When host Terry Crews congratulated Richard on his success, he also revealed to the audience that Richard would receive the huge cash reward that was announced from the beginning. While fans are excited about what Richard has managed to win by competing over the past few months, they may be surprised to learn that there is a big caveat to winning the $1 million dollar prize at the end of the season.

If fans paid close attention at the end of each season, AGT episode a disclaimer appears on the screen saying “the prize, which totals $1,000,000, will be paid in a financial annuity over forty years, or the participant may elect to receive the cash value of such an annuity.” So what exactly does this mean? Well, Forbes In 2016 it was possible to break it down, making it a little easier for people at home to understand.

As it turns out, the outlet made an intriguing finding at the time about whether a AGT winner actually wins the $1 million prize. According to the publication, if a winner decides to take the money in its entirety (also known as the “present cash value”), the winnings would only be about $300,000 after dividing it up to pay taxes. On the other hand, if the winner decides to spread the money out over four decades, the individual would receive $25,000 per year before taxes.

While there doesn’t appear to be any more current information on how much of the $1 million prize the AGT winner gets, it’s important to note that the winners have been able to earn a lot more money after winning the show. Season 11 winner Grace VanderWaal is currently starring in the 2024 film Megalopolisand winner of season 18 Adrian Stoica performed 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 this incredible during his run on America has talentWe can only imagine what else his future holds!

As an assistant to the editorial team of entertainment and news for Good housekeepingAdrianna (she/her) writes about all things TV, movies, music, and pop culture. She graduated from Yeshiva University with a BA in Journalism and a minor in Business Management. She writes about shows like The Rookie, 9-1-1 And Grey’s Anatomybut when she’s not binge-watching the latest series on Netflix, she’s practicing martial arts or drinking way too much coffee.