POWERBALL players have been urged to check their numbers as a ticket worth $150,000 has not yet been cashed in.
The gambler bought the ticket at a liquor store in Bridgeport, Connecticut, located around 20 miles from Stamford, ahead of the draw on January 11.
GettyA Powerball slip worth $150,000 has not yet been cashed in[/caption]
It was purchased at the Felix Package Store.
Lotto bosses revealed the player matched four out of the five white balls and had the Powerball.
This meant they missed out on the jackpot by just one number.
A player who matches four numbers and the Powerball would normally take home $50,000.
But, the Power Play option meant the prize multiplied.
In Connecticut, Powerball players have 180 days to come forward and claim their prize.
This means the ticket will expire in July.
When the winner comes forward, they will lose a significant chunk of their prize through no fault of their own.
Winners that scoop more than $5,000 on the game of chance must pay 24% to the federal government in tax.
This will equate to around $36,000.
In Connecticut, winners are taxed at a rate of 6.99% on the state level.
State taxes on lotto winnings are not uniform and in some locations, winners are not taxed.
This rule applies to gamblers in California, Florida and Texas.
But, in New York, winners are taxed at a rate of 10.9% on the state level.
The Powerball jackpot stands at $20 million after it was won at the weekend.
A player in Oregon defied odds of one in 292 million to land the bumper prize.
The winner’s ticket was worth a whopping $328.5 million.
It’s not known where the slip was immediately sold but it has a cash value of $146.4 million.
The last time the Powerball jackpot was won was on December 7 by a player in New York.
They defied the odds to land a $256 million prize.
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.
https://www.the-sun.com/money/13333460/powerball-prize-unclaimed-ticket-connecticut-lottery/