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ONLY days remain for an unidentified Powerball winner to come forward and claim their multi-million-dollar payday.
Failing to validate the ticket by the looming deadline would result in the life-changing money being forfeited.
The money will be forfeited if the player doesn’t come forward in time[/caption]
Texas Lottery officials are desperately searching for the unknown ticket holder, who won $2 million in the Powerball draw on April 10 this year, per CBS Austin.
Results for the drawing showed the five white balls of 6, 7, 12, 24, and 36, along with a red Powerball of 15.
The player matched all five white balls with their Quick Pick ticket and elected the Power Play option, doubling their prize to $2 million.
Ryan Mindell, executive director of the Texas Lottery, confirmed the ticket was purchased at a C Mart convenience store in Austin.
He urged players who frequently play at the establishment to double-check they aren’t sitting on millions.
“We encourage our Powerball players to take another look at their tickets, and if your numbers match, sign the back of the ticket before claiming your prize at a Texas Lottery claim center,” Mindell told the outlet.
“We hope to celebrate the Texas Lottery player who became a $2 million prize winner.”
Texas Lottery rules allow a 180-day window for players to claim prize money.
TICK-TOCK
The $2 million Powerball win from April 10 would expire on October 7, a fast-approaching date.
Should the unidentified winner either not head to a lottery claim center or mail in their ticket by the deadline, the money will be re-distributed elsewhere.
The $2 million will be instead put into state programs decided on by the Texas legislature, per the Houston Chronicle.
Assuming the player does make it by October 7, they’ll be faced with a difficult decision — how to collect the prize money.
US lottery players always have a choice between taking the cash in a one-time lump sum distribution or receiving it through annuity payments over several years.
Some lawyers recommend the annuity payment option to ensure financial security should mistakes be made with a portion of the funds.
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.
TAKE IT ALL
Still, many elect the lump sum with intentions to invest a portion, donate it, or use it for other purposes.
The lump sum option does have a significant and immediate taxation.
The federal government always imposes a 24% tax on all lottery winnings above $5,000.
States determine their rates, but fortunately for Texas players, there is none, as there is no state income tax.
Considering the federal rate, about $480,000 would be instantly taken out of the $2 million Powerball win.
That still leaves about $1.52 million left over for the player, a significant return on their investment.
Several tickets worth similar amounts remain unclaimed in other states.
Officials in Illinois are looking for a $1 million Powerball winner after it was bought at a gas station in Chicago.
A $50,000 prize also has no confirmed winner in New York as the clock ticks toward the deadline to claim the money.
