Walmart shopper still sitting on unclaimed $138m Powerball ticket – the money will disappear in weeks
A $138 million reward has yet to be won, warning POWERBALL players to check their tickets.
On July 3, the winning slip was purchased from a Huber Heights, Ohio, Walmart shop.
Lotto officials have repeatedly called for the winner to come forward, but they haven’t done so yet.
However, according to the NBC station WDTN, there is not much time left since the deadline to come forward is December 30.
The ticket holder will be faced with a dilemma if they come forward.
They have the choice of receiving their prize in the form of an annuity or a lump payment.
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If the gambler chooses to take the lump payment, they might wind up with an incredible $65.8 million.
Edwin Castro and other lottery winners have chosen this choice, which is by far the most popular.
However, if the winner chose this course of action, they would ultimately be burdened with taxes.
The federal government would require them to pay a rate of 24 percent.
The Ohio state would then deduct 4%.
Players who win more over $600 must pay the rate.
Mega Millions warning as $1.1bn prize still remains unclaimed and the ticket was bought at a chain store (1)
After a sizable portion of their prize immediately vanishes, players are required to pay both federal and state taxes.
However, it is not the highest tax rate that US lottery participants must pay.
For example, in New York, gamblers are required to pay the state over 10%.
In contrast, states like Texas, Florida, and California do not impose taxes on lottery winnings.
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.
Annuity payments are made over several years, with each installment progressively rising in value.
Financial gurus say it is better to go with the latter choice.
Wealth advisor Robert Pagliarini told The U.S. Sun that lottery winners will benefit more in the long run by opting for the annuity.
He cautioned participants that if they accept the lump sum, they must make their award endure.
Additionally, if they start making mistakes, they won’t have much space to move around.
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Jared James, an accountant and co-founder of the lottery algorithm Lotto Edge, shared this opinion.
He clarified that when the pot of money is lower, it is simpler for victors to turn down demands for cash.
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.
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 totake the lump sumortake the annuity.
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