If host Terry Crews congratulated Richard on his success and also revealed to the audience that Richard would receive the huge cash prize that was announced from the beginning. Although fans are excited about what Richard has accomplished through his competition over the past few months, they may be surprised to learn that there is a major caveat to winning the $1 million prize at the end of the season.

When the fans at the end of each AGT As a result, a disclaimer appears on the screen that reads:The total prize money is $1,000,000 and will be paid out as an annuity over forty years. Alternatively, the participant can receive the cash value of this annuity..” So what exactly does that mean? Well, Forbes In 2016, we managed to break it down so that it was a little easier for people at home to understand.

As it turned out, the outlet at the time explained a fascinating discovery about whether a AGT The winner actually wins the $1 million prize. According to the release, should a winner decide to take all of the money (also known as the “cash value”), the winnings would only be about $300,000 after splitting it up to pay taxes. On the other hand, should the winner decide to split the cash payout over four decades, the person would receive $25,000 per year before taxes.

Although there seems to be no more recent source on how much of the $1 million prize money of the AGT winners, it is important to note that the winners were able to earn a lot more money after winning the show. Season 11 winner Grace VanderWaal is currently starring in the 2024 film Big cityand winner of the 18th season Adrian Stoica appeared with his dog hurricane during the America's Got Talent presents: Superstars Show in Las Vegas at the end of January.

If Richard could be so incredible during his run America's Got TalentWe can only imagine what else the future holds for him!

As editorial assistant for entertainment and news at Good housekeepingAdrianna (she/her) writes about all things television, movies, music and pop culture. She holds a BA in Journalism and a minor in Business from Yeshiva University. She reports on shows such as The Rookie, 9-1-1 And Grey's AnatomyBut when she's not watching the latest series on Netflix, she's doing martial arts or drinking way too much coffee.