A MEGA Millions jackpot has yet to be claimed, and time is running out for the winner to come forward.
Players are urged to double-check their lottery tickets before the $1 million prize is gone for good.
A Mega Millions winner still hasn’t come forward to claim a $1 million prize[/caption]
The lucky player only has days left to claim the cash before it’s gone[/caption]
Lottery officials in Texas have been desperately searching for the unidentified resident with the ticket.
It was purchased earlier this spring for the March 19 drawing.
Numbers shown for that drawing were 24, 46, 49, 62, and 66, with a Mega Ball of 7.
The lucky player matched all five numbers perfectly, narrowly missing the Mega Ball and earning a prize pot total of $1 million, per CBS affiliate KHOU.
The Texas Lottery advised those who frequent the All-Season Food convenience store in Houston to take a second look at lottery tickets they may have bought and kept from March.
Given that the Texas Lottery only allows 180 days for a lottery winner to come and claim their money, time is running out for the Mega Millions player.
The 180-day mark would be September 15, but because that date falls on a Sunday, the player must claim the prize two days earlier on Friday, September 13.
Rules from the Texas Lottery also require that any player who wins $600 or more come in person at a claim center to obtain the prize or do it by mail.
SWEET SECRET
Given that the win is $1 million or above, the Texas player can also remain anonymous if they wish, per The Hill.
States have differing rules about lottery winners’ anonymity.
If the March 19 winner doesn’t come forward in time, they will forfeit the $1 million.
The money will instead be re-distributed to Texas state programs for the benefit of residents, according to The Houston Chronicle.
Assuming the player does make it in time, they will face the most crucial decision of the lottery winning process — how to collect the funds.
All lottery winners are given the option to get the cash through a one-time lump sum distribution or annuity payments over several years.
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.
TAX TAKEN
Many elect the lump sum because they get the entire prize pot immediately, among other reasons.
Still, the $1 million is taxed heavily.
The federal government imposes a 24% tax on all lottery winnings above $5,000.
Texas, fortunately for the winner, does not have a tax on lottery winnings, unlike many states.
With the federal tax alone, about $240,000 will still be taken from the $1 million prize pot, leaving them about $760,000.
That’s still a significant return on investment for the price of the Mega Millions ticket.
Other prize pots worth considerable sums remain unclaimed in a few other states.
A trio of Powerball tickets worth a combined $1.25 million are still unclaimed in Pennsylvania and will expire soon.
Lottery officials in Iowa are also searching for a $1 million Powerball winner before it’s too late.
