JOHNSTON COUNTY – Jerry Wilson of Clayton just celebrated a day he will never forget after a $10 scratch-off won him a $1 million top prize.
“I have always dreamed of this,” he said. “This is the happiest day of my life.”
Wilson bought his lucky $10 Jumbo Bucks ticket Monday morning from the Han-Dee Hugo’s on South New Hope Road in Raleigh.
“This feeling just came over my body and I started shaking and crying,” Wilson recalled. “My emotions definitely got the best of me.”
Wilson said the workers in the store could tell right away that he won a big prize.
“They could just see it on my face,” he said. “They were so happy for me.”
When Wilson arrived at lottery headquarters Monday, he had a decision to make. He could choose to receive his prize as an annuity of $50,000 over 20 years or a lump sum of $600,000. He chose the lump sum of $600,000 and, after required tax withholdings, took home $430,503.
“This is a once-in-a-lifetime type of thing,” Wilson said.
He plans to use his winnings to pay off his house.
The Jumbo Bucks game debuted in June of 2023 with seven $1 million top prizes. One $1 million prize remains to be claimed.
How is it you win 1 million and it is reduced to 600,000 automatically?
Agreed. With the time value of money, it’s not worth $1M if taken over 20 years; only $600K if today. So either way, it’s not $1M.
Glad the winner can pay off his mortgage. He needs to save the rest to pay for the recent increase in property taxes.
Instead of paying the taxes on the winnings over 20 years it is removed immediately
Congratulations Sir. I wish you could have gotten the whole amount of money…..but nope Uncle Sam has got to get his cut.
Taxs and withholding sucked…but happy for him
Glad you won. Happy for you. I do not understand why you only get $600,000 on a million-dollar ticket and then have to pay the tax on top of that. A shame that on a million-dollar ticket you only walk away with $430,503. I would have taken the full amount also, I do not think I will be alive in twenty years, I HOPE I AM
Again, happy for you and good luck.
The real winners of the Lottery…the government! Just another scam to tax people on. Sad
Considering theoretical mortgage payoff of $200000, and investing remaining ~$230000 in good quality mutual funds, calculating for approx 8% annual return on that investment, rule of thumb is that original investment doubles approx every 7 years ….. so in 20 years that $230000 investment would be $1.9 million, so this way he still comes out better over long term. He gets to direct how he wants his investment to earn for him starting now over the coming years, instead of just getting a total of a million spread out over those years. So definitely wise to take lump sum!! Congratulations!
That’s really a shame. Win that much money and have to give over half of it back and the schools are still without supplies. Someone is taking the money for sure.