Winston-Salem man wins $1 million prize on scratch-off

4/18/2022 07:55 - Randy J.

Wow so you win a million and the lottery takes 400,000 then you get taxed on the rest so you basically get 40% of what you win damn and I thought Georgia was bad congratulations though atleast you won somethingNC Lottery
Hi there, Randy! The difference between the lump sum ($600,000) and the annuity payments ($1 Million, or $50,000 each year for 20 years) accounts for the interest that would be earned on the funds over the course of the annuity payments. Players have the option of choosing either annuity or cash up front, we leave it up to them! Regardless of which they choose, we withhold the required state and federal tax amounts (5.25% for NC, 24% for Federal). Hope this helps to clarify!