Ashley Smith scooped £176,000 from an online lottery game but ended up with £126,000 after choosing to take it as a lump sum.
A woman who won a life-changing lottery jackpot walked away with just over two-thirds of the sum because of a little-known rule. Ashley Smith decided to try an online lotto game one night last week while waiting for her kids to go to sleep.
The family got into their car the next morning and drove to the Kentucky Lottery HQ so they could receive Ashley's $224,000 winnings. But when they left later that day, it was with a total of $160,409 , The Mirror reports. So, although taking the yearly payments would have meant more money in the long-run, Ashley decided to take her winnings in one go - with tax bringing it down by around 30 per cent. However, the cash injection came at the right time as the family were in need of a new car. "I hit a deer this morning," Ashley's husband said. "I had to go home and switch trucks to get to work.
Top news stories today While annual payments can help winners avoid overspending and, in the long run, you end up with more of your jackpot, some advisors recommend taking the tax hit and collecting the lump sum. If accepting annuity payments, you have to remember to claim the winnings every year when filing taxes.
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