Letter: the post-jackpot story
On Sept. 4, 1999, I hit Nevada Nickels for a jackpot of $246,507.22, or that’s what the progressive meter said. I did not receive that amount … and here’s the rest of the story.
I was offered a cash payout of $143,911.58 (58.38 percent). I accepted this offer because at the age of 60, a 20-year annual payout is kinda iffy that I will be around. I wonder who got the $102,595 that I didn’t get and did they pay taxes like me?
I know IGT (International Gaming Technologies) buys an annuity or bond at the time the jackpot is won, but didn’t the progressive jackpot get to be that high because of people playing the machines and didn’t IGT make way over the amount of the jackpot?
My net winnings turned out to be $101,171.78 because my taxes were $42,7740. Uncle Sam decided because I made over $136,000 taxable income last year that I shouldn’t get my full personal exemption, I only got 50 percent. I was only allowed a percentage of my deductions.
I am grateful for the windfall. I invested a portion of the money in mutual funds which are doing very nicely. However, it is not the amount that I won. The net difference of $101,171.78, which I received and the $102,595.44 somebody else got meant the difference of my retiring or working two more years.
Now you know the rest of the story!