America’s Got Talent fans, it’s time to congratulate the season 20 winner, Jessica Sanchez!
After weeks of tuning into the latest installment in the NBC competition series, fans got to see Jessica take it all during the September 24 finale. With judges Simon Cowell, SofÃa Vergara, Mel B, and Howie Mandel guiding the audience with the acts vying for the top spot, it didn’t come as a shock when Jessica eventually made it to the top 3.
In the end, Jessica’s talent was unmatched, and she beat out Chris Turner and Jourdan Blue to receive the $1 million prize.
Now, fans may remember, host Terry Crews had been teasing the large sum of money for the winner right from the beginning of season 20. And while viewers are ecstatic about Jessica’s AGT season 20 win, they may be shocked to learn she won’t actually be receiving the $1 million prize that was promised.
When Good Housekeeping reached out to AGT’s reps about the price money, a member of the team exclusively shared that a disclaimer flashes on the screen: “The prize, which totals $1,000,000, is payable in a financial annuity over 40 years, or the contestant may choose to receive the present cash value of such annuity.”
So how much does that actually equal? Well, Forbes answered this question back in 2016, as the outlet took the time to break down how much money the $1 million AGT prize is actually worth.
At the time, the publication wrote that should the winner choose to take the cash prize in its entirety (the publication called it the “present cash value”), then the overall sum of the earnings would only be worth an estimated $300,000 after paying taxes.
On the flip side, if the winner chooses to split the cash and have it paid over four decades, then the $1 million would be divided into 40 and be paid out in installments of $25,000 per year before paying taxes.
Once again, congrats to Jessica!
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