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All lottery winnings are subject to Federal taxation (automatically reported to the Internal Revenue Service if the win is at least $600); many smaller jurisdictions also levy taxes. The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000.
This particular game was called Winfall. A ticket cost $1. You picked six numbers, 1 through 49, and the Michigan Lottery drew six numbers. Six correct guesses won you the jackpot, guaranteed to be at least $2 million and often higher. If you guessed five, four, three, or two of the six numbers, you won lesser amounts.
In gambling terminology lottery payouts are the equivalent of RTP (Returns To Players). A lottery operator's gross margin is 100% minus RTP. In the US, large lottery winnings generally are advertised as an annuity amount, paid in 20 or more installments; in most cases, a cash option is available. The cash option in the US can be 40–60% of the ...
The Michigan Lottery began when the Green Ticket game started on November 13, 1972. Hermus Millsaps of Taylor, Michigan won the first $1 million prize on February 22, 1973. When he won, Mr. Millsaps was 53 years old, a native of Tennessee and worked at a Chrysler Automobile plant. He and his wife spent all their money on bus fare to Lansing and ...
In Michigan, groups of at least two people can start a lottery club and play games as a group. “If the club wins a prize , it is divided among the club members,” officials said.
A 77-year-old woman in Michigan knew she had matched five winning Mega Millions numbers, but she had no idea how much she had won. She took her ticket into a retailer to find out her total winnings.
[66] [67] Since there is no income tax in Florida or Tennessee (and California does not tax lottery winnings), the cash option after Federal withholdings is $187.2 million each. [68] [69] On August 23, 2017, the owner of a Powerball ticket sold in Chicopee, Massachusetts, won more than $750 million, one of the largest prizes in the lottery's ...
The 59-year-old daily lottery player from Chippewa County scratched off a $500,000 prize, lottery officials said. He buys lottery tickets every day, usually on his way to work, according to officials.