Overjoyed dad runs out of house after winning $5.4M lottery

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VAN BUREN COUNTY, Mich. (KTTV) - A wife and daughter turned to look at each other in confusion after dad ran out of their home and down the street. Turns out, their old man may have just made the family up to $5.4 million richer by winning the lottery!

The backstory:

According to the Michigan Lottery, a 43-year-old man from Van Buren County found out he had won a winning lottery ticket worth about $5.46 million.

The new left him feeling so excited that he made a beeline out of the family's home and ran down parts of the neighborhood. Meanwhile, back at the house, his wife was confused.

"My wife didn’t know what was going on, so my daughter said to her: ‘I think dad just won the Lottery!’ Winning a prize like this feels unreal and is still sinking in," the Michigan dad said, who asked to be anonymous in the Michigan Lottery website.

He told lottery officials he bought it at a Speedway gas station on a whim.

"When I saw the jackpot was over $5 million, I told my family: ‘That money is going to be mine!’" he said.

The dad told lottery officials that he will use the money on helping the family.

HOW MUCH DO YOU WIN AFTER TAXES?

There are millions of reasons to dream, especially what you would do with the jackpot money. However, one thing all lottery winners have to take into account is the fact that their prizes will be taxed.

So how much do you really get after taxes?

It depends on a couple of factors: do you have to pay state taxes where you live? Will you take the lump sum payment or the annuity payout?

According to Mega Millions' website, those electing to take the annuity option get one immediate payment followed by 29 annual payments. Powerball follows an identical process for paying out its jackpot winners.

RELATED: Powerball payout calculator: How much would you get after taxes if you won?