LOTTERY officials are hunting for two players sitting on $1 million wins.
The clock is ticking for them to come forward and claim the money, which could vanish soon.
Lotto officials are hunting for two players sitting on $1 million wins[/caption]
The lucky ticket holders in Idaho and Virginia have limited time to claim their $1 million prizes as the tickets will expire in two weeks.
The ticket in Virginia won the state’s New Year’s Millionaire Raffle, drawn on January 1 this year.
It was purchased at the Food Lion at 30 Windward Drive in Fishersville.
The Idaho ticket is from last winter‘s Idaho $1 million Raffle.
It was bought by the winner from an Idaho Lottery retail location in Star, roughly 24 miles from Boise.
Both winning tickets are set to expire on Monday, June 30, at 5pm EST in Virginia and 5pm MDT in Idaho.
If neither of the tickets are claimed, they will be deemed “worthless”.
This is because, by law, officials in those states will be unable to pay the prizes.
Unclaimed prizes in Virginia go to the state’s literary fund, meanwhile in Idaho they go to the state’s lottery beneficiaries.
POWERBALL PUSH
The US Sun also reported on another push to find lotto players sitting on a cash prize.
Multiple Powerball players have winning tickets worth $50,000 that need to be cashed in at various points.
The first one was won at a draw held in Urbandale, Iowa, in late December.
The winner needs to come forward by June 26, 2025, to claim the prize, and if they don’t, it will be forfeited.
The second ticket was won in Davenport, Iowa, in early March, but there is more time to claim this one.
This player has until August 28, 2025, to come forward and claim, given that rules give players 180 days after the drawing date to do so.
The US Sun also reported on another $50,000 ticket in the Powerball that was bought late last year but has still not been claimed.
The ticket was bought at a draw in Louisiana in mid-December.
This means that the player has until sometime in the month of June to come forward and take the money.
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.
