MULBERRY, Fla. — One man Polk County man is finding himself richer after he won a $2 million Florida Lottery game.
Zachary Boles, 28, of Mulberry claimed the prize from the 100X THE CASH scratch-off game. Boles purchased his winning ticket from AP Mini Mart in Mulberry.
According to the Florida Lottery, the game’s overall odds of winning are 1-in-3.50.
The store where Boles bought the ticket will receive a $4,000 bonus commission.
Sadly though Boles won't be getting the full prize. The I.R.S. requires the Florida Lottery to withhold 24% of prizes greater than $5,000. If the prize had been under that $5,000 cap Boles would have got all of it because the State of Florida does not withhold any of the winnings.
What Boles does with his remaining money is up to him. State Farm has some suggestions though on how best to manage winnings of that much.
Before getting the ticket
- Get a team together: They say you'll want a lawyer, accountant, and financial advisor who are used to dealing with large amounts of money.
- Make a plan: "Step back and think big-picture about what you want from this money. Write down your personal, financial, lifestyle, family, and charity goals."
Once you have your ticket
- Bank it: Don't show up at the cashier counter with a check for millions, set up a plan in advance.
- Set a budget: Sit down with your advisors and take a hard look at how much you really have after federal, state, and local taxes; what new annual expenses you'll have (for things like property taxes and upkeep and paying your financial team); and how much you want to give to charity.
- Form a charity and giving plan: Talk to your team about gifting taxation structures and how much you can give each year while still maintaining the lifestyle you desire.
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