LOTTERY players have been asked to double-check their tickets as time runs out to claim a Powerball prize from this summer.
The unidentified winner could lose out on the six-figure payment if they don’t come forward soon.
Lottery officials are looking for a Powerball winner from June (stock image)[/caption]
The unidentified player won $100,000 (stock image)[/caption]
Minnesota Lottery officials confirmed that the ticket was purchased for the drawing on June 24, 2024, per its website.
The digits selected were 05, 06, 36, 53, 69, and a red Powerball of 08.
Given the prize amount was $100,000, the unknown Minnesota resident must’ve matched four of the five white balls and the red Powerball.
Additionally, they must’ve elected for a Power Play 2X to double what would’ve been only a $50,000 prize.
Officials also confirmed that the ticket was bought at a Speedway gas station in White Bear Lake, about 16 miles northeast of Minneapolis.
Minnesota’s claim window for the lottery is more generous than some, fortunately for the player.
Every winner is allotted a year from the draw date to claim a win.
That means the unidentified winner has until June 24, 2025, before the money vanishes.
ENVIRONMENTAL BENEFIT
Should the player not claim the win by the date, the $100,000 will be redistributed into state programs that benefit Minnesota’s environment.
That would include “parks and trails, clean water research, habitat protection [and] even cool things like outdoor programs for kids,” per what Marcus Starr with Conservation Minnesota told CBS News.
Assuming the unidentified June 24 winner does make it in time, they’ll first need to sign the back of the ticket.
Then, considering the amount won is well over $50,000, they must head in person to Minnesota Lottery headquarters to verify it.
They’ll then be presented with two options of how to receive the cash — a one-time lump sum distribution or annuity payments split over several years.
There’s considerable debate over whether the lump sum or the annuity payments are a better option.
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.
TAXING TIME
Some lawyers believe that it allows for insurance should winners make a financial mistake because they’ll still have money coming in the following year.
There’s also the argument that the lump sum offers ample investment opportunity to make even more, which attracts many players.
If the Minnesota player chooses the lump sum, they’ll face significant tax deductions.
The federal government takes 24% out of all lottery winnings above $5,000, and states make their percentages.
Minnesota’s is 7.25%, meaning a whopping $15,625 would be taken out of the prize pot, leaving the player with $34,375 in their pocket.
The more you win, the more is taken out, as some other lucky players recently discovered.
A scratch-off winner in New York who recently won $1 million had to fork over $544,000 immediately because of taxes.
Similarly, a $2 million Powerball player also lost $775,000 instantly.
