A LOTTERY winner is running out of time to come forward and claim a life-changing jackpot.
The unidentified player is holding onto a seven-figure ticket, but could lose out on the money soon.
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Officials in Illinois have been searching for them since the Powerball drawing on December 21, 2024.
Results for the drawing showed 01, 12, 17, 21, 58, and the red Powerball of 01.
The Illinois player earned a Match 5, meaning they got all five white balls, narrowly missing the red Powerball for $1 million instead of what could’ve been a jackpot of around $92 million at the time.
Illinois Lottery officials allow a one-year window for players to claim prizes.
That means the cash will vanish on December 21, 2025, if the unknown ticket holder never claims it.
Instead, the $1 million win would be redistributed to the state’s general fund and education funding.
A three-step warning is now in place for the winner, who bought the ticket at the Jewel Food Store in Melrose Park, a neighborhood just west of downtown Chicago.
The first of the three steps for the player would be to sign the back of the ticket and fill out a claim form from the Illinois Lottery.
Next, given that the prize was worth over $100,000, they must head in person to an Illinois Lottery claim center.
After arriving, they’ll need to make the third and most crucial choice, how to receive the cash.
Lottery winners are always offered the option to get the money in a one-time lump sum distribution or through annuity payments split over several years.
Experts have told The US Sun that while there is no “wrong” selection, the lump sum “offers higher expected returns over the long term.”
Most players choose the lump sum, likely for that reason, and see significant taxes taken out first.
The federal government imposes a 24% tax on lottery wins above $5,000.
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.
Illinois also has a state tax of 4.95% on winnings.
That means at least $289,500 will be taken out of the winner’s $1 million prize before they see any cash.
They’ll really only walk away with about $710,500.
Still, amounts could vary depending on other tax implications.
It’s still a significant return on investment considering the cost of the Powerball ticket.
Ideally, the player will have discussed the win with a financial advisor and lawyer beforehand to ensure the cash can quickly be squared away.
Americans should also remain aware of unclaimed wins in other states.
Officials in Arizona are still looking for the holder of a $54,000 Fantasy 5 win.
A $625,000 prize was also won recently by an unknown player in Florida.