POWERBALL players have been urged to check their slips as a $50,000 prize still has not yet been claimed.
The ticket dates back to a draw that took place in March 2024, and the amount is still up for grabs.
GettyA Powerball ticket worth $50,000 has not yet been cashed in[/caption]
Minnesota lotto bosses revealed the slip was bought at a Super One Foods outlet in Baxter – around 130 miles from Minneapolis, according to the state lottery.
The ticket is worth $50,000 meaning it matched four numbers and the Powerball.
A $50,000 sum is the third largest amount a Powerball player can win without forking out an extra dollar on the Power Play.
The player managed to defy the odds of one in around 913,000 to land the prize.
And they were only one number away from winning the jackpot prize at the time.
Following the draw on March 23, the prize rolled over to a whopping $800 million.
In Minnesota, lotto players have one year from the date of the draw to come forward.
This means that the Powerball player will only have weeks remaining before the prize expires for good.
Officials reveal that prizes up to and including $50,000 should be claimed by mail.
But lotto chiefs have recommended tips on what players should do before coming forward.
They recommend that players use registered mail when sending their tickets.
And, they should keep a copy of the front and back.
Lotto players who scoop over $50,000 must claim their fortune in person.
They will receive a check when they come forward and claim their 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.
But, the player will lose a hefty chunk of their prize whenever they come forward.
The player, who is holding onto the now $50,000 ticket, will lose around $12,000 to the federal government.
Lotto players who scoop more than $5,000 must pay 24% to the federal government in taxes.
That is before state taxes are wiped from the prize.
More than $3,000 will be taken from the prize pot in state taxes.
In Minnesota, players must pay the state 7.25% in tax.
It is one of the highest state lottery taxes.
Meanwhile, players in California, Florida, and Texas do not have to pay tax on their winnings.
https://www.the-sun.com/money/13289196/powerball-prize-minnesota-unclaimed-lottery-ticket/