Cape Cod fisherman reels in $10M lottery prize

Comment #10

Gleno — Thu, 10 Dec 2015 11:42:16 GMT

Chopper Young Jr. found his prize pearl in the lottery oyster of Massachusetts!

Now he can sit back and take it easy... but it looks like he will probably continue to compete in those oyster shucking contests.

Comment #9

sully16 — Thu, 10 Dec 2015 11:14:01 GMT

He looks like a fun guy to hang with, congrats to the lucky guy.

Comment #8

RedStang — Thu, 10 Dec 2015 06:36:46 GMT

Comment #7

HaveABall — Thu, 10 Dec 2015 04:57:39 GMT

Hi music*, you are correct. Just these past few years we've been learning that when we see a scratch game that offers a grand prize of over $1M ... we should assume that the small print (usually on the back of the ticket) indicates that that $1M+ is merely the ANNUTIZED amount. We also have learned that very few folks accept the annuitized amount, they negotiate down by accepting the cash/lump-sum amount which is usually 35-40% less (then AFTER that, the lottery office deducts the 25% as an init... [ More ]

Comment #6

music* — Thu, 10 Dec 2015 04:34:57 GMT

Todd, Thank You for your clarification. It was a difficult day for me.

Comment #5

PrisonerSix — Thu, 10 Dec 2015 02:51:05 GMT

In the U.S., 25% is withheld for federal income tax, and what is withheld for state income tax depends on the state. In my state, Louisiana, 5% is withheld for state income tax.

Comment #4

Todd — Thu, 10 Dec 2015 00:57:13 GMT

No, there is no such thing as taking money away when choosing the cash option. The cash option IS the jackpot, and the annuity is calculated based on the cash on-hand, plus the amount of money the lottery earns in interest (by purchasing various investments) over the period of time covered by the annuity. The lottery advertises the annuity value because it is a larger amount, but the cash value is the actual jackpot.

Powerball or Mega Millions may get the lotteries better investment rates, be... [ More ]

Comment #3

music* — Wed, 09 Dec 2015 18:06:17 GMT

I do not play scratchers so I am not familiar with those rules. With Power Ball and Mega Millions they only take out 25%. You will owe an additional 15% and maybe more for Obama Care. Thanks for your help and continuing this thread.

Comment #2

KY Floyd — Wed, 09 Dec 2015 17:46:08 GMT

Young opted to receive the cash option

It can't be the first time you've seen that in an article about somebody winning a prize of a million dollars or more.

Comment #1

music* — Wed, 09 Dec 2015 16:23:50 GMT

$6,500,000.00 before taxes? Did they deduct 35% before taxes?

Each region in America has its' own favorite food.

Party on

Cape Cod fisherman reels in $10M lottery prize

Lottery Post — Wed, 09 Dec 2015 16:11:11 GMT

Includes video report

William Chopper Young Jr., a shellfisherman and champion oyster shucker, has won the $10 million prize winner in the Massachusetts State Lottery's $10,000,000 Mega Fortune instant game.

Young opted to receive the cash option on his prize and collected a one-time payment of $6,500,000 (before taxes), according to an official statement from lottery officials today announcing the win. He plans on using his winnings to help his family and invest, the statement said.

Yo... [ More ]