Lerynne West had an incredible stroke of luck when she won a massive amount of money in the lottery. But things didn't go easily for her.
She had to make an important choice that had a big impact on her prize.
The lottery winner forced to make a decision receives less than half of the $343.9m prize
Lerynne, hailing from Dexter, Iowa, was one of two fortunate individuals who won the Powerball jackpot drawback in 2018, which amounted to a massive $700 million.
However, what many lottery winners may not realize is that a significant portion of their winnings is subject to federal income tax.
In Lerynne's case, she was forced to choose between two options for receiving her prize money.
The first option was to accept an annuity worth $343.9 million, which would be paid out in 30 graduated payments for 29 years, with a federal withholding of 24 percent and a state withholding of five percent.
In contrast, she could opt for a lump sum payment of $198.1 million, which would amount to approximately $140.6 million after taxes.
Faced with this difficult decision, Lerynne eventually chose the lump sum payment.
Even though Lerynne West received a large sum of $130.6 million, which can provide financial security for her and her family, it's natural to imagine the possibilities if she had received the full prize amount.
The way Lerynne found out about her lottery win is truly amazing.
She bought the ticket accidentally while grabbing a snack at a nearby gas station the day before the draw.
The following day, her friend called, saying that someone from Iowa had won. Lerynne then remembered her ticket, but couldn't find it at first as she had left it in her friend's truck.
She eagerly waited for confirmation, hoping for good news.
Finally, her friend sent her a photo of the ticket, confirming her incredible luck.
She checked the numbers on the official lottery website, and to her amazement, they matched perfectly. Lerynne couldn't believe her eyes when she saw the word "Jackpot" displayed on the screen.
Despite receiving less than half of the full prize amount due to deductions, Lerynne and her family still enjoy their remaining money.
In addition to securing their financial future, Lerynne decided to use her winnings for a noble cause.
She established a charity called the Callum Foundation in honor of her grandson, who tragically passed away shortly after birth.
The foundation aims to provide grants to individuals and organizations, focusing on areas such as poverty and hunger, education, animal welfare, and veteran affairs.
