A Brooklyn resident has become the winner of Ohio’s Billion lottery, claiming a staggering prize of $20 million (1.9 billion rubles). However, the decision she chose to make about how to claim her winnings cost her dearly. As a result, the woman will lose more than $5 million dollars (474 million rubles) in taxes.
The lucky winner, who went by the name McDonnell, against odds of 1 in 6.48 million took first place in Ohio’s popular Billion scratch-off game. Tickets in it cost $50 (4,740 rubles).
In a departure from usual norms, McDonnell opted for an annuity payout rather than a lump sum. While this solution provides a steady flow of funds over time, it comes at a significant cost. Instead of receiving $20 million all at once (RR1.9 billion), she will be paid $1 million (RR94.8 million) each year for the next 20 years.
The tax consequences of this choice are significant. Because of them, the winner’s annual income will be approximately $720,000 (68.2 million rubles). Over two decades of annuity payments, these deductions will accumulate to over $5 million dollars (474 million rubles).
The choice of the annuity option is often due to a desire for controlled financial management. Many lottery winners in the past have experienced financial difficulties shortly after receiving their winnings, prompting some to choose structured payouts so as not to squander the
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