LOTTERY officials are warning players to check their tickets for a $1,000,000 prize.
Mega Millions winnings have a set expiration date.
Lottery players in Rhode Island are being warned to check their old tickets.
That’s because a $1,000,000 Mega Millions prize has yet to be claimed in the Ocean State.
The winning ticket was sold at a Stop & Shop in Bristol.
It was sold for the draw held on February 2nd.
The winning numbers for this draw were:
The MegaPlier was 3x.
However, more than three months later, the seven-figure prize remains unclaimed.
According to Rhode Island Lottery rules, the winner has one year from the date of the drawing to come forward.
If the money is not collected in time, it will be transferred to the state’s General Fund.
As with all prizes of this value, the winner will have to choose whether to accept the full amount over time as annuity payments or receive a smaller lump sum upfront.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets typically have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to create the financial infrastructure needed to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays 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 differing opinions on the possibility of take the fixed amount or take the annual fee.
Then, your earnings will be subject to taxes.
The IRS deducts 24% of all earnings over $5,000.
Rhode Island will be left with another 5.99% in state taxes.
MORE UNCLAIMED PRIZES
Across the country, there are unclaimed lottery prizes just waiting to be claimed.
In New Jersey, two big prizes worth more than $900,000 have yet to be delivered to their owners.
Remember to gamble responsibly
A responsible player is someone who:
- Set time and monetary limits before playing
- Only games with money they can lose
- Never chase your losses
- Don’t play if you are upset, irritated or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
Tickets were sold at two separate supermarkets, about a 45-minute drive from each other.
A $1,000,000 prize also went unclaimed in Illinois after the winning ticket was purchased at a gas station.
Another seven-figure amount will expire within days in Washington state.
And find out why a scratch-off winner instantly lost $2 million out of a $5 million jackpot.
This story originally appeared on The-sun.com read the full story
