5 Facts You Need To Know BEFORE You Cash In Your Powerball Lottery Winning Ticket

/
ny-lottery-street.jpg

New Yorkers talk about how they would spend their lottery win. See More: silive

The latest $136 million USA Powerball winner has not yet stepped forward, but several people have made one of the biggest mistakes you can make in lottery winning.

More than a few New Yorkers have posted on social media that they are the lucky winners from Saturday's drawing.

Announcement of the $136 million March 14 US Powerball draw.

Typically, winners wait a while before coming forward. And once they do make claim to their prizes, the lottery doesn't announce their identities until checks are finished, according to a Gaming Commission source. 

The ticket was sold at this 7-11 convenience store in Richmond Valley.

The right thing to do in these cases is lie low and keep the win secret until the required background security checks are completed to ensure they are the rightful owners of the tickets.

Here are 5 things you should also know about lottery winning in the US, reports silive:

  1. The ticket holder has a year from the date of the drawing to claim the prize.

  2. It's wise for the buyer to sign the back of a ticket immediately after purchase since, technically, the person who holds the ticket is presumed to be the owner.

  3. The Gaming Commission is required by law to withhold Federal and New York State income taxes, no matter where the winner lives.

  4. Back taxes to New York State, past-due on child support and prior public assistance payments all are subtracted from the lottery prize.

  5. After claiming the prize, the winner has 60 days to choose whether he or she wants the payout in a lump sum or from an annuity with an initial cash payment followed by 29 annual payments.

Saturday's winning numbers were 8, 14, 39, 46 and 47. The Powerball number was 18.

The ticket sold on Staten Island was the only one to match all six numbers in Sunday's drawing. Tickets matching five of six numbers were sold in Florida and Oregon.

The lump sum payment for Saturday's Powerball winner would be $88.53 million. An annuity paid out over 29 years is the other option.