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WHILE a Texas player recently claimed the $810 million Mega Millions jackpot, a much larger prize from earlier in the year remains unclaimed.
The winner of the first Mega Millions jackpot of 2024, an astounding $1.128 billion, has yet to come forward.
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This winning ticket was drawn on March 26 in New Jersey and marks the fifth-largest jackpot in the history of the Mega Millions, USA Today reported.
Despite six months having passed, the New Jersey player has yet to claim their prize, according to the lottery.
Under New Jersey law, jackpot winners have up to one year from the draw date to claim their winnings.
While the winner still has time, the delay in coming forward has raised curiosity, especially since the winner has the option to remain anonymous under state rules.
While winners in New Jersey can protect their identity, they are still required to provide proper identification at the lottery headquarters when claiming their prize.
This option for anonymity is a rare luxury, as some states mandate the winner’s identity be revealed to the public.
GOTTA CLAIM
If this enormous jackpot remains unclaimed after the year-long deadline, the funds will not go to waste.
The money each participating state contributed to the Mega Millions prize pool will be returned to those states, where they typically funnel it into various initiatives, according to the New Jersey Lottery.
In New Jersey, unclaimed lottery prize money helps fund retirement plans for public employees.
This includes teachers, police officers, and firefighters, ensuring that even unclaimed prizes can still make a positive impact.
MORE MEGA WINS
This year has been filled with exciting Mega Millions wins.
On June 4, an Illinois player won the second-largest jackpot of the year, worth $552 million.
This jackpot was also claimed, leaving the New Jersey winner as the last unclaimed big prize so far.
In more recent Mega Millions news, a Texas player claimed the $810 million prize in the September 12 drawing.
They now have the option of taking a lump sum of $409.3 million.
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 winning ticket, sold at a Murphy USA in Sugar Land, Texas, matched all five white ball numbers — 1, 2, 16, 24, and 66 — and the golden Mega Ball, 6.
While the Texas player celebrated their huge win, the Mega Millions jackpot reset to $20 million, which was up for grabs as of Friday, September 13.
In an interesting twist, Mega Millions revealed that seven previous jackpots were won on Friday the 13th, adding a little extra suspense to the upcoming drawing.
Luckily for some, there have been other Mega Millions prizes won and claimed just in time.
One woman won $1 million after spending an extra dollar on her victorious ticket, but she lost nearly half to taxes.
Another Mega player missed out on a $681 million jackpot and ended up taking home $1 million.
