According to The Sun, Lottery officials are actively searching for a recent six-figure prize winner following the October 16 Powerball drawing. The fortunate player has yet to come forward after the latest drawing.
Winning Numbers Revealed
The numbers drawn on October 16 were 4, 30, 39, 44, 60, and the red Powerball 11. While no one won the jackpot, which has now surged to $437 million for the upcoming drawing on October 19, a California resident secured a smaller win of $562,699, according to Fox 11.
To achieve this total, the winner must have matched all five white balls but missed the red Powerball.
Urgent Call for Players to Check Tickets
California Lottery officials are urging players to double-check their tickets to see if they are the lucky individual who won this life-changing amount. The ticket was purchased at a Quality Market grocery store in Newcastle, approximately 30 miles outside of Sacramento.
The unidentified player is advised to sign the back of their ticket as soon as they confirm their win. Following this, they must visit a Lottery District Office in person during business hours to claim their prize and file a claim form with the winning ticket.
Deadline for Claiming the Prize
It’s important to note that if the winner does not come forward within 180 days from the drawing date—by April 14, 2025—the funds will be forfeited. In such a case, the entire amount of $562,699 would be reallocated to California Public Schools.
Cash Options for the Winner
Assuming the winner does claim their prize in time, they will need to make a crucial decision regarding how to receive the cash.
Also read: 3284 Stimulus Payment Eligibility: Are You Qualified for This Month’s Payment?
Two Payment Options
Lottery winners typically have two options for receiving their winnings:
- Lump Sum Payment: This allows the winner to receive the entire amount upfront. Many financial advisors suggest this option for those who want immediate access to funds for investment opportunities.
- Annuity Payments: This option spreads the payout over several years, providing a consistent annual income. Some lawyers advocate for this choice as it can help protect winners from potential financial mismanagement. Even if they spend all their cash one year, they would still receive the same amount in the following years.
Tax Considerations
While both options have their advantages, winners should also consider tax implications. The federal government imposes a 24% tax on lottery winnings exceeding $5,000. Fortunately, California does not tax lottery winnings at all.
For the $562,699 winner from October 16, this means they would receive around $427,651 after a $135,047 federal tax deduction. While it’s a substantial amount, it’s still a considerable return on the investment made by purchasing a Powerball ticket.
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