A LOTTO winner in Arkansas recently shared his story of winning $20,000 on a scratch ticket.
The Arkansas Lottery, which highlights what some winners plan to do with their prizes, shared his story.
Tevin Holmes of Little Rock, Arkansas bought the winning ticket, but his sister discovered the prize.
THE STORY
Tevin, according to the Lotto website, was new to playing scratch tickets.
Purchasing one, his sister came along to help him learn the ropes.
“She told him what ticket to buy, and she even scratched it for him while he was driving,” the lotto site says.
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Due to her involvement in the purchase, Tevin ended up splitting the winnings with her.
Though she had it in her hand, she didn't take off. Instead, they split the winnings.
“When she realized they had just won $20K, Tevin almost crashed the car from excitement,” the site said.
Though he split the $20,000, Tevin still managed to use his winnings to buy a new townhome.
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He also fixed his car and “spoiled himself a little bit.”
WINNER WINNER
Many play the lottery with the hopes of winning big, but some players don’t understand the process for getting winnings.
Large prizes, typically anything over $600, have to be collected from lottery officials directly.
With large jackpots, players often get to choose between a lump sum and an annuity.
Lump sums pay out quickly, but often are taxed more heavily.
Annuities, on the other hand, pay out slowly — often annually for 30 years
This creates a more stable income and prevents the tax man from taking a bigger chunk of the prize.
For most younger winners who aren’t in need of quick cash, an annuity is an effective way to guarantee the longevity of winnings.
One Idaho lotto winner recently shared their story of winning on a ticket.
The player lost significant money from their $50,000 scratch ticket prize, but their tax return held a surprise.
After their income was calculated, some of the prize money that had been withheld in taxes came back to them as a refund.
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A New Yorker lost nearly half his winnings due to a surcharge.
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