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$10M North Carolina lottery winner plans to spoil 12 grandkids

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North Carolina LotteryNorth Carolina Lottery: $10M North Carolina lottery winner plans to spoil 12 grandkids
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A North Carolina grandfather is planning to retire, purchase his dream house, and spoil his 12 grandkids after winning a $10 million lottery prize.

N.C. Education Lottery officials and media gathered at lottery headquarters in Raleigh on Thursday to celebrate the winner, Theodore Duncan. After being greeted by cheers and confetti, Duncan and his fiancée were handed a $10 million check.

"I'm 52, and now that I've won this, I can finally stop working," said Duncan. "I'm going to retire and get a brand new three-bedroom house with a big pool. I'm also going to use some of the money to spoil my 12 grandkids."

He plans to stay in his "little town" of Oxford.

According to Duncan, a 52-year-old machine mechanic from Oxford, he bought a $10,000,000 Colossal Cash scratch-off ticket at the Berea Mini Mart on U.S. 158 West in Oxford on his way to the landfill to dump trash.

When he scratched off the numbers in his truck, he said he couldn't believe what he saw.

"When I saw the money symbol I knew I won something," Duncan said. "When I scratched off the prize I couldn't believe it. I was so shocked I couldn't drive. I said, 'I won, I won, I won. I panicked, I just looked down at it. I had to call my brother to come get me.""

He called his fiancée and his brother, who told him to get to Raleigh immediately to claim his prize.

Duncan chose to take home a lump sum of $4,245,009 after required state and federal tax withholdings. He had the option to take $10 million annuity that has 20 payments of $500,000 a year.

When asked if it was hard to make the decision to leave his job, Duncan laughed and said no. "I have been working since I was 15," he said, adding that he knows someone out there needs his job. "I was blessed. It is a great company," he said.

In addition to spoiling his grandkids, Duncan also plans to donate $100,000 of his money to St. Jude Children's Research Hospital.

"I buy three or four [tickets] a week," Duncan said when he got the check. "I always told people that one day I'd hit the lottery. Today's that day. It feels so good."

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32 comments. Last comment 15 days ago by mikeintexas.
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Washington, MI
United States
Member #11416
February 13, 2005
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Posted: April 9, 2019, 8:05 am - IP Logged

10 million after tax like 8 million or 9 million. 12 grandkids and a new house will go by fast.

    TheMeatman2005's avatar - lightening
    Brooklyn, NY
    United States
    Member #169719
    October 29, 2015
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    Posted: April 9, 2019, 8:17 am - IP Logged

    10 million after tax like 8 million or 9 million. 12 grandkids and a new house will go by fast.

    He decided to take the lump sum, not the annuity.

    He received a check of 4,245,009 after required state and federal tax withholdings. And, he will owe more to the IRS next year when he files his income tax return.

    Since they only withhold 24% federal taxes, he will most likely owe the 13% balance (less any charitable contributions).

    The article states that "I buy three or four [tickets] a week," Duncan said when he got the check. " Those are $30 tickets x 3-4 each week. That's $90-$120 every week! He can deduct that off his taxes as well.

    After all taxes, he will probably net around $3.5 mil.

    The Meatman 🥩🍗🍔🍖🍤🌭

    “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

    Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

      Avatar
      Washington, MI
      United States
      Member #11416
      February 13, 2005
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      Posted: April 9, 2019, 8:29 am - IP Logged

      He get a new house $500,000 cost. Then 12 grandkids. Like $200,000 each. There go all your money.

        TheMeatman2005's avatar - lightening
        Brooklyn, NY
        United States
        Member #169719
        October 29, 2015
        1394 Posts
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        Posted: April 9, 2019, 9:19 am - IP Logged

        He get a new house $500,000 cost. Then 12 grandkids. Like $200,000 each. There go all your money.

        I checked on Zillow.com and a 3 bedroom house in Oxford, NC can be bought for $300k or less.

        Plus, I don't think he will be giving each of his grandchildren a $200k gift.

        If he is 52 now and plans to retire, he will need to be a little more prudent than squandering his money like you suggest.

        He will have to have enough to last the rest of his life, without having to return to the working class.

        The Meatman 🥩🍗🍔🍖🍤🌭

        “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

        Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

          hearsetrax's avatar - 0118

          United States
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          May 21, 2007
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          Posted: April 9, 2019, 9:28 am - IP Logged

          Crazy next on : the lottery changed my life

            CDanaT's avatar - Nolz june15.jpg
            Central TN
            United States
            Member #121189
            January 4, 2012
            3546 Posts
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            Posted: April 9, 2019, 10:23 am - IP Logged

            He decided to take the lump sum, not the annuity.

            He received a check of 4,245,009 after required state and federal tax withholdings. And, he will owe more to the IRS next year when he files his income tax return.

            Since they only withhold 24% federal taxes, he will most likely owe the 13% balance (less any charitable contributions).

            The article states that "I buy three or four [tickets] a week," Duncan said when he got the check. " Those are $30 tickets x 3-4 each week. That's $90-$120 every week! He can deduct that off his taxes as well.

            After all taxes, he will probably net around $3.5 mil.

            While that 3.5 is a nice number, he better be putting 3 away to live comfortably.... Perhaps consider backing off spoiling the grandkids to the excessive side.... 

            Congrats Theodore !!!    Have a wonderful relaxing life

            Integrity: There is just no substitute

              TheMeatman2005's avatar - lightening
              Brooklyn, NY
              United States
              Member #169719
              October 29, 2015
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              Posted: April 9, 2019, 10:43 am - IP Logged

              While that 3.5 is a nice number, he better be putting 3 away to live comfortably.... Perhaps consider backing off spoiling the grandkids to the excessive side.... 

              Congrats Theodore !!!    Have a wonderful relaxing life

              If he puts away $3 mil in a CD (no relation to CDanaT), he will net about $50 k / year after taxes.

              The Meatman 🥩🍗🍔🍖🍤🌭

              “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

              Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                Kyle7824's avatar - Lottery-042.jpg
                Greenville, NC
                United States
                Member #157296
                July 14, 2014
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                Posted: April 9, 2019, 10:48 am - IP Logged

                He is not giving any to Alvin or Simon?

                  Avatar

                  United States
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                  May 5, 2016
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                  Posted: April 9, 2019, 10:48 am - IP Logged

                  I checked on Zillow.com and a 3 bedroom house in Oxford, NC can be bought for $300k or less.

                  Plus, I don't think he will be giving each of his grandchildren a $200k gift.

                  If he is 52 now and plans to retire, he will need to be a little more prudent than squandering his money like you suggest.

                  He will have to have enough to last the rest of his life, without having to return to the working class.

                  The eternal crybaby generation (Those born between 1945 and 1985) are not known for being prudent or rational. Of course he can be an exception, but odds are good he'll have $5 left in 5 years.

                  Thumbs Down

                    Kyle7824's avatar - Lottery-042.jpg
                    Greenville, NC
                    United States
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                    July 14, 2014
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                    Posted: April 9, 2019, 11:10 am - IP Logged

                    He will be broke by his next birthday ...

                      lejardin's avatar - Lottery-014.jpg

                      United States
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                      November 4, 2011
                      1387 Posts
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                      Posted: April 9, 2019, 11:11 am - IP Logged

                      The eternal crybaby generation (Those born between 1945 and 1985) are not known for being prudent or rational. Of course he can be an exception, but odds are good he'll have $5 left in 5 years.

                      Eternal Crybaby generation?  So I suppose you would not include yourself.  You can thank that eternal crybaby generation for your being.

                        BuyLow's avatar - fd725949c52faf3bef0a9e377747408d -iphone-wallpaper-palm-trees.jpg
                        Florida
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                        May 22, 2008
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                        Posted: April 9, 2019, 11:23 am - IP Logged

                        If he puts away $3 mil in a CD (no relation to CDanaT), he will net about $50 k / year after taxes.

                        Or he could put it all in a few Tax free Muni Bond funds and net around $165K per year.

                          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                          Chasing the Dream.
                          White Shores- California
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                          December 12, 2012
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                          Posted: April 9, 2019, 11:34 am - IP Logged

                          Wow, Theo starts off with $10 mil & ends up with $3 mil plus change? 

                          Reminds me of that Michael Jackson song..

                          " Like a comet blazing cross the evening sky - gone too soon

                          Like a rainbow fading in the twinkle of an eye- gone too soon"

                           * Voice of Reason *   

                           

                          People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

                            music*'s avatar - Trek HAND1.gif
                            Fresno, California
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                            August 2, 2014
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                            Posted: April 9, 2019, 5:21 pm - IP Logged

                             No Pity! Theo's Grandkids will soon learn about taxes. Theo must understand that the younger generation has multiple years to gain wealth while Theo has no more years left to work. He is retired. The winnings must last until his last days and beyond. US Flag

                              "May You Live Long and Prosper" Spock on Star Trek. A Vulcan.