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MEGA Millions players have been urged to double-check their tickets as a $1 million prize is still up for grabs.
The winning slip dates back to a draw in August and was bought at a gas station in Ohio.
A Mega Millions prize worth $1 million is up for grabs[/caption]
The slip was bought at a gas station[/caption]
The gambler bought the ticket at a Speedway fuel station in Mentor – located around 25 miles from Cleveland – ahead of the August 6 draw.
They matched five numbers but agonizingly missed out on what was a $358 million jackpot at the time.
The Mega Millions jackpot has since risen to an estimated $579 million, with a cash value of $276.6 million.
Ohio lotto chiefs have warned there is a race against time for the player to come forward.
They must claim their prize by February 2, or it will disappear forever.
Lotto players in Ohio have 180 days to come forward and collect their winnings from the date of the draw.
Mega Millions players in most states have 180 days to come forward, but some have up to a year.
Players in New Mexico, for instance, only have 90 days to claim their prizes.
The Mega Millions sum is not the only unclaimed prize in Ohio.
A Powerball prize worth a whopping $138 million has not been claimed.
The ticket was bought at a Walmart store in Huber Heights before a July draw.
The deadline for the player to come forward is December 30.
But, the two winners will be hit with two types of tax on their respective prizes.
Winners who scoop over $5,000 must pay a federal tax rate of 24%.
Then, they will be hit with a state tax of 5.75%.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery 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.
The tax gamblers in Ohio are charged is not the highest levy in the country.
In New York, players must pay the state a rate of 10.9%.
But, in California and Florida, they do not have to pay a tax on their winnings.
The amount of tax players have to pay is one disadvantage of taking the lump sum option.
This is because jackpot winners are set to be propelled into the highest tax bracket.
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.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
