In a story of fortune and tax woes, Charles Kelly Jr. has experienced both the thrill of a $1 million lottery win and the sting of a significant tax deduction. Kelly Jr. won the grand prize from a $5 Gold Rush Doubler scratch-off ticket, only to find his earnings diminished by tax obligations.
Kelly Jr. struck gold with a scratch-off ticket purchased from the Wildwood Meat Market in St. Petersburg, Florida. His ticket, bought last year, bore the lucky number 7, landing him the top prize of $1 million. The store, known for its meat products, enjoyed a $2,000 bonus commission for selling the winning ticket.
Despite the initial excitement, Kelly Jr.’s win was not without its drawbacks. Opting for the lump-sum payment, Kelly Jr. faced immediate tax implications. Federal taxes and fees took a hefty $315,000 from his prize, approximately 31.5% of the total winnings. This significant deduction left him with $685,000 from his original $1 million prize.
The Florida Lottery released this information in a press statement on August 21, revealing the impact of taxes on Kelly Jr.’s winnings.