Lottery officials are actively seeking the winner of a six-figure prize from the October 16 Powerball drawing, according to The Sun. The fortunate player has yet to claim their prize.
Winning Numbers Announced
The winning numbers for the October 16 drawing were 4, 30, 39, 44, 60, and the red Powerball 11. Although no one claimed the jackpot, which has now grown to $437 million for the next drawing on October 19, a California resident won a substantial prize of $562,699, as reported by Fox 11. To achieve this amount, the winner matched all five white balls but did not match the red Powerball.
Urgent Appeal to Check Tickets
California Lottery officials are urging all participants to check their tickets to determine if they are the lucky winner. The winning ticket was purchased at a Quality Market grocery store in Newcastle, located about 30 miles outside of Sacramento.
The winner, who remains unidentified, is advised to sign the back of their ticket immediately after verifying their win. To claim the prize, they must visit a Lottery District Office in person during business hours and submit both the winning ticket and a completed claim form.
Claim Deadline
The winner must claim their prize within 180 days of the drawing—by April 14, 2025. If they fail to do so, the $562,699 prize will be forfeited, and the entire amount will be transferred to California Public Schools.
Cash Options for the Winner
Once the winner claims their prize, they will need to decide how to receive their winnings. Lottery winners are typically presented with two payment options:
- Lump Sum Payment: This option allows the winner to receive the full prize amount upfront. Financial advisors often recommend this choice for those who wish to invest the money immediately.
- Annuity Payments: With this option, the prize is distributed in annual payments over a period of years, providing a consistent income. Some legal advisors suggest this option as a safeguard against poor financial management, ensuring the winner receives annual payments even if they overspend in any given year.
Tax Considerations
Regardless of the chosen payment method, the winner must consider tax implications. The federal government imposes a 24% tax on lottery winnings over $5,000. Fortunately, California does not tax lottery winnings.
For the $562,699 winner from the October 16 drawing, this means that after a federal tax deduction of $135,047, the net amount will be approximately $427,651. While taxes reduce the overall sum, it remains a significant return on the investment of a Powerball ticket.