A MYSTERY Powerball player is still holding onto a lottery ticket worth a staggering $1 million.
Officials have been desperately searching for months for the winner, with the hope of finding the new millionaire as soon as possible.
Every year, millions of Americans lose millions of dollars by not coming forward in the lottery.
Chiefs in the Illinois Lottery are trying to keep this from happening again.
The unclaimed Powerball ticket was drawn on December 21, 2024 and was bought in Melrose Park, Illinois, per the official website.
Per the rules of the Powerball, players have one year from the day of the game drawing to come forward with the winning ticket.
If this does not happen, the player’s identity will remain a mystery and the money will not be given out to its rightful owner.
There’s a lot to think about when coming forward to claim, namely how you want to receive your cah.
One decision could drastically alter how much you actually walk away with in the end.
Players have the choice to take home the money as a lump sum or in annuity, as in portions.
And Illinois is among the states that taxes lottery winnings, too.
According to the Illinois government website, proceeds of more than $5,000 in a single payment form are subject to tax.
The state charges a 4.95% tax rate on lottery winnings.
This is important to keep in mind when weighing up if you want to take everything in one go, or in bite sizes.
Working out how much you will lose to taxes will be different based on the amounts and the different states.
MORE MONEY
There is even more unclaimed cash in need of somewhere to rest its weary head.
Starting off even higher, a $1.1 million sum was drawn on September 8, 2024 in Chicago.
Players are equally encouraged to come forward if they think they have the numbers it takes to walk home with the life-changing amount.
Another $1 million is also there for the taking, this time in the Mega Millions.
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.
It was bought in Belmont, Chicago on February 25, 2025.
This does give the winner more time to come forward, if they can wait that long that is.
Others would come forward and take the $1 million as soon as they knew, but everyone is entitled to wait the full year if they choose to.
There are also unclaimed games in Illinois worth hundreds of thousands of dollars each, from $405,002 to a not too shabby $100,000.
To check out all of the unclaimed games, head to the Illinois Lottery website.
GettyThe unclaimed $1 million Powerball ticket was drawn on December 21, 2024 and was bought in Melrose Park, Illinois[/caption] Read More Details
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