LOTTO WINNINGS
TIME is TICKING for the lucky lottery player of an unclaimed Cash5 prize worth $100,000 before it expires.
Connecticut Lottery officials have issued a three-step warning to ensure this winner and future players secure their prize before the looming deadline.
3 SIMPLE STEPS
To prevent missing out on a major payout, the Connecticut Lottery has outlined three crucial steps for ticket holders.
Step 1: Sign the Back of Your Ticket
Ensuring no one else can claim the prize if the ticket is lost or stolen, while also verifying ownership during the claiming process.
Step 2: Store Your Ticket Safely
Preventing misplacement or damage by storing your ticket in a safe and memorable place, such as a wallet, safe, or designated drawer.
Step 3: Claim Your Prize Immediately
The lottery urges the winner to claim their prize without delay.
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.
CONCLUSION
The Connecticut Lottery is urging all players to check their tickets immediately, as once the deadline on February 9, 2025, passes, the winnings will be forfeited. If no one claims the $100,000 prize by February 9, 2025, the funds are redirected back into the state’s lottery system, often used for public services and future prize pools.
FAQS
- What is the deadline for claiming the $100,000 prize?
February 9, 2025 - How do I claim my prize?
For winnings over $50,000, claims must be processed at the Connecticut Lottery Headquarters in Rocky Hill. - What happens if I don’t claim my prize by the deadline?
The funds are redirected back into the state’s lottery system, often used for public services and future prize pools. - Do I have to pay taxes on my prize?
Yes, 24% of your prize will be withheld for taxes, and many states also tax winnings.