LOTTERY officials are still searching for the winner of a $1 million prize before time runs out.
The unknown player landed the life-changing sum after purchasing a Mega Millions ticket for the New Year’s Eve drawing.
That amount of money is surely an excellent gift to set the tone for 2025 for the Minnesota resident, but if they don’t validate their win the fund could be gone for good.
Minnesota Lottery officials confirmed that the Mega Millions ticket was bought at the Cub Foods grocery store in Blaine, about 17 miles north of downtown Minneapolis.
To get the $1 million total, the player matched the first five numbers drawn, narrowly missing the gold Mega Ball.
Results for the December 31, 2024 drawing were 13, 22, 27, 29, 35, and 01.
The deadline lottery players in Minnesota to claim winnings is always one year from the drawing date.
Given that, the unidentified winner has until December 31, 2025.
While that’s a fairly generous window and it’s likely the player makes it in time, the money will be re-distributed to the state’s general fund to benefit residents should they not.
Given that the prize total was over $50,000, the Minnesota resident must also claim their win in person at the lottery headquarters in Roseville.
CLAIMING PROCESS
To begin the claiming process, they’d first need to sign the back of the ticket before heading to Minnesota Lottery headquarters.
It’s also recommended that the player call ahead to the headquarters and set up an appointment before heading all the way there.
Additionally, it would be wise for the player to get in touch with a financial advisor and lawyer beforehand, according to what an expert recently told The U.S. Sun.
Assuming the anonymous Mega Millions winner gets everything squared away and arrives to their appointment, they’ll be faced with a crucial decision — how to accept the money.
Lottery winners are always presented with the option of getting the cash all at once through a one-time, lump sum distribution, or split up through annuity payments over several years.
There’s been significant controversy over which option is better.
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.
WHICH IS BEST?
Some experts argue that annuity payments are the best avenue as they “guarantee wealth” over time.
Still, the lump sum provides the greatest opportunity for growth should the cash be invested properly.
The lump sum is the predominant choice for most players, and the only major downside is the taxes placed on it up front.
At least 24% is always taken out by the federal government for wins above $5,000, and states determine their rates.
Minnesota’s is 7.25%, meaning about $312,500 would be taken out of the Mega Millions winner’s prize pot.
They’d really only walk away with about $687,500.
Several other recent winners also saw a significant portion of their cash disappear due to taxes.
For example, a North Carolina winner recently came forward to claim a $5 million prize and saw about half of it vanish.
Even a player who won $500,000 thanks to a gift from their cousin forfeited a few thousand immediately.
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