LURKING LOSS
I won $1 million playing the lottery named after an iconic movie – but then I lost $350,000 when I got my prize money
Claiming your lottery prize as a lump-sum payment might have drawbacks
A MASSACHUSETTS man has won a massive lottery prize - but it came with a big hit.
Gecimar Silva from Tisbury, on Martha's Vineyard, won the $1 million prize in a lottery game, yet only went home with $650,000.
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Silva has become the third $1 million prize winner in the Massachusetts State Lottery's Jaws.
Per the state's lottery website, the instant ticket game debuted on Tuesday, March 26.
Silva, a painter who's lived in Martha’s Vineyard for 18 years, purchased the Jaws ticket due to its novelty and the connection to the island where the movie was filmed.
Opting for a lump-sum payment meant he was only able to score $650,000.
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Silva claimed his prize on Friday, May 3, at the Mass Lottery headquarters in Dorchester.
His winning ticket, worth $1 million, was purchased at Depot Market in Edgartown.
As a result of this sale, the store received a $10,000 bonus.
MORE THAN A CHUNK OF CHANGE
Prizes won by Massachusetts citizens in lotteries, raffles, races, beano, or other chance-based activities are taxed at 5% plus a surcharge and are included in their gross income.
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In the year that the taxpayer receives the money or has the opportunity to receive it, winnings are subject to taxes.
Prizes up to $600 are deducted and forwarded to the Massachusetts Department of Revenue.
EVERGREEN US - Unclaimed lotto tickets
When a reward exceeds $5,000, the Internal Revenue Service receives 24% of the withheld amount, while the Massachusetts Department of Revenue receives 5% of the withheld amount.
This was Silva's case, who won the $1 million prize, but only went home with $650,000 as the state took $350,000 from his winnings.
PENNY FOR YOUR JAWS
The Jaws instant ticket game still offers three additional instant grand prizes of $1 million each, the Mass Lotto site says.
It also presents five Second Chance Drawings, awarding a total of 30 fortunate winners a Jaws-themed trip for two to Martha’s Vineyard in the summer of 2025.
During their stay on the Vineyard, all 30 winners will partake in a Jaws-themed Game Show, where one contestant is guaranteed to win a $1 million prize.
The other contestants will receive guaranteed prizes ranging from $500 to $10,000.
Winners of the trip are randomly chosen from non-winning tickets submitted for the Second Chance Drawings.
The trip packages include, per Mass Lottery:
- Three-night stay for two at Harbor View Hotel in Edgartown
- Black car service to and from port
- Ferry to and from island, plus island transportation
- Daily breakfast
- Welcome toast/dinner with entertainment at Harbor View Hotel
- Taste of the Vineyard Dinner at Harbor View Lawn
- $1,000 spending cash
- Jaws branded welcome gift
- Jaws Island Tour with custom guided bus across the island
- Private Jaws movie screening at Harbor View Hotel
- “Shark Infested Waters” theme party on Harbor View Lawn
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Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro - $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck - $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner - $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida - $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner - $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner - he sued the mother of his child to keep his identity hidden - $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner - $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan, and Laiza Liem Chao - $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez - $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club - $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner - $842.4 million Powerball, Jan. 1, 2024, from Michigan.
In other lottery news, explore The U.S. Sun's article featuring the $1 million jackpot victor exempt from tax payments.
Additionally, delve into The U.S. Sun's coverage of a lottery participant securing a $44 million jackpot, only to forfeit half of it.