LOTTO bosses have issued a two-step warning in their bid to find a $2 million ticket that hasn’t been cashed in yet.
Every year Americans lose millions of dollars in the lottery because they don’t come forward to claim.
Lotto bosses have issued a two-step warning in their bid to find a $2 million ticket that hasn’t been cashed in yet[/caption]
In the Wisconsin Lottery, chiefs are frantically searching for a player with a $2 million ticket in their possession.
The Powerball ticket was bought in the Appleton area at a Festival Foods grocery store.
This player was able to double their total, taking it from an already incredible $1 million.
The ticket bought included a $1 Power Play option, which took the price up to $2 million.
For this game, the numbers were drawn on July 5 and were: 01-28-34-50-58, with the Powerball number as 8.
The matched the five numbers but failed to guess the Powerball.
By doing this, the player beat odds of 1 in 11,688,054, according to the Wisconsin Lottery.
If they had guessed the Powerball number too, the odds would have increased to 1 in 292,201,338.
Wisconsin lotto heads have advised whoever is holding the winning ticket to come forward as soon as they can.
The first thing they should do is sign the back of their ticket to verify they’re the owner.
Then, the mystery ticket holder need to call the Wisconsin Lottery office at (608) 261-4916.
Monday’s jackpot in the Wisconsin Lottery is worth an estimated $203 million, or $92.5 million for the cash option.
LUMP SUM VS ANNUITY
After that, then then player has an important choice to make, receiving the money as a lump sum or in portions.
The winner can receive a lump-sum payment or receive their prize in 30 graduated payments over 29 years.
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.
There are pros and cons to both methods, if you receive it in one go you know you have it.
But this also makes it easier to spend quickly.
Getting it in portions gives you a guaranteed form of income, but you might need to pay tax on it yearly.
In Wisconsin, all prize winnings are subject to federal and state income tax withholding.
For payouts of $2,000 or more, a state tax rate of 7.65% is applied.
Payouts $5,001 or more have state tax of 7.65% and federal tax of 24% automatically withheld.
So if and when the player comes forward, they will need to decide if they would rather receive the money over the 30 years but have to pay tax on it.
In the Wisconsin Lottery, chiefs are frantically searching for a player with a $2 million ticket in their possession[/caption]
