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.
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.
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.