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60 days to decide if lump sum or annuity, 180 days to claim. Huh?

Topic closed. 32 replies. Last post 11 months ago by mikeintexas.

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Germany
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Posted: January 6, 2016, 5:34 am - IP Logged

So I read on some state lottery sites that you have 60 days time to decide whether you want your price as a lump sum or an annuity, but a whole 180 days to claim before you forfeit your prize.

 

Does anybody know if you can verify your win and register your lump sum decision before actually claiming?

My point is if I want to be paid the lump sum but want or need more than 60 days to assemble a team and a strategy, is that possible?

    Raven62's avatar - binary
    New Jersey
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    Posted: January 6, 2016, 8:26 am - IP Logged

    So I read on some state lottery sites that you have 60 days time to decide whether you want your price as a lump sum or an annuity, but a whole 180 days to claim before you forfeit your prize.

     

    Does anybody know if you can verify your win and register your lump sum decision before actually claiming?

    My point is if I want to be paid the lump sum but want or need more than 60 days to assemble a team and a strategy, is that possible?

    Which State gives you 60 Days to Decide if you want to Change from Annuity to Lump Sum?

    A mind once stretched by a new idea never returns to its original dimensions!

      MaximumMillions's avatar - Lottery-013.jpg

      Germany
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      Posted: January 6, 2016, 8:35 am - IP Logged

      Which State gives you 60 Days to Decide if you want to Change from Annuity to Lump Sum?

      Where did you read this in my post?

        Raven62's avatar - binary
        New Jersey
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        Posted: January 6, 2016, 9:40 am - IP Logged

        Where did you read this in my post?

        " So I read on some state lottery sites that you have 60 days time to decide whether you want your price as a lump sum or an annuity, but a whole 180 days to claim before you forfeit your prize. "

        A mind once stretched by a new idea never returns to its original dimensions!

          MaximumMillions's avatar - Lottery-013.jpg

          Germany
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          Posted: January 6, 2016, 9:47 am - IP Logged

          " So I read on some state lottery sites that you have 60 days time to decide whether you want your price as a lump sum or an annuity, but a whole 180 days to claim before you forfeit your prize. "

          Okay, my post doesn't mention changing from lump sum to annuity?

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            Happy California
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            Posted: January 6, 2016, 9:48 am - IP Logged

            Each State, DC, and territory has their own rules. California gives you 365 days to claim and 60 days to decide on Lump Sum or Annuity. That 60-day clock starts when you claim your prize.

             I plan to place my ticket in a bank's safety deposit box and use up to 3 months to get all my ducks lined up. I am too old and my health is not good so I will choose the Lump Sum.

             Good Luck to all LP members and staff tonight!!!!US Flag

             I've been rich and I've been poor. Believe me, rich is better. 

             Attributed to Joe E. Lewis and others

              RedStang's avatar - tallman zps6gf4inoc.jpg
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              Posted: January 6, 2016, 10:05 am - IP Logged

              No. That would probably be asked after they verify it.

                Raven62's avatar - binary
                New Jersey
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                Posted: January 6, 2016, 10:09 am - IP Logged

                Okay, my post doesn't mention changing from lump sum to annuity?

                When you buy a ticket you have to select Annuity or Lump Sum. The 60 Days give you the Option to change the Choice made at the time you Purchased the Ticket.

                A mind once stretched by a new idea never returns to its original dimensions!

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                  Happy California
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                  Posted: January 6, 2016, 10:14 am - IP Logged

                  When you claim in CA there is the Claim form and the Jackpot Election form "Lump Sum or Annuity". Plus there are IRS tax forms to fill out too.

                   If you do not fill out the Jackpot Election form there and take it home you will need to have it notarized by a Public Notary. You will have to ask the Lottery officials how much time do you have to return it. Because I do not know.

                  Patriot

                   I've been rich and I've been poor. Believe me, rich is better. 

                   Attributed to Joe E. Lewis and others

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                    Germany
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                    Posted: January 6, 2016, 10:33 am - IP Logged

                    When you buy a ticket you have to select Annuity or Lump Sum. The 60 Days give you the Option to change the Choice made at the time you Purchased the Ticket.

                    Ah, okay, I didn't know there were playslips were you could specify before claiming which payout you want.

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                      Germany
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                      Posted: January 6, 2016, 10:34 am - IP Logged

                      Each State, DC, and territory has their own rules. California gives you 365 days to claim and 60 days to decide on Lump Sum or Annuity. That 60-day clock starts when you claim your prize.

                       I plan to place my ticket in a bank's safety deposit box and use up to 3 months to get all my ducks lined up. I am too old and my health is not good so I will choose the Lump Sum.

                       Good Luck to all LP members and staff tonight!!!!US Flag

                      So in Cali one could claimafter 365 days and have another 60 days to make up ones mind on how tobe paid, so you have up to 425 days to receive your money if you so choose.

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                        Happy California
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                        Posted: January 6, 2016, 10:42 am - IP Logged

                         I would call my Lottery District Office to confirm that. I do not know.

                         I've been rich and I've been poor. Believe me, rich is better. 

                         Attributed to Joe E. Lewis and others

                          travelintrucker's avatar - morph
                          Greenville, SC
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                          Posted: January 6, 2016, 11:14 am - IP Logged

                          In Texas, its on the play slip. You have to decide right then if you want the lump sum or annuity.

                          May the balls bounce in your favor!

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                            Posted: January 6, 2016, 11:18 am - IP Logged

                            So I read on some state lottery sites that you have 60 days time to decide whether you want your price as a lump sum or an annuity, but a whole 180 days to claim before you forfeit your prize.

                             

                            Does anybody know if you can verify your win and register your lump sum decision before actually claiming?

                            My point is if I want to be paid the lump sum but want or need more than 60 days to assemble a team and a strategy, is that possible?

                            I've read that the 60 day rule for choosing the annuity or cash option has to more to do with an IRS rule not a lottery rule.  Notice how that 60 days to choose is consistent across all the US lotteries while the time frame for ticket expiration varies. 

                            I also have seen many lotteries say you have 60 days from when you validate the ticket and others say 60 days from when you win but it was explained to me recently you don't really win until the lottery validates the ticket.  Until that point you've only potentially won.

                            Lotto Lucy

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                              Posted: January 6, 2016, 12:01 pm - IP Logged

                              I've read that the 60 day rule for choosing the annuity or cash option has to more to do with an IRS rule not a lottery rule.  Notice how that 60 days to choose is consistent across all the US lotteries while the time frame for ticket expiration varies. 

                              I also have seen many lotteries say you have 60 days from when you validate the ticket and others say 60 days from when you win but it was explained to me recently you don't really win until the lottery validates the ticket.  Until that point you've only potentially won.

                              I should have said the 60 days was consistent across all the US lotteries that offers that option.

                              Lotto Lucy