Breakfast Scratch-off Leads to Multi-Million Dollar Win for Rhode Island Man

A Rhode Island resident, Steven Richard of Barrington, is the latest millionaire courtesy of a Massachusetts State Lottery scratch ticket—a gift from his father that turned extraordinarily lucrative.

Richard struck gold with the $4,000,000 Bonus Bucks game, overcoming the staggering odds of 1 in 5,376,000. The win was confirmed when he used the Mass Lottery app to check his ticket after a breakfast meeting, during which his father presented the ticket on March 29.

Upon realizing the win, an astonished Richard immediately shared the incredible news with his wife and then his father, celebrating the life-changing moment.

Choosing the financial road often less travelled, Richard opted for a lump-sum payment of $2.6 million before taxes over an annuity of $200,000 annually over 20 years. He revealed that the funds would be used for travels with his wife.

As for the tax implications, the windfall means Richard will face substantial taxes. The federal government views lottery winnings as ordinary income, thus taxable in Richard’s current bracket, minus the ticket’s original $10 cost. Furthermore, Richard will owe 5.99% of Rhode Island’s state tax.

In line with IRS rules for large lottery prizes, 24% of Richard’s prize was withheld for federal taxes and 5% for Massachusetts state taxes.

The lucky ticket was sold at Star Country Store and Deli at 526 Sanford Road, Westport, Mass. The store will receive a $40,000 bonus for their part in this fortunate event.