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MEGA Millions players have been urged to double-check their tickets as a $1 million prize has not yet been claimed.
Maryland officials revealed the winning slip was bought at a Wawa convenience store in Bel Air – located around 30 miles from Baltimore.
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The ticket was bought before the December 10 draw and narrowly came up short.
But, the gambler will still be able to take home a whopping $1 million prize, per the Maryland Lottery.
The clock has started to tick as they have around 180 days to come forward and claim their winnings.
Lotto officials have warned the ticket holder to take several steps before coming forward.
They have been urged to sign the back of their ticket and keep the slip secure.
The newly-crowned millionaire will only be able to claim their prize in person.
They will have to book an appointment at the Maryland Lottery Customer Resource Center in Baltimore.
The gambler will not be the only one that lands a windfall.
The Wawa store that sold the ticket will receive a $2,500 bonus.
But, the Mega Millions player will lose a chunk of their prize due to tax.
Winners that scoop over $5,000 will pay a 24% tax to the federal government.
Then, lotto players who are from Maryland and play the game of chance must pay 8.75% to the state.
Those who live outside of Maryland must pay a rate of 8%.
But, the state tax rate is not the highest in the US when it comes to lotto winnings.
New York has one of the highest rates at more than 10%.
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.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
