POWERBALL players have been urged to double-check their tickets as they could be in possession of a slip worth a whopping $150,000.
The winning ticket was sold at a grocery store in Columbus, Ohio, ahead of the draw on January 11.
A Powerball player in Ohio could be holding onto a ticket worth $150,000Getty
One player snapped it up at the Plaza Grocery and Meat location in the city, per The Shore News Network.
The gambler allowed a computer to pick their numbers and ended up matching four of the five white balls on the game of chance.
They defied the odds of one in around 913,000 to land the windfall.
But, they forked out an extra dollar to take advantage of the multiplier.
This meant their prize tripled to $150,000.
The clock has started ticking for the player to come forward and claim their winnings.
In the state of Ohio, they have 180 days to claim their fortune.
This means that their prize will expire in the summer.
When the gambler comes forward, they will lose a hefty chunk of their prize.
Gamblers who win more than $5,000 will lose 24% in taxes to the federal government.
But, state officials also tax a lottery player’s winnings.
They will withhold 4% from the player.
The player will pay around $6,000 in tax to the state.
Ohio doesn’t tax lottery winners as much as some states, like New York for instance.
Winners in New York have to pay taxes of more than 10% to the state.
This is the fate the Queens, New York, player who scooped an estimated $256 million jackpot will experience.
Their win marked the ninth time that the Powerball jackpot was won in 2024.
It snapped a streak that went back to October when a player in Georgia landed a $478.2 million prize.
But, some winners enjoy a reprieve thanks to state laws.
Winners in California and Florida do not have to pay a state tax 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.
https://www.the-sun.com/money/13297569/powerball-prize-unclaimed-ohio-ticket/