Local Resident Victorious in $4M Bonus Bucks Scratch Game Draw
Bringing Home the Big Bucks:
Meet Steven Richard, a lucky resident of Barrington, Massachusetts who just scooped up a whopping $4 million prize from the Massachusetts State Lottery's Bonus Bucks game!
1 in 5,376,000 Chance of Striking Gold
Did you know the odds of winning the top prize in Bonus Bucks are a staggering 1 in 5,376,000? Sounds improbable, right? Well, that's exactly what happened to Steven! In comparison, the overall odds of grabbing a Bonus Bucks prize are a tad more realistic at 1 in 3.47.
Steven received this miraculous ticket during breakfast with his dad on March 29. With his father frequently handing him lotto tickets, he didn't think much of it this time either.
After the meal, he couldn't resist the idea of scratching off the ticket to see his fate. You can imagine his shock when he discovered he had won a life-changing $4 million! But in true skeptic Steven fashion, he double-checked using the Massachusetts Lottery app to make sure.
When the app confirmed his good fortune, he was floored! He quickly shared the news with his wife and his luck-lending father.
Wealth Now, Not Later
With winning the lottery, the question of whether to opt for the lump sum or the annuity option arises. Steven chose the lump sum, leaving the annuity option's 20-year payment plan of $200,000 per year on the table. This decision granted him immediate access to a discounted amount of $2.6 million before taxes.
Alas, the Internal Revenue Service considers net lottery winnings as ordinary taxable income. Given he paid $10 for the ticket, Steven will owe federal income taxes on his winnings. The specific amount will depend on his current tax bracket. Apart from federal taxes, he'll also need to pay taxes in Rhode Island, which are currently set at 5.99%.
Like most lotto winners, Steven has dreams of traveling the world with his wife.
The ticket was purchased at none other than the Star Country Store and Deli located at 526 Sanford Road in Westport, Massachusetts. As a reward for making the lucky sale, they will receive a $40,000 bonus!
In March 2023, another Massachusetts State Lottery winner bagged a $2 million prize after playing the $2,000,000 50X Cashword scratch ticket game. This lucky individual decided to stay anonymous and used the RCW Trust of Clinton to claim the money on their behalf.
Insight: If you ever find yourself in the position of a lottery winner, it's essential to weigh your financial goals, tax considerations, and personal preferences when deciding between a lump sum or an annuity. The choice can have significant consequences on your finances and tax liabilities. Consider consulting with financial and tax professionals to optimize your financial management.
- Despite the odds of winning the top prize in the Bonus Bucks game being a staggering 1 in 5,376,000, Steven Richard from Barrington, Massachusetts managed to win a $4 million prize.
- After receiving the miraculous ticket during breakfast with his dad on March 29, Steven chose the lump sum option, leaving a 20-year payment plan of $200,000 per year, thereby gaining immediate access to a discounted amount of $2.6 million before taxes.
- The Internal Revenue Service considers net lottery winnings as ordinary taxable income, and Steven, as a lottery winner, will owe federal income taxes on his winnings, with the specific amount depending on his current tax bracket, and will also need to pay taxes in Rhode Island, which are currently set at 5.99%.
