I won! Now what? (Part 2)

Congratulations!  It’s a fun and special moment.  If it’s a large sum of money, like $250,000, $1 million or more, what do you do next?  Take a moment, step back and think about how to make the most of your winnings.  For large prizes (and that’s in the eye of the beholder), think about where you might put your money before you use it.  You may also want to seek professional financial and legal advice to help you decide what’s best for you. 

Learn the basics of claiming your prize here:  http://www.ohiolottery.com/Claiming/

In addition, there are a few items you’ll want to address.  Currently, the Ohio Lottery withholds 25 percent federal and six percent state tax. That’s required by law.  Keep in mind that depending on your tax bracket, you may owe more money.  And, check with your local municipality to see if your winnings are subject to tax.

If you have the option to choose a lump sum or annuity payments (game and prize dependent), think about which payment option is best for you.  You may want to get financial and legal advice to help with questions like these.

Take your time when interviewing someone to provide assistance. They are working for you. You want them to have the experience you need, and you need to be comfortable with them and what they have to offer. So, whatever your wish list, paying bills (that’s the top priority for many winners), going on a nice vacation, donating to your favorite cause, buying a computer, planning for retirement – even all of the above — make plans so you can do it well!

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4 Responses to I won! Now what? (Part 2)

  1. CYNTHIA LEE says:

    I WOULD LOVE TO WIN, I NEVER WON ANYTHING BIG IN MY LIFE. WHEN I WAS 8YEARS OLD MY MOTHER LEFT ME TO BABYSIT MY 5 BROTHERS AND 1 SISTER.SOMETIMES NEVER CAME BACK FOR DAY’S, THEN THEY HAD KIDS.SISTER DIED TOOK CARE OF HER 3. THEN THE ONE I LOVED SHE HAD ALZHIEMERS, HAD HER WHEN HER HUSBAND DIED FOR 8YEARS. SHE TOLD ME ONE DAY I’LL BE BLESSED. EVERYTIME SHE SAID THAT I WOULD CRY AND WOUNDER, WHERE WILL I GET MONEY TO HELP ME WITH ALL THESE PROPLEMS I WHEN’T THREW. NOW I WAS BLESSED WITH A SON HE’S 18 THE ONLY ONE THAT IS GRADUATEING THIS YEAR 2012.JUST ME AND HIM I WANT TO SEND HIM TO SCHOOL, BUT I DON’T KNOW THE OUTCOME OFF THAT YET. HE WAS 1LB/4OZ HE’S DOING GOOD I HAVE PLENTY OF BILL’S THAT I WOULD PAY. AND SEND MY SON TO A COLLEGE AND GET HIM A CAR THAT HE NEEDS AND JOB. BUT GUESS WHAT? I’M A SCHOOL BUS DRIVER NOW FOR 12-1\2 YEARS STILL DEALING WITH KIDS AND I LOVE DOING IT MAKING 25HR A WEEK BARELY MAKING BUT IT’S A JOB THAT I REALLY CARE FOR.( THANKS OHIO LOTTERY FOR EVEN CAREING ABOUT PEOPLE.) GOD BLESS US ALL. CYNTHIA LEE

  2. Lavelle person says:

    I have been playing lottery for years. I have noticed a few things that raise some suspition. One of them is ” the Ohio classic lotto “. Why is it only one jackpot winner per year? Is it proof the the lottery is rigged up?

    • MarieKilbane says:

      Thank you for playing, Nakia Scott! The Classic Lotto jackpot was last hit Dec. 7, 2011. The jackpot was won three times in 2011. It hasn’t hit so far this year. You’re right to say the jackpot hasn’t been hit with a lot of frequency. That’s due to the level of play. And, when there are fewer possible combinations covered, there’s less chance a jackpot will be hit. Remember, odds of winning the jackpot are 1 in 13.9 million. If you’d like to come to a drawing so you can see how it’s done, it me know and we’ll continue the conversation.

      • Lavelle person says:

        There was one jackpot winner in 2011. I have been following the results for 8 years. I will be glad when yall let me hit something!

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