POWERBALL players have been urged to double-check their tickets as a $1 million prize is still up for grabs.
The winning slip was bought at a Safeway outlet in Phoenix ahead of the draw on New Year’s Day.
GettyA Powerball ticket worth $1 million hasn’t been cashed in[/caption]And, the gambler managed to match five of the game’s white balls to land the sum.
They just missed out on the jackpot by one number.
But the player managed to beat odds of one in around 11.6 million to land the prize pot.
Players in Arizona have 180 days to come forward and claim their prize.
But the winner will be hit with federal and state taxes and will not be able to do anything about it.
Gamblers who scoop more than $5,000 have to pay a tax of 24% to the federal government.
Winners in Arizona must also pay a 4.8% tax to the state.
Meanwhile, the Powerball jackpot stands at a whopping $220 million and has an estimated cash value of $98.4 million.
The last time the prize pot was won was on December 7.
A player bought a slip from a store in New York that was later worth $256 million.
It marked the ninth time the Powerball jackpot was won in 2024.
The player will have a choice on their hands whenever they come forward to claim their prize.
They can either choose the lump sum, which is worth an estimated $123.5 million.
Or, they can receive their prize in installments, known as the annuity.
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.
If they take the lump sum, then they will be hit with federal and state taxes.
The amount the player would have to pay in tax would be in the millions.
This is a developing story…
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