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Unclaimed Iowa lottery jackpot to expire Dec. 29

Hot LottoHot Lotto: Unclaimed Iowa lottery jackpot to expire Dec. 29
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Even if claimed, winner gets $2M less due to fallen interest rates

DES MOINES, Iowa — Time appears to be running out on somebody's multimillion-dollar lottery payday.

Terry Rich, chief operating officer of the Iowa Lottery, said Tuesday the one-month countdown has begun for a Hot Lotto ticket that matched the jackpot numbers in last year's Dec. 29 drawing. The winning ticket was purchased at a Des Moines convenience store and will expire this Dec. 29 if the prize isn't claimed by then, he said.

"It is sad to see this huge prize continue to sit there without being claimed. Someone legitimately won this money and we want them to take it home," Rich said in a statement. "It could make a huge difference in someone's life — or several someones' lives — just in time for the holidays."

Rich noted that the down economy has impacted the unclaimed lottery jackpot as well. Although the majority of recent winners have chosen a lump-sum payment, he said, recipients also can choose to receive their winnings as annualized payments over time.

At the time the big prize was won last December, the estimated annualized jackpot amount was $16.5 million, Rich said. However, that estimate was based upon the cash on hand from the sale of tickets along with the amount in interest that would be generated over time after the lottery invested the money. While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted.

"This has been a topsy-turvy story all the way around," Rich said. "But we're hoping that our reminders will cause someone to double-check their ticket and realize they're the big winner before the expiration date."

He said that the lottery does not release a ticket's date or time of sale for security reasons.

"Some information is kept as our way to double-check that the winner is legitimate," he said.

According to the lottery, the winning Hot Lotto jackpot ticket was purchased at the Quik Trip on Des Moines' northeast side. The prize will expire at 4 p.m. Dec. 29 if it isn't claimed by then.

Iowa lottery officials say only a handful of U.S. lottery prizes that were larger have gone unclaimed. The largest recent U.S. lottery prize that expired without being claimed was a $68 million Mega Millions ticket purchased in Brooklyn, N.Y., for a December 2002 drawing.

If the prize expires without being claimed, the money from the jackpot will go back to the 15 lotteries that offer Hot Lotto in proportion to the percentage of sales that came from each state.

The Gazette, Lottery Post Staff

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23 comments. Last comment 3 years ago by alexnt55.
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NASHVILLE, TENN
United States
Member #33372
February 20, 2006
1026 Posts
Offline
Posted: December 1, 2011, 12:03 pm - IP Logged

I wonder just how many of these million dollar jackpots go unclaimed in any given year? 

Does anyone keep a running record of these things?

    Avatar
    Orlando, FL
    United States
    Member #115789
    August 28, 2011
    259 Posts
    Offline
    Posted: December 1, 2011, 12:20 pm - IP Logged

    I wonder just how many of these million dollar jackpots go unclaimed in any given year? 

    Does anyone keep a running record of these things?

    Yes, I think someone actually does. The figure is not steady, cause one major jackpot can really inflate the loss.

     

    It's such a shame, all this good money going to waste.

      Avatar
      Monkey Butt, USA
      United States
      Member #54569
      August 23, 2007
      1124 Posts
      Offline
      Posted: December 1, 2011, 12:30 pm - IP Logged

      Even if claimed, winner gets $2M less due to fallen interest rates

      Time appears to be running out on somebody's multimillion-dollar lottery payday.

      Terry Rich, chief operating officer of the Iowa Lottery, said Tuesday the one-month countdown has begun for a Hot Lotto ticket that matched the jackpot numbers in last year's Dec. 29 drawing. The winning ticket was purchased at a Des Moines convenience store and will expire this Dec. 29 if the prize isn't claimed by then, he said.

      "It is sad to see this huge prize continue to sit there without being claimed. Someone legitimately won this money and we want them to take it home," Rich said in a statement. "It could make a huge difference in someone's life — or several someones' lives — just in time for the holidays."

      Rich noted that the down economy has impacted the unclaimed lottery jackpot as well. Although the majority of recent winners have chosen a lump-sum payment, he said, recipients also can choose to receive their winnings as annualized payments over time.

      At the time the big prize was won last December, the estimated annualized jackpot amount was $16.5 million, Rich said. However, that estimate was based upon the cash on hand from the sale of tickets along with the amount in interest that would be generated over time after the lottery invested the money. While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted.

      "This has been a topsy-turvy story all the way around," Rich said. "But we're hoping that our reminders will cause someone to double-check their ticket and realize they're the big winner before the expiration date."

      He said that the lottery does not release a ticket's date or time of sale for security reasons.

      "Some information is kept as our way to double-check that the winner is legitimate," he said.

      According to the lottery, the winning Hot Lotto jackpot ticket was purchased at the Quik Trip on Des Moines' northeast side. The prize will expire at 4 p.m. Dec. 29 if it isn't claimed by then.

      Iowa lottery officials say only a handful of U.S. lottery prizes that were larger have gone unclaimed. The largest recent U.S. lottery prize that expired without being claimed was a $68 million Mega Millions ticket purchased in Brooklyn, N.Y., for a December 2002 drawing.

      If the prize expires without being claimed, the money from the jackpot will go back to the 15 lotteries that offer Hot Lotto in proportion to the percentage of sales that came from each state.

      At the time the big prize was won last December, the estimated annualized jackpot amount was $16.5 million, Rich said. However, that estimate was based upon the cash on hand from the sale of tickets along with the amount in interest that would be generated over time after the lottery invested the money. While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted.

      What will the tax man want?

      QUESTION:

      Will the winner be taxed on the $16.5 million?

      Will the winner be taxed on the $10.75 million?

      Will the winner be taxed on the $14.4 million?

        Avatar

        United States
        Member #111190
        May 20, 2011
        344 Posts
        Offline
        Posted: December 1, 2011, 12:43 pm - IP Logged

        Holy Smokes - Hope someone steps forward ...... (not lookin' good tho it seems) ... Disapprove

          VAHopeful's avatar - winifrid
          Virginia
          United States
          Member #116540
          September 13, 2011
          51 Posts
          Offline
          Posted: December 1, 2011, 1:10 pm - IP Logged

          At the time the big prize was won last December, the estimated annualized jackpot amount was $16.5 million, Rich said. However, that estimate was based upon the cash on hand from the sale of tickets along with the amount in interest that would be generated over time after the lottery invested the money. While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted.

          What will the tax man want?

          QUESTION:

          Will the winner be taxed on the $16.5 million?

          Will the winner be taxed on the $10.75 million?

          Will the winner be taxed on the $14.4 million?

          It depends on how the winner takes their winnings.

          If they take the cash value of $10.75 million, they'll be taxed on $10.75 million.

          If they take the annuity, they'll be taxed on the actual amount they recieve for this year. Each year when they recieve their annuity, they'll be taxed for that portion then.

            Avatar
            Las Vegas
            United States
            Member #119217
            November 17, 2011
            16 Posts
            Offline
            Posted: December 1, 2011, 2:54 pm - IP Logged

            It depends on how the winner takes their winnings.

            If they take the cash value of $10.75 million, they'll be taxed on $10.75 million.

            If they take the annuity, they'll be taxed on the actual amount they recieve for this year. Each year when they recieve their annuity, they'll be taxed for that portion then.

            Does the winner still have the choice to take a lump-sum?  In some lotteries you only have a limited time to choose the lup-sum.  The winner may be required to take the annuity.

            When I read these stories, my first thought is that the winner may have died.  Anyone in the area with relatives who died during the relevant time period who were known lottery players should check carefully to see if their deceased family member had the winning ticket.

              Avatar
              Keokuk,Iowa
              United States
              Member #116508
              September 12, 2011
              305 Posts
              Offline
              Posted: December 1, 2011, 3:32 pm - IP Logged

              Does the winner still have the choice to take a lump-sum?  In some lotteries you only have a limited time to choose the lup-sum.  The winner may be required to take the annuity.

              When I read these stories, my first thought is that the winner may have died.  Anyone in the area with relatives who died during the relevant time period who were known lottery players should check carefully to see if their deceased family member had the winning ticket.

              The Iowa lottery figures it was somebody passing through the state since the ticket was purchased at a convenience store/gas station near the interstate highways.They think it was a spur of the minute purchase and the winner doesn't even know that he/she has the winning ticket.Personally,I think the lottery should hold another drawing and the holders of tickets from the original drawing date should be the only ones to have a chance at it.If nobody wins it then they should add it to the current jackpot and let anyone who buys a ticket for the current jackpot have a chance at it.Dividing up the money between the states is nothing more than theft in my eyes.

              To answer your question,Yes,the winner is still able to choose how he is paid.Iowa doesn't have one of those goofy rules that says you have to declare how you want to be paid when you purchase the ticket.

                RJOh's avatar - chipmunk
                mid-Ohio
                United States
                Member #9
                March 24, 2001
                18101 Posts
                Offline
                Posted: December 1, 2011, 3:39 pm - IP Logged

                "While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted."

                Sounds like the $10.75 millions set in a desk collecting dust instead of being placed in a bank where it could have at least earned some interest until the winner claimed it.

                * you don't need more tickets, just the right ticket * 
                * your best chance at winning a lottery jackpot is to buy a ticket * 
                "I will magically reveal the winning numbers after the drawing"
                Evil Looking       

                  haymaker's avatar - Lottery-012.jpg
                  egg harbor twp.south jersey shore
                  United States
                  Member #112972
                  June 29, 2011
                  3240 Posts
                  Offline
                  Posted: December 1, 2011, 5:22 pm - IP Logged

                   guessing its someone that was just passin through,

                  used to buy tix everywhere when i was on the road.

                  then found it not so easy to check them, i did't have internet then,

                  just like i did't have it last night and today til. 1500 hrs.

                  a cold reminder of "the good old days"

                  Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                    VAHopeful's avatar - winifrid
                    Virginia
                    United States
                    Member #116540
                    September 13, 2011
                    51 Posts
                    Offline
                    Posted: December 1, 2011, 10:56 pm - IP Logged

                    "While the cash value of the jackpot remains unchanged at $10.75 million, current low interest rates mean the annualized jackpot amount has fallen to an estimated $14.4 million, he noted."

                    Sounds like the $10.75 millions set in a desk collecting dust instead of being placed in a bank where it could have at least earned some interest until the winner claimed it.

                    I'm sure it's somewhere earning interest, just not for the winner. :/

                      dpoly1's avatar - driver
                      PA
                      United States
                      Member #66141
                      October 16, 2008
                      1460 Posts
                      Offline
                      Posted: December 2, 2011, 9:19 am - IP Logged

                      I always keep my ticket in a safe place! Cool

                        Avatar
                        Keokuk,Iowa
                        United States
                        Member #116508
                        September 12, 2011
                        305 Posts
                        Offline
                        Posted: December 2, 2011, 9:42 am - IP Logged

                        I always keep my ticket in a safe place! Cool

                        I keep mine in my wallet.And it's signed so nobody else can cash it.

                          OldSchoolPa's avatar - Lottery-057.jpg
                          Gurnee, Illinois
                          United States
                          Member #49731
                          February 12, 2007
                          846 Posts
                          Offline
                          Posted: December 2, 2011, 9:45 am - IP Logged

                          Holy Smokes - Hope someone steps forward ...... (not lookin' good tho it seems) ... Disapprove

                          I bet the person who purchased this ticket was either an over-the-road truck driver who makes very little money (probably tossed ticket into log book or pile of receipts) or a youngster ashamed or feeling guilty about playing the lottery who hid ticket and has no clue ticket is a winner.  In any case, this sucks!  Or it is someone who plays the lottery and died and better half does not believe in playing the lottery (so ticket was probably tossed out).

                          Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                          The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                            ressuccess's avatar - WhiteShyGuy

                            United States
                            Member #93166
                            June 23, 2010
                            835 Posts
                            Offline
                            Posted: December 2, 2011, 12:43 pm - IP Logged

                            I hope the winner steps forward before it expires.