Tampa Man Wins Big in ‘$1,000,000 a Year for Life’ Lottery Game
The week just got a whole lot better for one Florida resident. A 45 year old Tampa man bought a $50 scratch off ticket and won big at the Florida Lottery.
Yorjhans Rodriguez Damas picked up a scratch off lottery ticket at the Silver 7 Food Mart on West Hillsborouogh. According to the Florida Lottery, Damas cashed in on his $50 ticket to claim his $1,000,000 prize at the Florida Lottery’s Tampa Office. The store that sold the ticket to Damas receives a $2,000 bonus since they sold the winning ticket.
What game was Yorjhans Damas playing? He bought “$1,000,000 a Year for Life” game. This game isn’t for the faint of heart because you have to be willing to shell out for a $50 scratch off with potential to win nothing at all. Would you risk it for the biscuit? Damas might be the inspiration you needed.
How much does the “$1,000,000 a Year for Life” actually pay out?
According to officials, Damas chose to receive his winnings as a lump sum payment of $640,000. That sure isn’t $1,000,000, but better than nothing.
According to Nerdwallet.com, you don’t have to be a mega winner to owe taxes on your lottery winnings. “The typical lottery tax is around 24% of winnings over $5,000, and is withheld by the lottery agencies. If your winnings push you into a higher tax bracket (a large prize may put you into the 37% bracket), you will probably have to pay additional taxes,” says Nerdwallet.
The government actually considers lottery winnings to be a form of your income. Your taxable winnings are decided based upon your current income. We’re no experts, so you’ll want to consult a tax expert if you win it a big.
The “$1,000,000 a Year for Life” game has two $1Million for life prizes. There are also 234 $1 million, one time winning tickets ripe for the picking.
For more information on the Florida Lottery, click here.