Wednesday, May 14, 2014

Oregon Couple Waits a Month for their Megabucks Prize

A couple from Jackson County, Oregon, scooped a $4.1 million win on the Oregon Megabucks Lottery then waited over four weeks before they claimed their prize.

Instead of contacting the state lottery, Central Point residents Don and Betty Gaeden got in touch with a financial planner, discussed the best way to collect their winnings, and asked about the tax implication resulting from such a big win.

After we found out [about the win], we just went on like nothing had happened," Don explained when they claimed their prize earlier this week. "We wanted to make sure we were ready."

The Gaedens chose to take their prize as a one-off, lump-sum payment. According to Oregon Lottery rules, winners who decide against being paid in annuity payments receive only half the advertised jackpot, so the couple walked away with $1.37 million after state and federal taxes.