Time is running out as $1.13b Mega Millions winner remains mystery – unclaimed ticket was sold at Shop Rite

THE New Jersey Lottery is still awaiting the emergence of the elusive jackpot winner of the March 26 Mega Millions drawing, which offered a staggering prize of $1.13 billion.

Six months have passed since that fateful Tuesday, yet the windfall remains unclaimed.

The winning ticket, which carries a cash value of approximately $537.5 million, was sold at ShopRite Liquor #781, located at 2200 Route 66 in Neptune Township, Monmouth County, New Jersey.

The winning Mega Millions numbers drawn that night were 07, 11, 22, 29, and 38.

The Gold Mega Ball was 04 and the Multiplier number was 02.

Despite the life-changing potential of this jackpot, the winner has yet to come forward.

This has prompted a renewed call from lottery officials for all players to check their tickets.

CLAIM IT

In New Jersey, lottery winners have a full year from the date of the drawing to claim their prizes before the ticket expires.

While it is not uncommon for winners of such monumental jackpots to take time before stepping into the limelight, the New Jersey Lottery encourages players to act quickly.

The deadline for this particular ticket looms large, with the last day to file a claim set for March 26, 2025.

Experts advise the lucky winner to seek professional legal and financial guidance to navigate the implications of such a significant windfall.

Not only does this help make informed decisions, but it also ensures that the winner knows the tax obligations tied to their newfound wealth.

ON ANONYMITY

A noteworthy aspect of the New Jersey lottery system is the 2020 law allowing winners to remain anonymous indefinitely.

Under this legislation, the identities of winners will not be disclosed in public records.

However, players claiming prizes worth $600 or more must still provide identification to lottery officials.

Additionally, the New Jersey Lottery retains the right to withhold state and federal taxes from substantial prizes.

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.

This ensures compliance with state laws regarding obligations like child support, student loans, and back taxes.

DECISIONS DECISIONS

In the meantime, New Jersey lottery officials have outlined several steps for the ticket holder.

First, they should sign the back of their ticket immediately before submitting a claim form.

A claim form is necessary since the prize exceeds $599.99.

When they eventually come forward, the Mega Millions ticket holder will need to decide how they want to receive their winnings.

They can choose a lump sum payment or opt for staggered payments over 30 years.

Winners who select the lump sum will face federal taxes, and possibly state taxes as well.

If the $1.13 billion ticket holder decides on the lump sum, the prize will be reduced to approximately $536 million.

They will be required to pay a 24% federal tax to the IRS, resulting in a loss of about $129 million.

Despite this deduction, the winnings will automatically place the ticket holder in the top tax bracket, which means they will incur additional federal tax liabilities.

There is also a Powerball ticket that has yet to be claimed in Ohio.

Plus, $300,000 in Mega Millions winnings also have to be claimed in California.