The annual payment-based prize value paid to a sole winner shall be $1,000 a day for life paid in annual installments of $365,000 based on measuring the life of the winner (no less than 20 years). The top prize must be claimed within the first 60 days after the winning draw to elect the cash option. ![]() ![]() The annual payment option prize will be paid in 30 graduated annual installments.įor CASH4LIFE®, except as provided in the Official Game Rules, a CASH4LIFE top prize winner may choose to receive their portion of a top prize as an annual payment option or in a single cash payment. ![]() The annual payment option prize will be paid in 30 graduated annual installments.įor MEGA MILLIONS, the cash option amount offered will be the jackpot prize annual payment option amount as determined by the Mega Millions lotteries, divided by a rate established by the Mega Millions Finance Committee prior to each drawing, divided by the total jackpot winning MEGA MILLIONS plays and Just the Jackpot plays. Applicable Federal income tax withholding will be deducted at the time payments are made for single cash payments and annual payments alike.įor POWERBALL, if the jackpot prize is not a guaranteed amount, the cash option amount offered will be the cash amount available in the jackpot prize pool divided by the number of winners. Jackpot winners who want to elect to receive a single cash payment must claim their prizes within the first 60 days after the draw date. The cash option is a one-time, lump-sum payment that jackpot winners may choose to receive instead of receiving their winnings in 30 annual payments for both MEGA MILLIONS® and POWERBALL® games. See FLORIDA LOTTO and JACKPOT TRIPLE PLAY game rules for complete details. treasury strips which will guarantee equal payments to the winner over a period of 30 years or 25 years, again depending on the game. For FLORIDA LOTTO, and JACKPOT TRIPLE PLAY annual payment options, the Florida Lottery will purchase U.S. The cash option amount is not based on a set percentage, but rather is the amount required on the day of the drawing to purchase securities to fund the announced guaranteed deferred payment value of the jackpot prize paid over 30 years or 25 years, depending on the game. Applicable federal income tax withholding will be deducted at the time payments are made for cash option and annual payments alike. Jackpot winners who want to receive a single cash payment must claim their prize within the first 60 days after the draw date. The cash option is a one-time, lump-sum payment that jackpot winners may choose to receive instead of receiving their winnings in 30 annual payments for FLORIDA LOTTO®, and 25 annual payments for JACKPOT TRIPLE PLAY™. Damaged or disputed tickets, or tickets belonging to winners with state-owed debt may take longer to process. Tickets mailed to the Florida Lottery Headquarters will take approximately 30 days for the claims process. The earliest you may receive your CASH4LIFE top prize is on the 15th day after the winning draw date. LIkewise, CASH4LIFE is also a multi-state game, so the participating states have two weeks to receive ACH transfers of funds from all nine CASH4LIFE members. Therefore, POWERBALL and MEGA MILLIONS jackpot prizes are not available until 15 days after the draw date. If the prize amount is over $250,000, the prize payout, less taxes, will be ACH transferred to the winner's bank account within two business days in most instances.īecause POWERBALL and MEGA MILLIONS are multi-state games, the Multi-State Lottery Association (MUSL) must collect the revenue from each of the 45 jurisdictions that participate in the games before the jackpot prize can be paid. If the prize is less than $250,000, the player may receive the prize payment, less taxes when applicable, the same business day. Bigger prizes take longer to arrange, so the amount of the top prize will affect how long it takes to issue the prize payment.
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