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$1 million win will pay New Jersey man $50,000 a year for 20 years

March 30, 2022 Posted by NC Lottery at 1:13 PM

Harshkumar Parikh of Sayreville, N.J., tried his luck on a $25 scratch-off ticket and won a $1 million prize.

Parikh bought his lucky Extreme Cash ticket from Ganesh Mart on East Webb Avenue in Burlington.

When Parikh arrived at lottery headquarters to collect his prize, he had a decision to make. He could choose to receive the prize as an annuity of $50,000 a year for 20 years or a lump sum of $600,000. He chose the annuity option of $50,000 a year and he received $35,512 on his first payment after state and federal tax withholdings.

3 COMMENTS

3/31/2022 08:56 - Raymond H.

I take the cash and run, because I am going to hit big again!

3/31/2022 05:22 - annie s.

CONGRATULATIONS! KEEP TRYING YOU MAY HIT AGAIN GOOD CHOICE AND GOOD LUCK.

3/30/2022 03:54 - Jack W.

Congratulations on you win and for taking it the way you have. Since the NC lottery wants to be so greedy and penalize you for taking a cash option. It not like there are losing money on any lottery game. Everyone should do it and make them pay what they offer.NC Lottery
Hey there, Jack! The difference between annuity and lump sum payments is standard in the lottery industry - this accounts for the interest that would be earned over time if the player chose the payments over 20 years. Winners are able to choose which option they prefer - cash up front, or annual payments for 20 years. Hope this helps to clarify!

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