Rosamaria Munoz of Biscoe, North Carolina, recently experienced an incredible stroke of luck when she purchased a $5 scratch-off ticket and won the $250,000 top prize. Munoz bought her winning Power 5s ticket from the Tobacco & Bev. Outlet on North Main Street in Candor and collected her prize at the lottery headquarters on Friday.
Munoz’s Big Win
Upon claiming her prize, Munoz received $178,751 after the required state and federal tax withholdings were applied. Winning such a substantial amount is a dream come true for many, and Munoz’s win is a testament to the exciting possibilities that lottery games offer.
Watching Lottery Drawings
If you’re looking to try your luck or just keep up with the latest lottery numbers, you can catch the drawings on FOX8. Here’s the schedule for the major lottery drawings:
- Mega Millions: Airs at 11 p.m. on Tuesday and Friday.
- Powerball: Airs at 10:59 p.m. on Monday, Wednesday, and Saturday.
- North Carolina Lottery: Airs every night at 11:22 p.m.
Understanding Lottery Winnings
Winning the lottery can significantly impact your life, but it’s crucial to understand how taxes will affect your prize money. For instance, Munoz’s $250,000 prize was reduced to $178,751 after taxes. Here’s a brief overview of what winners can expect regarding lottery prize taxation.
Federal and State Tax Withholdings
- Federal Taxes: The IRS automatically withholds 24% of any lottery winnings over $5,000. For Munoz, this meant a considerable portion of her prize went to federal taxes.
- State Taxes: The state of North Carolina also taxes lottery winnings, contributing to the amount withheld from Munoz’s prize.
Tips for Lottery Winners
- Secure Your Ticket: Sign the back of your ticket and store it in a safe place.
- Seek Professional Advice: Consult with a financial advisor and a tax professional to help manage your new wealth and understand the tax implications.
- Plan Wisely: Consider your long-term financial goals and how best to use your winnings to achieve them.
FAQs:
How are lottery winnings taxed?
Lottery winnings are subject to federal and state taxes. The IRS withholds 24% for federal taxes, and additional state taxes may apply.
Can I watch lottery drawings online?
Yes, many local news websites and the official lottery websites stream the drawings live.
How soon can I collect my lottery winnings?
Winners can usually collect their prize as soon as the lottery office processes the claim, which can take a few days to a few weeks.
Do I have to pay taxes on small lottery winnings?
Yes, all lottery winnings are considered taxable income, but smaller amounts might not have taxes withheld immediately.
