MEGA Millions players have been urged to check their numbers as a ticket worth $1 million has not yet been cashed in.
The gambler, from Florida, agonizingly missed out on the New Year’s Eve jackpot worth $20 million by just one number.
AlamyA Publix store in Florida sold a lotto ticket that ended up being worth $1 million (stock)[/caption]The slip was bought from a Publix store in Parrish, which is located around 40 miles south of Tampa, as reported by USA Today.
Publix stores have proved to be a lucky outlet for players to buy lottery tickets.
The New Year’s Eve win comes just weeks after a ticket worth $5 million was sold at a supermarket in Cedar Key.
Last year, shoppers landed prizes of $1 million after purchases at stores in Kissimmee and Miami.
The gambler defied the odds of one in around 12 million to land the prize.
And they must come forward within 180 days of the draw.
Mega Millions players in Florida have only 60 days to collect a single payment, so the clock is already ticking.
It’s possible that the identity of the winner will remain under wraps for some time.
A Florida law allows players who win over $250,000 to have a degree of anonymity for 90 days from when they claim their prize.
This is, of course, unless they decide to go public.
The winner landed a $1 million prize but will lose a chunk of their new fortune when they claim it.
This is because they will have to pay the federal government a rate of 24% in taxation.
The rule applies to winners who pocket more than $5,000.
But, the winner will enjoy a luxury that gamblers in other states do not enjoy.
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.
This is because lottery winners in Florida are exempt from paying a state tax on their prize.
Gamblers in California, New Hampshire, Tennessee, and Texas also don’t have to pay any tax to the state on their fortunes.
However, in New York, winners must pay more than 10% to the state.
The rate in Maryland, Washington DC, Oregon, and New Jersey is at least 8%.
North Dakota, Mississippi, and Pennsylvania are among the states that have the lowest lottery tax rates.
Delaware is a bit of an exception, as all lottery prizes are subject to the state’s income tax.
GettyThe ticket was bought ahead of a draw on New Years Eve[/caption] Read More Details
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