LOTTERY officials have issued three steps for an anonymous player to follow to secure the $625,000 prize they are owed.
The winner, who purchased their ticket at a popular grocery store, scored a huge jackpot prize – but will lose $150,000 immediately after stepping forward.
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The lucky lottery player is $625,000 richer – but may not know it yet.
The winner, who has yet to claim their prize, bought a Jackpot Triple Play ticket and matched all the numbers correctly to score the cash.
The winning numbers, selected in the April 29 drawing, were 9, 14, 21, 23, 32 and 34.
The ticket was purchased at sold at a Publix supermarket in Clermont, around a 25-mile drive west from downtown Orlando, according to the Florida Lottery.
Once the winner steps forward, however, they will immediately lose a good chunk of the prize money due to lottery rules.
The IRS requires that the Florida Lottery withhold 24% of the winnings for federal taxes because the prize is greater than $5,000.
In this case, the player will have to give up over a whopping $150,000 for taxes.
Three steps to claim cash
Florida Lottery officials have issued a three-step process for the winner to follow to secure their jackpot winnings.
They advised the player to sign their ticket immediately upon purchasing it.
“This makes sure that if you lose your ticket, no one else can claim your prize,” reads the winner’s guide.
The next step to winning responsibly is to keep the ticket in a safe and secure place to avoid misplacing it, as officials are unable to look up or track down lost tickets.
The Florida Lottery has also reminded the player they must claim their lottery win before the 180-day expiration deadline.
They can claim the cash in-person through walk-in or by appointment at any Florida Lottery District Office.
Alternatively they can claim their winnings by mail by sending the ticket and required documentation to the Florida Lottery.
The winner will need to present both a Florida Lottery Winner Claim Form as well as a form of identification when claiming their prize.
The prize is always offered through a one-time lump sum distribution or annuity payments split over several years.
The debate over which option is better has been going on for years.
But many players choose to elect the lump sum, so they can make money off 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.
Double check your lottery tickets for these other prizes that have yet to be claimed.
Lotto bosses are hunting for an anonymous Mega Millions player sitting on a $1 million ticket – the slip was sold at a grocery store.
Plus, a mystery Powerball player is still sitting on a ticket worth $1 million – but half will vanish immediately from a forced decision.
Billions in lottery winnings go unclaimed every year – but it might not be for the reason you think.
Lotto players may hear that the top prize for a given drawing has been won – then throw away their ticket that could be a winner on a secondary prize.
Those secondary prizes can be as high as $1 million in some cases.
Responsible gambling
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- National Council on Problem Gambling – https://www.ncpgambling.org/
- Gamble Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat