POWERBALL players have been urged to check their numbers after one ticket worth $2 million was sold.
Lotto bosses have issued an urgent appeal as no one has come forward to collect the winnings so far.
A Powerball ticket worth $2 million hasn’t been cashed in yet (stock)[/caption]
Connecticut chiefs revealed the slip was bought ahead of the Powerball draw on October 12, The New Haven Register reported.
It was purchased at the Sunoco fuel station, which is also a convenience store, in Windsor, located around 45 miles from New Haven.
The player managed to match five balls but just missed out on the Powerball, defying the odds of one in around 11.7 million.
Players that match five balls tend to receive $1 million, but an extra purchase saw the gambler double their sum.
They forked out an extra one dollar on the Power Play option.
The Power Play option multiplies the nonjackpot prizes by two, three, four, five, or 10.
The ticket holder has until April 10 to come forward and collect their prize.
Powerball winners have between 90 days and one year to claim their winnings, depending on the state where the ticket was bought.
No player managed to scoop the jackpot on Saturday night, which means it has rolled over.
It now stands at an estimated $388 million and has a cash value of $186.7 million.
But any jackpot winner faces a choice on how they want to receive their prize.
Most lotto players decide to receive their prize in one swoop and take a lump sum.
But, some can see as much as half of their fortune wiped away before even walking away with a dime.
For instance, Edwin Castro won a $2.04 billion jackpot, but the amount had a cash value of $997 million.
And that was before he was hit with federal taxes on his fortune.
Lotto winners who win more than $5,000 must pay the Internal Revenue Service a rate of 24%.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
Then, the state may collect a portion of their winnings on top of that.
Castro was rather fortunate as California is among the states that do not tax lotto winnings.
States such as Florida and Texas do not tax lottery winnings.
However, in New York, for instance, gamblers pay the state a rate of 10.9%.
Players in Maryland and the District of Columbia must pay a state tax rate of 8.9% and 8.5% on their fortune.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan, and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.
