Anonymous Powerball player sitting on unclaimed $256m ticket – but they risk losing millions when they come forward
Since a $256 million reward has not yet been claimed, POWERBALL participants have been advised to review their numbers.
Prior to the draw on December 7, Lottobosses disclosed that the winning slip was offered for sale at a Queens, New York, supermarket.
According to the lottery company, the event was the first time in four years that a player in the Empire State has won the prize.
The Powerball draw on Saturday was the first time it had been won since a player in Georgia won $478.2 million in October.
This year, the Powerball jackpot has been won nine times.
Powerball claims that this achievement hasn’t been witnessed since 2018.
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Despite matching all six of the draw’s numbers, the New York ticket holder has not yet come forward.
They will next have to decide how they would like to get their gift.
They have the option of taking the annuity or receiving their prize as a lump payment, which is estimated to be worth $123.5 million.
The $256 million will be distributed over 29 years under the annuity.
Before pocketing yearly checks, the gambler would get one installment.
The amount of their yearly checks would rise by five percent.
Lottery officials urging players to check their ticket after $100,000 prize goes unclaimed
If the player selects the lump sum, the award will be reduced by more than $100 million.
However, that is a pre-tax deduction.
After that, the player will be subject to federal taxes at a rate of 24%.
However, their winnings can push them into the highest income tax rate.
Top lottery winners in the US
Millions of people hope to win the lotto and become famous and wealthy. These are the largest lottery winners in US 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.
That would remove an additional 13% from the total.
The player does not receive a respite because New York has one of the highest state taxes on lottery winnings.
The state levies a 10.9% levy on players.
Maryland, Washington, DC, Oregon, and New Jersey all have lottery taxes that exceed 8%.
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In the meantime, lottery winners in California and Florida do not pay state taxes on their wins.
There is also a state-level amnesty for gamblers in states like Tennessee, Texas, and Washington.
Lottery winnings: lump sum or annuity?
When lottery players win large sums of money, they usually have to decide between an annuity and a lump payment.
The amount of money you receive from your reward may vary depending on the two payout options.
Annuities typically pay out over a 30-year period in gradual increments.
Because taxes are withheld all at once, lump sum payments are made all at once but in smaller amounts. In other words, Uncle Sam immediately receives 24 percent of your award. Winnings are also taxed in many states.
While lump amounts have the advantage of just being taxed once, annuities can provide winners time to build up the financial infrastructure needed to receive a life-altering quantity of money.
When choosing, it’s also important to take inflation into account because distributions don’t change in value with the dollar. This implies that when an annuity comes to a conclusion, you will probably receive less valuable money.
It’s best to confirm payment terms with your state lottery as each state and game has distinct prize payout policies. You can evaluate the advantages and disadvantages of each choice with the assistance of a financial expert.
There are differing views among experts over whether to take an annuity or a lump sum.
Do not forget to gamble sensibly.An individual who gambles responsibly is one who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn t gamble if they re upset, angry, or depressed
Visit the National Council on Problem Gambling online or give the National Gambling Helpline a call at 1-800-522-4700 if you or someone you know is battling with a gambling addiction.
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