This is the New Mexico Lottery's third winning Powerball jackpot. If claimed by an individual, the $93.4 million annuitized jackpot or the $52.2 million lump sum would be the Lottery's second-largest prize.

Which ain't quite accurate.  If the person takes the lump sum the actual amount will be $36 million after the State and US taxes are confiscated before the payment is made.

Jack

I would guess they not only checked their ticket, but are now checking their options before making their claim.  Once they make their claim, they are going to have to deal with all the people who will want to give them some bad advice.

The people who might be qualified to give them 'good' advice probably aren't handing it out.  The professional advice-giving legions aren't necessarily a fountainhead of un-biased suggestions devoid of motives involving getting some of that win for themselves.

Jack

I understand your recent series of complaints about this, but that's been a fact about how jackpots are measured for many years now.

Your argument is like saying that when someone who makes $100,000 in their job goes to apply for a mortgage, they should not be allowed to tell the bank that they make $100,000, because the government takes out 32% in taxes, plus the state takes another 7%.

Oh, and then they decide to have deductions for medical insurance and a 401K plan, another $300 per month, so they should only be allowed to say they make $57,400 per year, and they are lying if they claim to make $100,000.

Just because the government takes taxes doesn't mean that they didn't actually win the amount that was taken out.

Just because they decide to take the cash option does not mean that they did not actually win the full jackpot, because it was their choice to take the present cash value, rather than the full annuitized amount.

If they did not make that choice, then they would receive the full amount promised.

For these significant reasons, I do not agree with your position on jackpot amounts.

We'll have to agree to disagree on this one, Todd. 

If they want to advertise the jackpot amount, they could as easily say, $55 million ($93 if you let us keep it for you).  They don't .  They call it a $93 million jackpot, $40 odd million of which doesn't exist today.  Won't exist unless they draw the interest they predict.

A person can't raffle off a horse that he plans to buy with the proceeds he gets from the raffle.  It's illegal.

Seems to me there's not much difference here.

Jack 

In my example above, you also don't make your $100,000 until the year is over, even though you claim to make $100,000.  IMHO, it's just basic financials, and totally above-board, although I can certainly see how people could feel how you do. 

I personlly have no problem with the way they advertise the jackpot, because they naturally want to put the best spin on it.  However, I do like the UK Lotto and Euro Millions prizes better, because they are all cash, with no taxes taken out.

Todd,

You need to also mention Canada where their jackpots are lump sum and

tax free.

You also get your money within a couple of hours of claiming it instead of

a couple of weeks in the US.

You should be able to get your money that day or the next since all tickets

are bought with cash.

Why let the states collect interest for 2 weeks?

Mike

When someone in NM does have the winning ticket, I hope it comes soon. What would happen if NM's winning ticket isn't claimed? How long will it take before the ticket expired?

in most states you have 180 days to claim your prize.as far as it not being claimed i think they put it into whatever state program thats being funded....

not the whole jackpot. each amount is returned to the state, and the state does whatever it wants with it.

that would be quite a bit of money for the state to just do whatever they wanted with it.what would a state do with a big chunk of cash like that?

Not all that much, really. 

 Probably give themselves a few raises over in the lottery authority, hire a few cops and prosecutors to keep other folks from doing what they're doing, first thing you know it's all gone.

Never was a lot, however.  Never was 93 million.

Jack

I begin to understand why people don't buy tickets for Powerball unless the jackpots have rolled enough to get some bulk to the cash prize.

Win a $10 million dollar jackpot in New Mexico, you'd end up with a candy-bar, a coke, a bag of potato chips and enough left over to buy a lottery ticket.

A person might well come out better with the five white ball bonus and the multiplier, rather than winning the jackpot.  Might do so in other States, as well.

Jack

New Mexico is the only state I know of with only 90 days to claim your prize.

If you want Powerball info for all the different states, including this topic, USA Mega is the best place to find it.  (The Ways To Win page has this particular answer.)