The clock is ticking for a fortunate lottery winner who bagged a staggering multi-million dollar jackpot.
A Lotto participant claimed an impressive $6.3 million prize earlier this week but has yet to take the next steps to claim their winnings.
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The winning ticket was drawn on March 19, marking an incredible feat against odds of one in 3.5 million to secure the grand prize.
However, as soon as the winning combination was revealed, the deadline for claiming the prize commenced.
According to state regulations, the winner from St Louis, Missouri, has 180 days from the drawing date to claim their award.
This means the unidentified winner has until September 15 to step forward.
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Failure to do so means they will forfeit the winnings permanently.
Lottery authorities state: “Any prize money that remains unclaimed after 180 days following the draw date of the last winning play of a ticket will be allocated to support Missouri public education.”
Having won this life-changing amount with just a $1 ticket, losing it is simply too great a risk.
Here’s what you need to know in case you are the lucky winner.
The ticket was acquired at the Rocket gas station situated at 463 Hawk Ridge Trail, Lake St Louis.
The winning numbers are: 05, 08, 30, 32, 39, 40.
If you do win a jackpot, officials advise players to sign the back of their physical ticket (if they have one), keep it secure, and maintain discretion about their win.
The winner must then arrange an appointment with the Missouri Lottery Office, where they will decide whether to receive their winnings as annual payments over 24 years or as a lump sum.
Both options will be subjected to state and federal taxes, with the lump sum typically amounting to about half of the total advertised prize.
Those opting for the cash choice only have 60 days from the drawing date to make their selection.
Lottery winnings: lump sum or annuity?
Winners of significant lottery prizes usually face a critical decision: lump sum or annuity?
The two payout alternatives can greatly affect the final amount received from the prize.
Annuities distribute payouts gradually, often over a span of 30 years.
A lump sum provides immediate access to all funds, albeit a reduced total due to taxes being deducted upfront. This means 24% of the prize is immediately allocated to taxes and other state taxes may also apply.
Annuities can give winners time to establish the necessary financial structure to manage a transformative sum of money, while lump sums are taxed only once.
When considering these options, inflation should also be taken into account, as annuity payments do not adjust for inflation, potentially resulting in lower value at the end of the period.
Each state and game has unique payout methods, so checking with the local lottery for specific payment guidelines is advisable. Consulting a financial advisor can also support decision-making regarding which option is best.
Experts have differing views on whether to accept the lump sum or opt for the annuity.
Missing this deadline could mean being locked into annual payments instead.
In the meantime, a Powerball player has a mere few days left to claim their $100,000 prize.
Officials have issued an urgent three-step notice in a bid to assist the winner in claiming their funds.
The fortunate player won during a draw on March 23, 2024, and must come forward by today.
All Powerball participants in Illinois are encouraged to search through old pockets and secure locations for the winning ticket, as well as checking any digital ticket versions.
The winning numbers are: 06, 23, 25, 34, 51, and Powerball 03.
Meanwhile, Rosemary Casarotti has been identified as the winner of the $1.2 billion Mega Millions jackpot, though she immediately lost half of her winnings.
