Anthony Carullo did what every scratch ticket buyer dreams about. The Saugus resident hit a $1 million prize on the Massachusetts State Lottery’s $25,000,000 “Mega Money” instant ticket, then skipped the long haul and took the cash option, a one-time payment of $650,000 before taxes. Instead of planning a spending spree, he says he wants to put the money to work and invest it. The lucky ticket was bought at Dicks Variety North at 2 Main St. in Salisbury, which will collect a $10,000 bonus for selling the winner, as per Boston 25 News.
Winner plans to invest
Carullo told lottery officials he intends to invest the windfall rather than burn through it, according to Boston 25 News. He chose the lump sum instead of an annuity, a move that immediately turned his ticket into a six-figure payout before taxes. Lottery officials also confirmed the Salisbury store where the ticket was sold along with the $10,000 retailer bonus.
How the Mega Money game pays out
The $25,000,000 Mega Money scratch ticket is structured with multiple million-dollar prizes and gives winners a choice between long-term annuity payments or a smaller, immediate cash option. Earlier winners of the same game have made the same call Carullo did, opting for the cash and receiving roughly $650,000 up front, as reported by CBS Boston. A summary of the game’s launch outlines the mix of prizes and the odds, which helps explain why so many winners lean toward the lump sum.
Taxes and next steps for winners
Lottery jackpots may feel like free money, but the tax man still shows up. Winnings are taxable and must be reported as gambling income. The IRS requires payers in many situations to issue Form W-2G, and the agency notes that gambling income is taxable and can trigger estimated tax payments when someone takes a large lump sum. Many winners bring in tax and financial advisors to help with withholding, reporting and investment planning so that a big score does not turn into a big headache at filing time.
Retailer bonus and the local ripple
Dicks Variety North will pick up a $10,000 bonus for selling the winning ticket, according to Boston 25 News. Big wins like this tend to give neighborhood shops a short-lived but welcome bump in customers. Hoodline observed that a Turners Falls convenience store drew a noticeable local surge in traffic after another Mega Money headline. For current prize counts, remaining tickets and claiming rules, players are advised to stick with official Massachusetts Lottery channels.
Carullo’s choice to invest rather than splurge lines up with a recent pattern among Mega Money winners and highlights the reality that seven-figure prizes come with fast financial and tax decisions. Lottery officials confirmed the payout to local media after he stepped forward to claim his prize.
