Lottery officials are urging Powerball players to check their tickets as a $139.3 million prize from the July 3 drawing remains unclaimed. The winning ticket was purchased at a Walmart in Huber Heights, Ohio, approximately 60 miles from Cincinnati.
The Ohio Lottery Commission has issued a reminder that winners have 180 days from the draw date to claim their prizes, putting pressure on the potential multimillionaire to come forward. This deadline is specific to Ohio, as claiming periods vary across states.
When the winner does step forward, they will face a significant decision regarding how to receive their windfall. Options include taking the full jackpot in 29 annual payments, which increase by 5% each year, or opting for a lump sum payment estimated at around $65 million before taxes.
Tax implications will significantly impact the final amount received. The Internal Revenue Service will apply a 24% federal tax on winnings over $5,000, with the possibility of additional taxes pushing the winner into a higher income tax bracket. Additionally, Ohio imposes a 4% state tax on lottery winnings of $600 or more.
The decision between lump sum and annuity payments has sparked debate among financial advisers. Lawyer Andrew Stoltmann told The U.S. Sun that approximately 90% of winners make the mistake of taking the lump sum, often lacking the financial structure to manage such a large amount effectively.
Financial adviser Robert Pagliarini suggested that winners might be “better off” choosing the annuity option, while certified accountant Jared James noted that annuity payments could help winners manage requests for money from friends and family.
As the clock ticks on this unclaimed prize, the case highlights the complexities and responsibilities that come with sudden wealth. It also serves as a reminder for lottery players to regularly check their tickets and be prepared for the life-changing decisions that follow a major win.
The Ohio Lottery Commission continues to encourage players to come forward, emphasizing the importance of proper ticket verification and the need for winners to seek professional financial and legal advice before claiming their prize.
