POWERBALL players have been urged to double check their tickets as a $50,000 prize is on the verge of expiring.
Lotto bosses in Iowa have issued an urgent appeal as the deadline to come forward and claim the cash pot is only days away.
GettyLotto bosses in Iowa have urged players to double check their tickets[/caption] GettyA slip worth $50,000 is on the verge of expiring[/caption]One player is holding onto a ticket worth $50,000, having come up trumps in a draw that took place in July.
Officials revealed the ticket was bought at a Kwik Star store in Bettendorf – located around 60 miles from Iowa City.
They matched four white balls and the Powerball on the night of the draw.
And they defied odds of around one in 913,000 in the process to win big.
The ticket will expire on January 27 if it remains unclaimed.
Iowa chiefs have warned the winner must go to a state lotto office to redeem the prize.
When the player comes forward, they will be hit with tax at both the federal and state level.
This is something that most lotto players tend to endure.
The player will pay 24% in tax to the federal government.
And, Iowa gamblers that win more than $600 must pay 3.8% in tax.
The state tax amount is not the highest in the US for lottery winnings.
In New York, for example, winners must pay more than 10% to the state.
Maryland, New Jersey, and Oregon tax players at a rate of at least 8%.
But, in states such as California and Florida, players earn a reprieve.
This is because they don’t have to pay any state taxes on their fortune.
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 a developing story…
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