POWERBALL players have been urged to check their tickets as a $50,000 prize remains up for grabs.
The slip was bought at a 7-Eleven store in Cookeville, Tennessee – located around 80 miles from Nashville – ahead of a draw on January 11.
A Powerball ticket, worth $50,000, remains unclaimed[/caption]
Lotto chiefs revealed that the player had landed the prize after matching four numbers with the Powerball, according to the ABC affiliate WBBJ-TV.
The amount is the third highest standard prize in the game of chance.
In Tennessee, the player has 180 days to come forward and claim their prize.
This means the amount is due to expire in July this year.
Once the player comes forward, they will lose a significant chunk of their winnings.
They will have to pay 24% to the federal government.
But, the player will enjoy a reprieve not all Powerball gamblers enjoy.
This is because Tennessee lotto players are not taxed at the state level.
Tennessee is one of the few states that do not tax lottery players.
Meanwhile, New York taxes players more than 10%.
Other states that do not tax lottery winners include California, Florida, and Texas.
This is the same privilege that the Mega Millions player, who landed a $1.27 billion prize, will also enjoy.
The ticket holder, whose identity still remains a mystery, bought the ticket on December 27.
But, under California state law, their identity will not remain a secret forever.
A lottery player’s name is a matter of public record under California law.
But, they will lose millions of dollars if they come forward and take the lump sum option.
The player would follow in the footsteps of Edwin Castro, who won America’s largest-ever lottery prize in 2022.
Castro’s identity was known in February 2023, and he took home $997.6 million before tax.
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.
But, officials do not release any other identifiable information without a gambler’s permission.
Gamblers in New Jersey can also enjoy anonymity thanks to a 2020 law.
At the time, supporters said that the measure was designed to combat the so-called lottery curse.
“The winners should have the option of remaining anonymous if they want to stay out of the limelight and away from unwanted attention,” Steve Sweeney, who was the president of the New Jersey Senate at the time, said.
