America's Got Talent finalist, Shin Lim, was crowned season 13's champion in a very close race against Courtney Hadwin, Brian King Joseph, Zurcaroh, and six more talented contenders this week. Now that Shin is the official winner, he'll get to headline America's Got Talent Live at the Paris Theater in Las Vegas for three nights this November. But the other part of the deal — winning $1 million — isn't quite as sweet as it sounds.
As IHeartRadio and many other publications have pointed out, at the end of every AGT episode, a fine-print disclaimer on the screen says: "The prize, which totals $1,000,000, is payable in a financial annuity over forty years, or the contestant may choose to receive the present cash value of such annuity."
In other words, if Shin Lim chooses the first payment option, he should receive about $25,000 a year for the next 40 years. But, of course, this doesn't mean he won't be free from taxation. After accounting for the taxes, he'll reportedly collect a lot less than the $1 million touted on the show. And even if Shin wants the second option, he'll pocket an estimated $150,000 to $200,000.
Of course, a prize is still a prize (and a good chunk of change is still a good chunk of change). Shin Lim should be ecstatic about his accomplishment and the exposure he received from being on the show. Plus, beyond his three-day stint in Vegas, Shin has also secured a spot in The Illusionists starting this November.
Although he may not get $1 million upfront, his growing success might just make him a millionaire down the road.
