Mega Millions warning as $1.1bn prize still remains unclaimed – and the ticket was bought at a chain store

MEGA Millions players have been urged to check their numbers as a prize worth $1.1billion still remains unclaimed.

The bumper sum dates back to a draw held in March and the winning ticket was bought at a ShopRite liquor store in Neptune, New Jersey – located an hour away from New York City.

Six months have passed since the draw was held and no player has yet come forward, as reported by The Bergen Record.

The winner has one year to come forward and collect their prize.

And, the ticket holder faces a ticking clock as if the prize isn’t scooped, then it will be added to a pot that benefits different professions, per the New Jersey Lottery.

New Jersey lotto chiefs have issued a series of steps to the ticket holder.

They should sign the back of their ticket straightaway before filing a claim form.

A claim form has to be submitted because the amount is more than $599.99.

The Mega Millions ticket holder will face a conundrum over how they want to receive their prize.

They can choose to receive it at once, or staggered payments over 30 years.

Winners who opt to take the lump sum will be hit with federal taxes and potentially state taxes.

The $1.13 billion ticket-holder will see the prize cut to around $536 million if they take the lump sum.

They will have to pay a 24% federal tax to IRS chiefs which means they lose around $129 million.

And, then they will be in the top tax bracket meaning they will have to pay more federal taxes.

The winner will also be clobbered by state taxes and in New Jersey, the rate stands at 8%.

The lotto winner will be able to remain anonymous, unlike players such as Edwin Castro who has had his name thrust into the limelight.

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.

Castro hasn’t been able to escape the limelight since Californian lotto chiefs announced he had won a $2.04billion Powerball prize.

Castro opted to choose the lump sum, rather than receiving his prize in installments and walked away with more than $997.6 million.

A law signed by New Jersey Governor Phil Murphy more than four years ago allowed players to remain anonymous.

But chiefs have warned winners have to share information with lotto officials and the Internal Revenue Service.

New Jersey is one of around a dozen states where lotto winners can keep their identities under wraps.

In Texas, winners that scoop at least $1 million can also keep their identities protected under state law.

But in states such as California and Florida winners cannot keep their identities protected.

But winners in the Sunshine State can claim their winnings in the form of a trust.

This is the name of an organization or legal firm rather than an individual player.

Top lottery winners in the US

Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.

• Edwin Castro - $2.04 billion, Powerball, Nov. 8, 2022, in California.
• Theodorus Struyck - $1.765 billion, Powerball, Oct. 11, 2023, in California.
• Unknown winner - $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
• Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida - $1.586 billion, Powerball, Jan. 13, 2016.
• Unknown winner - $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
• Unknown winner - he sued the mother of his child to keep his identity hidden - $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
• Unknown winner - $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
• Cheng and Duanpen Saephan, and Laiza Liem Chao - $1.326 billion, Powerball, April 7, 2024, from Oregon.
• Yanira Alvarez - $1.08 billion Powerball, July 19, 2023 in California.
• Wolverine FLL Lottery Club - $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
• Unknown winner - $842.4 million Powerball, Jan. 1, 2024, from Michigan.