Powerball prize worth $1 million remains unclaimed – and the winning slip was sold at a grocery store

POWERBALL players have been urged to check their tickets as a $1 million prize still remains up for grabs.

The ticket was bought ahead of the draw on January 25.

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A Powerball prize worth $1 million remains up for grabs[/caption]

Powerball chiefs confirmed the gambler purchased the slip from a GasGo Market store in Helotes – located around 275 miles from Fort Worth.

And, they managed to defy odds of around one in 11.6 million to land the prize.

They managed to match five numbers, meaning they just missed out on the grand prize by a single number, per the Fort Worth Star Telegram.

The clock has started ticking as the player has 180 days to come forward and claim their prize from the date of the draw.

As the winner will pocket more than $5,000, they will have to pay 24% in tax to the federal government.

But, as the ticket was bought in Texas, the winner will not have to pay any state taxes on their windfall.

This is because Texas is one of the few states that doesn’t tax lotto players at the state level.

The rule also applies to winners in states such as California and Florida.

No players managed to win the Powerball meaning the prize has rolled over.

It now stands at an estimated $56 million and the next draw will take place tonight – Monday.

Bosses revealed the prize has an estimated cash value of $24.9 million.

This year there has also been one winner of the Powerball lottery.

The ticket was bought by a player in Oregon and they are set to scoop a $328 million windfall.

But, they will face a choice on how they want to receive their prize.

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.

They’ll be able to claim their prize in one swoop and take the lump sum route, or they will be able to pocket smaller yearly payments.