LOTTERY officials have issued a warning about a winning Mega Millions ticket set to expire soon.
The unknown player landed the life-changing $1 million prize pot but will lose out on the money if they don’t come forward in time.
APA Mega Millions player is running out of time to get $1 million (stock image)[/caption] GettyThey’ll forfeit the cash if they don’t take crucial steps soon (stock image)[/caption]Missouri (MO) Lottery staff confirmed that the slip was purchased for the November 15, 2024, drawing, per its website.
Results for the drawing revealed numbers of 5, 17, 35, 55, 69, and a gold Mega Ball of 19.
The player matched all five white balls, narrowly missing the gold Mega Ball and earning the $1 million total.
Officials also noted that the winning ticket was purchased at a QuikTrip gas station in Kansas City.
Those who frequent QuikTrips in the area and often get lottery tickets should double-check any they have from November 2024.
They could just be holding onto a $1 million payday.
The MO Lottery allows a 180-day window for winners to obtain their prize.
This means the unknown Mega Millions player has until May 14, 2025, to complete the three-step claiming process.
That’s only a few months away, and should they not make it, the funds will be forfeited and re-distributed to benefit Missouri public education.
Assuming the player becomes aware of the win, and given that the prize is over $600, they must sign the back of the ticket and make an appointment to claim the cash in person at a lottery office or mail the ticket in.
CRUCIAL DECISION
Once they arrive, the player will be confronted with two options to take the cash — a lump sum or annuity payments.
Annuity payments are portions of the total prize amount split out through 30 annual distributions, with an initial immediate one and 29 to follow that increase by 5% each time.
This accounts for inflation increases and secures the “purchasing power” of the cash, per Mega Millions’ site.
While some lawyers and lottery experts see this option as highly beneficial, especially in case winners make some financial errors along the way, many still elect the lump sum.
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.
CASH LOSS
The lump sum means the unknown Missouri Mega Millions player would get the entire amount right away, but it wouldn’t be $1 million due to taxes.
While the typical deduction from the federal government on lottery wins is 24% if they’re above $5,000, the prize pot would be bumped up to a higher tax bracket of around a 37% deduction.
That means about $240,000 would be taken away, plus an additional $130,000.
That also doesn’t include a 4% tax from the state of Missouri of about $40,000.
After everything is said and done, the lump sum option would give the player only $590,000, nearly half of the $1 million total.
Some lottery tickets also remain unclaimed in other states.
A gambler from Delaware is still sitting on a $2 million Mega Millions prize after they bought it at a popular grocery store.
In Florida, a Powerball player also has yet to come forward and claim. a $1 million prize pot.
Responsible gambling
Remember to gamble responsiblyA 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 – www.ncpgambling.org/ Gamble Aware – www.begambleaware.orgFor help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
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