A Florida Lottery player is about to find out just how much their good luck costs, as they score a massive jackpot win but will lose a significant portion of the prize money to taxes right off the bat. The winner, who purchased their ticket at a Publix supermarket in Clermont, Florida, matched all six numbers in the April 29 drawing of the Jackpot Triple Play, securing a $625,000 prize. However, after claiming their win, they will immediately lose over $150,000 to federal taxes.
A Life-Changing Win, but Taxes Take a Big Bite
The lucky winner’s ticket matched the numbers 9, 14, 21, 23, 32, and 34, earning them a hefty jackpot. While this amount is substantial, they will lose a significant chunk due to federal taxes. Since the prize exceeds $5,000, the IRS requires a 24% federal tax withholding, which translates to about $150,000 being taken off the top. This means that while the player is $625,000 richer, they will ultimately receive around $475,000 after taxes.
Steps to Claim the Jackpot
The Florida Lottery has outlined a three-step process for claiming the prize. First, the winner should sign their ticket immediately to ensure no one else can claim it if it’s lost. The second step is to store the ticket safely and securely, as the Lottery cannot track down lost tickets. Lastly, the player must claim their prize within 180 days of the drawing.
The winner can claim the prize either in person at a Florida Lottery District Office, by appointment, or by mail. If claiming by mail, the player must send the signed ticket along with a Florida Lottery Winner Claim Form and a valid form of identification.
Lump Sum vs. Annuity: A Choice for the Winner
The winner will have to decide whether to take the prize as a one-time lump sum or receive annuity payments spread out over several years. While the annuity option offers more long-term security, many winners opt for the lump sum to get their money upfront and invest it.
Unclaimed Prizes Still Up for Grabs
While this $625,000 jackpot will soon be claimed, many other prizes go unclaimed each year. For example, there are still unclaimed tickets for $1 million prizes in both the Mega Millions and Powerball games. These unclaimed secondary prizes, often overlooked by players, can sometimes be as high as $1 million, so it’s always worth checking your tickets for any unclaimed winnings.
Responsible Gambling Tips
If you’re tempted to try your luck, remember to gamble responsibly. Setting time and monetary limits, playing only with money you can afford to lose, and avoiding gambling when upset are all important steps to ensuring a safe and enjoyable gambling experience.
For more information on responsible gambling, visit the National Council on Problem Gambling or Gamble Aware.
