Urgent lottery warning to check tickets as $300k unclaimed jackpot expires in days – it was bought at a gas station
LOTTERY officials are calling on players in one state to check any tickets they might have lying around as a prize worth $300,000 is set to expire in just days.
The winnings are from a drawing in South Carolina’s Palmetto Cash 5 lottery game that occurred on December 29, 2023.
GoogleLottery officials are urging players to check their tickets as a jackpot is set to expire in a few days[/caption]
GettyA grand prize worth $300,000 has gone unclaimed since December[/caption]
GettyAn expert warned how easy a player can lose their tickets[/caption]
Officials with the South Carolina Education Lottery put out a notice last week calling on all players in the state to double-check that they are not the winner.
Lottery tickets can get lost easily, falling in between couch cushions, into a deep pocket in your purse, or sometimes being forgotten in a pair of pants or jacket.
Lottery officials in other states have explained that the warnings are issued because winnings are often never collected.
“We remind our players frequently to check their tickets routinely for winners,” Jeff Anderson, Idaho Lottery director recently said.
“Too many times we’ve seen players think they did not have a winning ticket because they did not win the top prize.”
The winnings are worth $300,000 and will be deposited into the Education Lottery Account that supports educational programs in the state if it is not claimed by June 26.
In South Carolina, winners for any drawing game – such as Palmetto Cash 5, Mega Millions, Powerball, or the Pick 3 – have 180 days after the drawing date to claim their winnings.
Meanwhile, winners of scratch-off tickets have only 90 days to collect their prize.
The winner of the December prize only has until 4 pm on Wednesday before the money expires.
The winning ticket was purchased at a gas station, EZ Trip #2, located at 5290 Five Chop Road in Santee – roughly 65 miles west of Charleston.
The ticket matched all five numbers in the December drawing and had a power-up that increased the total prize to $300,000.
The winning numbers were 2, 8, 11, 15, and 17, with the power-up of 3.
If the winner is able to collect their prize by Wednesday, they will have to decide how to take the money home.
Typically, lottery winners can pick between a one-time lump sum payment or take the winnings in an annuity.
If the winner is worried about coming forward to collect the prize due to publicity, there is some good news.
South Carolina is one of 11 states that allows lottery winners to remain anonymous.
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.
The other states include Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, Texas, and Virginia.
While most other states require lottery winner information to be made public, some allow winners to retain their anonymity by collecting their money through a trust or LLC.
It is important to remember that in most states, local and federal taxes are deducted from your grand prize.
In South Carolina, winnings are typically subjected to 6.5% state tax and 24% federal.
Often winners will take tax withholdings into consideration when deciding how they would like to receive their prize.
When opting for the lump-sum payment, taxes are withheld right away making the winnings a small amount.
Meanwhile, receiving the payments over 30 years can help set up financial stability for some winners.
However, this means these winnings will continue to be taxed over time.
Experts recommend speaking with a financial advisor before collecting your winnings to determine the best option for your needs.
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