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!