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I Won Two Times in One Night, Each Time Getting $2 Million. I Lost $700,000 when I Tried to Claim it Because I didn’t know About a Rule.

A fortunate lottery player, Marco Accardo from New York, clinched two Mega Million tickets on a single night, winning a combined $2 million. However, due to a lesser-known regulation, he lost a significant portion of his prize money when claiming his winnings.

Photos from Google

Double Win and Claiming Deadline

Over the course of the previous year, Marco Accardo won two Mega Millions of jackpots, totaling a total of $2 million.

He was able to successfully claim his prize precisely in the nick of time before the deadline, which was scheduled for November 11th, 2023.

Despite the fact that many winners put off cashing in their tickets, experts stress the importance of signing the ticket to establish ownership of the prize. This is a crucial tip that can help protect one’s rightful claim to the prize.

READ ALSO: LOTTO LUCK I won $10million lottery jackpot twice within one year – I’ve splurged on a new 2024 car even after losing $4m instantly. 

Taxation Dilemma and Financial Advice

When Marco Accardo claimed his prize, he faced a tough choice – receiving the $2 million in installments with tax deductions or taking the entire amount upfront, requiring immediate tax payment.

Following tax laws considering lottery winnings as taxable income, Accardo chose the lump sum option, receiving $651,000 for each ticket after tax deductions, totaling $1.3 million. Unfortunately, this resulted in a $700,000 loss due to taxes on his winnings.

READ ALSO: LOTTO RISK ‘We’re just for adults,’ lottery officials warn over risky holiday gifting tradition – you could be breaking the law.

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