Chicago Man Finds $9 Million Winning Lottery Ticket in His Tax Folder

Irvin Przyborski went to do his taxes and discovered a $9 million winning looter ticket he purchased a year ago. If only preparing your tax returns was this awesome for everybody!

Chicago Tribune reports:

Last year, Przyborski was putting his tax papers into a file. Somehow, he said, one of the Lotto tickets he bought March 24, 2010, which turned out to be a $9 million winner, slipped into the folder. He didn't even miss it.

It wasn't until he reopened the file this month that he found the ticket, took it to the store and discovered that it was a winner. Przyborski contacted an attorney, who then called the Lottery on March 15 to claim the prize, said Lottery spokesman Tracy Owens.

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Lottery Winnings are Income, not Capital Gains

According to LotteryPost.com the US Tax Court has ruled that lottery winnings are ordinary income, not capital gain. Two Florida lottery winners attempted to keep more of their winnings by claiming their lump sump pay-outs as capital gain. Capital gain is taxed at a much lower rate than ordinary income. The court cited "extensive precedent" and determined that lottery winnings are ordinary income, not capital gain. For more information you can click here.