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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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Raven62's avatar - binary
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Posted: January 6, 2016, 12:29 pm - IP Logged

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

FYI: The Annuitiy/Cash Choice is Printed on the Ticket.

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

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    Germany
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    Posted: January 6, 2016, 12:37 pm - IP Logged

    FYI: The Annuitiy/Cash Choice is Printed on the Ticket.

    I have never seen this on NY tickets.

      ThatScaryChick's avatar - x1MqPuM
      Idaho
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      Posted: January 6, 2016, 12:38 pm - IP Logged

      In Idaho you make the choice for Cash or Annuity when you go in to collect your prize. The Cash/Annuity option doesn't show up on any of our playslips.

      "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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        Kentucky
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        Posted: January 6, 2016, 3:18 pm - IP Logged

        In Idaho you make the choice for Cash or Annuity when you go in to collect your prize. The Cash/Annuity option doesn't show up on any of our playslips.

        It's the same in Kentucky and interesting in that it's not "one size fits all" when it comes to state lotteries.

          Raven62's avatar - binary
          New Jersey
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          Posted: January 6, 2016, 3:32 pm - IP Logged

          It's the same in Kentucky and interesting in that it's not "one size fits all" when it comes to state lotteries.

          I Agree! You would think the Multi-State Games would be more uniform from State-To-State!

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

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            Arizona
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            Posted: January 6, 2016, 7:42 pm - IP Logged

            FYI: The Annuitiy/Cash Choice is Printed on the Ticket.

            In New Jersey, perhaps. In Arizona, you don't choose until you claim the prize.

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              NY
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              Posted: January 6, 2016, 9:26 pm - IP Logged

              I have never seen this on NY tickets.

              Then you haven't been playing all that long. I don't remember when it changed, but in NY you used to make the choice when you bought the ticket. It may have changed when, or about the time, PB was first offered in NY.

              The 60 day rule is definitely from the IRS. I'm not sure it it's an IRS rule or up to the states, but I've seen something about changing  your mind within that 60 day period if you made a choice when you bought the ticket. IIRC, you could only change in one direction, i.e. annuity to cash or cash to annuity; there was no option to change in the other direction.

                grwurston's avatar - 144
                Let's Go Rangers!!!
                bel air maryland
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                Posted: January 7, 2016, 12:09 am - IP Logged

                Go onto the USA MEGA site on the left and scroll down to the FAQ's. It will tell you how long you have to claim in each state.

                "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                The numbers will tell you what numbers to play. Pay attention to the numbers.

                Don't just think outside the box, crush it.

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                  Zeta Reticuli Star System
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                  Posted: January 7, 2016, 12:18 am - IP Logged

                  I have never seen this on NY tickets.

                  It's not on Illinois tickets either.

                  Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                  Lep

                  There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                    haveagreatday!'s avatar - wired shell.jpg
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                    Posted: January 7, 2016, 12:40 am - IP Logged

                    Does anybody know if this 60 day rule means big winners have to wait 2 months before they get paid? 

                    Do they have to do the press conference 2 months BEFORE they get the cash?

                    That would be crazy and DANGEROUS.

                      grwurston's avatar - 144
                      Let's Go Rangers!!!
                      bel air maryland
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                      Posted: January 7, 2016, 12:44 am - IP Logged

                      Does anybody know if this 60 day rule means big winners have to wait 2 months before they get paid? 

                      Do they have to do the press conference 2 months BEFORE they get the cash?

                      That would be crazy and DANGEROUS.

                      From the USA MEGA site Power Ball  FAQ'S...

                      After I buy a ticket, can it be changed from annuity to cash option?

                      Federal guidelines suggest that if you are a jackpot prize winner but did not choose the cash option at the time of purchase, you will have one last chance to choose the cash option.  However, not all states adopt this guideline in the same manner, or at all.  Please check with your state lottery to find out their policy regarding changing the payout option after winning the jackpot.

                      "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                      The numbers will tell you what numbers to play. Pay attention to the numbers.

                      Don't just think outside the box, crush it.

                        grwurston's avatar - 144
                        Let's Go Rangers!!!
                        bel air maryland
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                        Posted: January 7, 2016, 12:48 am - IP Logged

                        How to Claim Your Prize

                        Sign the back of your ticket and take it to an authorized lottery sales agent for validation.  If you win a prize greater than $599, you may need to complete a claim form and send it to the state's lottery commission.

                        Winning tickets are subject to validation and must be claimed in the state in which they were purchased.  The period in which you must claim your winning ticket varies by state:

                        Arizona   180 days
                        Arkansas   180 days
                        California   1 year
                        Colorado   180 days
                        Connecticut   180 days
                        Delaware   1 year
                        Florida   180 days
                        Georgia   180 days
                        Idaho   180 days
                        Illinois   1 year
                        Indiana   180 days
                        Iowa   1 year
                        Kansas   1 year
                        Kentucky   180 days
                        Louisiana   180 days
                        Maine   1 year
                        Maryland   182 days
                        Massachusetts   1 year
                        Michigan   1 year
                        Minnesota   1 year
                        Missouri   180 days
                        Montana   180 days
                        Nebraska   180 days
                        New Hampshire   1 year
                        New Jersey   1 year
                        New Mexico   90 days
                        New York   1 year
                        North Carolina   180 days
                        North Dakota   180 days
                        Ohio   180 days
                        Oklahoma   180 days
                        Oregon   1 year
                        Pennsylvania   1 year
                        Puerto Rico   180 days
                        Rhode Island   1 year
                        South Carolina   180 days
                        South Dakota   180 days
                        Tennessee   180 days
                        Texas   180 days
                        U.S. Virgin Islands   1 year
                        Vermont   1 year
                        Virginia   180 days
                        Washington   180 days
                        Washington, D.C.   180 days
                        West Virginia   180 days
                        Wisconsin   180 days
                        Wyoming   180 days

                        "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                        The numbers will tell you what numbers to play. Pay attention to the numbers.

                        Don't just think outside the box, crush it.

                          MaximumMillions's avatar - Lottery-013.jpg

                          Germany
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                          Posted: January 7, 2016, 7:59 am - IP Logged

                          Then you haven't been playing all that long. I don't remember when it changed, but in NY you used to make the choice when you bought the ticket. It may have changed when, or about the time, PB was first offered in NY.

                          The 60 day rule is definitely from the IRS. I'm not sure it it's an IRS rule or up to the states, but I've seen something about changing  your mind within that 60 day period if you made a choice when you bought the ticket. IIRC, you could only change in one direction, i.e. annuity to cash or cash to annuity; there was no option to change in the other direction.

                          I bought my first ticket in 2011 so that's true. Must have been before then.

                            LottoLucy's avatar - hereslucy header.jpg

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                            Posted: January 7, 2016, 11:36 am - IP Logged

                            Does anybody know if this 60 day rule means big winners have to wait 2 months before they get paid? 

                            Do they have to do the press conference 2 months BEFORE they get the cash?

                            That would be crazy and DANGEROUS.

                              No, it doesn't mean you have to wait two months to get your money.  Once you make the election of cash or annuity they can start the process.  How long it takes varies widely both by state and by game.  Maryland states right on their website that it takes 15 business days.  Virginia told me a few years ago it can take 2-3 weeks for a big jackpot.  California says it takes 6-8 weeks which I find astonishing!  In Floridia they say they can wire your FL lotto jackpot prize to your account in two days! 

                             

                            Virginia told me that, for a multi state game, part of the time it takes is due to how long it takes to receive money from the other participating lotteries.

                            Lotto Lucy

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                              Germany
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                              Posted: January 7, 2016, 12:14 pm - IP Logged

                                No, it doesn't mean you have to wait two months to get your money.  Once you make the election of cash or annuity they can start the process.  How long it takes varies widely both by state and by game.  Maryland states right on their website that it takes 15 business days.  Virginia told me a few years ago it can take 2-3 weeks for a big jackpot.  California says it takes 6-8 weeks which I find astonishing!  In Floridia they say they can wire your FL lotto jackpot prize to your account in two days! 

                               

                              Virginia told me that, for a multi state game, part of the time it takes is due to how long it takes to receive money from the other participating lotteries.

                              Good to know Florida works so rapidly!