Lottery warning to check Mega Millions tickets for unclaimed $1million prize and it was bought at a gas station
LOTTERY players in Michigan have been advised to double-check their tickets with a $1 million prize pot still unclaimed.
The clock is ticking for the lucky winner to come forward before the slip expires and the money vanishes.
GettyA Mega Millions ticket from January has yet to be claimed[/caption]
GettyThe $1 million prize pot will be forfeited if the player does not come forward[/caption]
Michigan Lottery officials confirmed that the Mega Millions pick was bought at a gas station in Southfield, a northwest suburb of Detroit.
It was specifically purchased at 19995 Medina LLC for the January 16 drawing, matching all five numbers aside from the Mega Ball.
The player matched 2-10-42-49-54 but missed the Mega Ball of 13, per The Detroit News.
About 229 days remain for the unidentified winner to come forward, as the ticket expires one year from the drawing date on January 16, 2025.
If they do not come forward in time, the $1 million will be distributed to the School Aid Fund in Michigan.
To collect their winnings, the player must first validate the ticket at a certified lottery retailer.
This could be at the gas station they bought the ticket from or nearby supermarkets that are legally able to sell lottery tickets.
They would then need to travel to Michigan Lottery headquarters in Lansing due to the winnings totaling more than $100,000.
Then, the player would need to make arguably the most important decision — how they want to receive the $1 million.
Lottery winners can choose to have their money distributed through a lump sum distribution or annuity payments.
The lump sum distribution is a popular option, as it means getting all of the cash at once to do with whatever a player pleases, but there’s a catch.
TAX TURMOIL
It’s heavily taxed by the federal government at 24% — and many states, like Michigan, have their own tax on the prize pot that also will be added on before the player sees any of it.
Michigan’s tax for lottery winnings is set at 4.25%.
So, instead of winning $1 million outright, the player will actually take home about $717,500 in the lump sum.
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.
That’s about $282,500 taken out instantly.
TAKE YOUR TIME
Annuity payments are an option advised by some lawyers who work with clients who win large sums, as it allows for smaller distributions for several years that aren’t as heavily taxed.
It also frees the player up if they somehow lose all the money one year, as they’ll still be getting consistent payments for years to come.
The Michigan player won’t have the opportunity to make their choice either way if they never come forward.
Other players also have yet to claim even larger prizes in different states.
A resident in Florida still needs to claim a whopping $215 million prize before time runs out.
In Missouri, a $1.5 million jackpot is still unclaimed.
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