Recently updated on February 12th, 2021
You will have to decide how you want to get paid out your million dollars. Your options include getting the money paid out in full after paying tax or get it as a fixed annual sum. Most casinos prefer to pay it out as a fixed annual sum.
However, before you can even be presented with these options, you will have to wait hours before you get your winnings. It is because the casino will have to verify your win as legit. As in, nothing was tampered with, and this takes some time.
Verifying Your Win
If you have won the million playing a slot machine, the casino will get the manufacturer representative to check the machine and verify that nothing was tampered with. The machine has to be in good working condition for the casino to payout.
Once your winning is verified to be legit, they will take you to the office, where you will have to fill out the W2(G) form. The form is for paying taxes on your winnings.
As we have mentioned, most casinos prefer to payout in a fixed annuity sum. This means that you will get your million dollars payout for a certain number of years. What’s more, this option allows you to accumulate interest over time. You will also only pay tax when you get the money monthly, and it will be less than when you opted for the large sum payout.
Million Dollars Lump Sum Payout
Getting a lump sum payout is also an option that you have after winning million dollars. However, you get a very steep tax cut from your winnings. If you don’t mind the cut, then you can request the lump sum payout. Casinos usually discourage lump sum payouts because they believe it can make for poor spending habits.
The casino will give you 90 days to decide which option you want to go with so that you don’t feel rushed to make a decision. However, during that time, the casino will invite you to their events and get you to be interviewed by the media. Should you not want to participate in that, you can decline the offer to do so.