LOTTERY players have been encouraged to take a second look at their tickets, as a prize pot worth several-hundred-thousand dollars remains unclaimed.
The clock is ticking for the lucky winner to come forward and get the money before it's distributed elsewhere.
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Colorado Lottery officials confirmed the Powerball slip was purchased several months ago for the December 27, 2023 drawing.
Results showed the drawing numbers as 4, 11, 38, 51, 68, and a Powerball of 5.
The unidentified player matched four out of five white balls and the Powerball, which would've normally gotten them $50,000.
At least 37 others were awarded this amount, per Powerball.net.
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Fortunately for the ticket holder, they selected the Power Play option, which bumped their total up by $100,000 to $150,000.
More information about the winning ticket from officials showed that it was bought at a National Essentials convenience store, though it's unclear what city.
Colorado residents who remember buying a Powerball ticket at a National Essentials around December of last year should scour for the slip, as it could be worth a six-figure payday.
They also better do it fast, as the deadline to claim the cash is approaching in less than two weeks on June 24, 2024.
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Given that the prize is worth considerably more than $600, the player must also head to a Colorado Lottery claim center.
If they do not come forward in time, the money will be distributed into a beneficiary fund for the state, specifically Great Outdoors Colorado, Colorado Parks and Wildlife, and the Conservation Trust fund, per Fox affiliate KDVR.
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Assuming the player does arrive in time on or before June 24, they will also be confronted with a crucial decision that could see a significant chunk of their winnings vanish instantly.
MAKE IT COUNT
After validating their ticket at an authorized lottery retailer and heading into a claim center, they will have the option of taking the $150,000 through a lump sum or annuity payments.
Electing the lump sum would see significant taxes taken out of the prize pot.
The federal government issues a 24% tax on lottery winnings above $5,000.
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.
Colorado also has a state tax of 4%, meaning a total of 28% is taken out.
That's about $42,000 — meaning the player would walk away with $108,000.
Annuity payments would be spread out over several years in smaller amounts with less severe tax implications.
Controversy over which choice is best remains ongoing.
Some experts believe the lump sum election is a mistake for at least 90% of lottery winners.
No matter the choice, players must come forward first, and several others have yet to claim their prize just like the Colorado winner.
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A $500,000 ticket still hasn't been brought in to officials in Iowa.
The Minnesota Lottery is also searching for a $1 million winner who bought their ticket at a grocery store.
