Lottery officials ask to check tickets as mystery $50,000 prize expires in days – and was purchased at a convenience store

LOTTERY players have been advised to double-check their tickets as a $50,000 prize remains unclaimed.

The lucky ticket holder has just a few days to come forward before time runs out and the money is redistributed.

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Minnesota Lottery officials are desperately searching for the rightful owner of the July 8, 2023 Powerball ticket design.

It was purchased at Casey’s General Store in Litchfield, about 66 miles west of Minneapolis.

The player matched four white balls and the Powerball to win the $50,000 prize.

The result of the draw showed the numbers 07, 23, 24, 32, 43 and a Powerball of 18.

TICK TOCK

In Minnesota, lottery winners have a one-year period to come forward and receive their money.

This means the ticket expires on July 8, 2024, just three days from now.

If the player does not show up on time, the funds will be donated to the state’s general fund to benefit residents, according to the Minnesota Lottery website.

To properly claim the funds, the unidentified winner would first need to validate their ticket at a certified lottery outlet.

They could even take the receipt back to the Casey’s General Store where they purchased it.

Then, given that the winning prize is $50,000 or more, the player must go to the Minnesota Lottery headquarters in Roseville to claim it.

Upon arriving to collect the money, the player will be faced with the crucial decision of how to receive it.

NOW OR AFTER?

They can obtain the funds through a lump sum distribution or annuity payments spread over several years.

Many players choose the fixed value, which has generated controversy among lawyers and lottery experts.

If chosen, the lump sum requires a hefty tax be paid upfront to the federal government and Minnesota.

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 establish the financial infrastructure necessary 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.

The federal government imposes a 24% tax on all lottery winnings over $5,000.

Minnesota’s tax rate is 7.25%.

That means about $15,625 will be taken out of the total.

The winner would walk away with $34,375.

A North Carolina gambler found himself in a similar position after pulling off a $100,000 win and instantly losing thousands.

Another $1 million winner in Massachusetts also recently saw about 30% of her money reduced.