Va Lottery Biography
The Virginia Lottery gives top-prize winners of certain games a choice of cash or annuity. Installment winners receive: 26 equal yearly payments in Mega Millions, 30 yearly payments of $250,000 in Decades of Dollars, or 30 graduated payments in Powerball. (Virginia Lottery winners have a 60-day period to choose cash or annuity in the above three draw games.) When a Virginia Lottery top-prize winner of Powerball, Mega Millions, or Decades of Dollars is claimed, the Lottery purchases sufficient US Government bonds to cover the prize. If the cash option is chosen, the winner receives two payments; the first when the claim is made, and the second after the Lottery sells the US government bonds that were purchased to invest the prize proceeds.[22] The actual cash payment depends on the market value of the bonds on the date they are sold.[23] As winnings from gambling are considered an income, federal laws require the Lottery to withhold Federal Income Tax on all prizes (whether lump sum or annuity) over $5,000, further reducing the final payout to the winner.
Virginia Lottery sales are conducted by licensed businesses which receive a commission. Credit cards cannot be used to purchase Lottery tickets.[5] The Lottery offers a subscription service for Mega Millions and Win for Life (Decades of Dollars and Powerball subscriptions not yet available in Virginia) by automatic withdrawals from the subscriber's checking account.[24]On January 30, 2011, Virginia, Georgia, and Kentucky began sales of Decades of Dollars, which is drawn on Mondays and Thursdays; its first drawing was on February 3. (Arkansas joined on May 3.) Each game costs $2; players choose 6 numbers from 1 through 47. Any game matching at least two numbers wins. Matching two numbers (on a Virginia-generated ticket) wins a $2 quick-pick Decades of Dollars ticket; three numbers wins $10, four numbers wins $100. Matching five numbers wins $10,000; that prize pool has a liability limit of $250,000 across the four lotteries. (Two of the other three lotteries pay $2 cash instead of a free quick-pick.)
The top prize is $250,000 yearly in 30 equal installments ($7,500,000 total) or a cash option of $4,000,000. The top prize has a liability limit of $15,000,000 (annuity) or $8,000,000 (cash); these amounts are reduced if there are at least three top-prize winners in a given drawing across the four lotteries.
The Virginia Lottery gives top-prize winners of certain games a choice of cash or annuity. Installment winners receive: 26 equal yearly payments in Mega Millions, 30 yearly payments of $250,000 in Decades of Dollars, or 30 graduated payments in Powerball. (Virginia Lottery winners have a 60-day period to choose cash or annuity in the above three draw games.) When a Virginia Lottery top-prize winner of Powerball, Mega Millions, or Decades of Dollars is claimed, the Lottery purchases sufficient US Government bonds to cover the prize. If the cash option is chosen, the winner receives two payments; the first when the claim is made, and the second after the Lottery sells the US government bonds that were purchased to invest the prize proceeds.[22] The actual cash payment depends on the market value of the bonds on the date they are sold.[23] As winnings from gambling are considered an income, federal laws require the Lottery to withhold Federal Income Tax on all prizes (whether lump sum or annuity) over $5,000, further reducing the final payout to the winner.
Virginia Lottery sales are conducted by licensed businesses which receive a commission. Credit cards cannot be used to purchase Lottery tickets.[5] The Lottery offers a subscription service for Mega Millions and Win for Life (Decades of Dollars and Powerball subscriptions not yet available in Virginia) by automatic withdrawals from the subscriber's checking account.[24]On January 30, 2011, Virginia, Georgia, and Kentucky began sales of Decades of Dollars, which is drawn on Mondays and Thursdays; its first drawing was on February 3. (Arkansas joined on May 3.) Each game costs $2; players choose 6 numbers from 1 through 47. Any game matching at least two numbers wins. Matching two numbers (on a Virginia-generated ticket) wins a $2 quick-pick Decades of Dollars ticket; three numbers wins $10, four numbers wins $100. Matching five numbers wins $10,000; that prize pool has a liability limit of $250,000 across the four lotteries. (Two of the other three lotteries pay $2 cash instead of a free quick-pick.)
The top prize is $250,000 yearly in 30 equal installments ($7,500,000 total) or a cash option of $4,000,000. The top prize has a liability limit of $15,000,000 (annuity) or $8,000,000 (cash); these amounts are reduced if there are at least three top-prize winners in a given drawing across the four lotteries.
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