The Stanly News and Press (Albemarle, NC)

Regional

January 6, 2014

Rocky Mount man starts 2014 with $1 million Powerball prize

Lower state income tax rate means winners take home more

Monday, January 6, 2014 — RALEIGH – Rocky Mount resident James Mullins began 2014 by claiming a $1 million Powerball prize.

Mullins matched all five white balls but not the red Powerball in the Dec. 28 drawing and claimed his prize on Thursday. His lucky Quick Pick ticket, which beat odds of 1 in 5.1 million, was sold at Fuel Doc #3 on U.S. 64 Alternate West in Rocky Mount. After state and federal taxes were withheld, Mullins received a check for $692,000.

Mullins was the first $1 million lottery winner of the New Year to benefit from lower state income tax rates. Under state law, the lottery now withholds 5.8 percent of prizes that are $600 or greater for state incomes taxes. Previously, the lottery withheld 7 percent. The withholding rate for federal income taxes, which applies to prizes of $5,000 or more, will remain at 25 percent.

The change means that all lottery winners of $600 or more will take home more of their winnings. For a winner of a $1 million prize, the change means an additional $12,000.

Since the lottery began through June 30, 2013, Edgecombe County education programs have received more than $18.2 million in lottery funds. For more information on how lottery funds benefit education, click on the “Where the Money Goes” tab on the lottery’s website.

As of September 2013, the N.C. Education Lottery has raised more than $3 billion for education.

 

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