said.
However, while $20 million sounds like a lot of money, the reality is that Garcia was able to take less than half of the prize in the end.
Garcia was given two options: receive the $20 million in 29 annual payments, or take the prize in a single payment, which was $10.6 million.
Garcia decided on the second option.
To this, the IRS collected 25% of the prize. In addition, you are also charged state tax, which adds another 13%.
In New York State, lottery winnings in excess of $5,000 are considered a source of income and therefore are subject to New York state income tax.
Also, if the winner is from New York City, the city considers lottery prizes taxable earnings, so they charge another percentage of tax.
Keep reading:
Player thinks he won $1,000 in the lottery, but later finds out the prize was $5 million
· Lottery player who won two millionaire prizes twice said he did it thanks to having premonitions
He won $1 million in the lottery and was taxed $180,000 for that alone
Winning $1 million Powerball ticket is about to expire and the winner will lose everything if they don’t claim it
Woman wins $1 million in lottery, but receives only $427,000 because she decided to receive the money in one lump sum
#York #man #won #million #lottery #million #left #paying #federal #state #local #taxes
