The name of a 71-year-old retiree Johnny TaylorAnd From New York City, he was the biggest winner of the $476 million Mega Millions jackpot which was awarded in the drawing on April 14th.
And while lottery officials said the jackpot was the biggest Mega Millions New York jackpot since the game was launched in 2002, the reality is that Taylor would end up winning much less.
Of the $476 million, the winner ultimately got only $157.2 million. The reason is that the man decided to receive the money in one go, and not in annual installments.
This means that when someone wins a Mega Millions jackpot, they can choose between receiving all the money at once or receiving it in annual payments for 30 years.
If you choose annual payments, the amount of money will increase each year to account for inflation and ensure that the winner receives the full prize.
But if you decide to get the entire Mega Millions jackpot at once, you will receive less money in totalbecause the lottery will give you the money it has available at that moment, which is the money from ticket sales.
In addition, one-time payments are subject to federal and state taxes, which may also reduce the final amount received.
That’s why Taylor only ended up with a third of the jackpot, because he demanded it in one payment.
However, $157.2 million is still a pretty good amount, and The winner has already said that he plans to use his newfound fortune to travel and buy a new house and car. He also said that he would donate the money to his church.
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