A MAN snagged a life-changing sum on a whim while returning orange juice to his local grocery store.
The New Jersey resident made the drink exchange at the behest of his partner to save money.
Tayeb Souami (pictured) won $315 million after returning orange juice[/caption]
The man purchased a jackpot-winning Powerball ticket while at the store (stock image)[/caption]
Little did Tayeb Souami, 62, know that his decision to buy a Powerball lottery ticket while at the store would resolve any financial issues the couple and their family had, per Indy100.
In the spring of 2018, Souami was an accountant for a food importer and recently fe-financed his residence with his wife to help pay college tuition for their two children.
Their budget was kept to a minimum to afford everything, and his wife spotted the $5 carton of orange juice Souami had bought on the receipt after a trip to ShopRite in May of that year.
According to Souami, she told him it was “too expensive” and so he took it back to the retailer.
While waiting in line, he noticed that the Powerball jackpot had risen, and decided to use the refunded $5 to pay for two lottery tickets instead.
Souami later forgot about the decision until he took his car for a wash at 7-Eleven and remembered that he should check his tickets, bought for the drawing on May 19, 2018.
SCAN SURPRISE
He used a self-scanner, with the first ticket not being a winner.
The second, however, prompted an alert that read “must be seen by the retailer.”
Souami figured it was some sort of mistake, and went to the cashier for assistance.
“Oh my god, oh my god,” the cashier replied, telling the 62-year-old that he’d won “very big.”
Souami had won the $315 million Powerball jackpot.
“I love orange juice now,” the father-of-two joked while speaking at a press conference about the unbelievable win.
He told New Jersey Lottery officials that the couple would first and foremost using the funds to fully support the university education for his son, 20, and daughter, 17.
Additionally, they didn’t see all of the $315 million.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
FUNDS FORFEITED
Like with all lottery winners, Souami was presented with the option of getting the money all at once through a lump sum distribution or split up over time through annuity payments.
He elected the lump sum, which has significant tax implications.
The federal government always imposes a 24% tax on lottery wins over $5,000.
States determine their own rates, and New Jersey’s is 8% for wins over $500,000.
That means about $99.2 million was taken out before Souami saw any cash.
He really walked away with around $210.8 million, which more than covered the orange juice and many future orange juice purchases.
A recent winner in Washington nearly missed out on a $409 million jackpot by one number, but still walked away with $1 million.
There’s also a man who claims he hasn’t seen a single cent of a $44 million Powerball jackpot win in California.
