A WOMAN hasn’t felt so lucky lately after landing a lottery jackpot win worth millions.
That’s because she isn’t currently in possession of the winning ticket, and the clock is ticking for her to find it before it’s too late.
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In Pennsylvania, resident Mildred Simoneriluto claimed she bought the lottery slip while at the grocery store to take her chance at $2.5 million in May 2024, per ABC affiliate WPVI.
After the results were announced two weeks later, she was elated to discover she’d one but couldn’t locate it — a true nightmare.
Not long after, Simoneriluto realized she’d left the ticket in her jacket, but it wasn’t just hanging on the coat rack.
She’d donated the jacket almost immediately after the purchase to the Vietnam Veterans of America, ticket tucked inside.
The non-profit donates clothing worldwide, so there’s no telling where the jacket could be.
Despite the unfortunate situation, Pennsylvania Lottery officials have informed Simoneriluto that she has to have the ticket mailed or in-person to get the money.
Simoneriluto’s story also lines up exactly with the details of a currently unclaimed Cash 5 with Quick Cash ticket, per WTAE.
It matched all five balls of 14, 22, 33, 35, and 38, during a May 8, 2024, drawing and landed $2,628,337.
Pennsylvania Lottery officials also confirmed it was purchased at a Shop n’ Save store in Murrysville, about 19 miles east of Pittsburgh.
WINDOW CLOSING
Given that the Pennsylvania Lottery allows a claim window of one year, Simonerliuto only has weeks left to find the jacket with the missing ticket.
It will expire on May 8, 2025.
The multi-million-dollar jackpot would then be forfeited and redistributed to the state’s lottery fund, which goes toward support programs that assist Pennsylvania seniors.
So, at least the cash would go to another good cause similar to the Vietnam Veterans of America.
Assuming that by a miracle, someone finds the jacket in question and returns it to Simonerliuto with the ticket, she’d face a crucial decision when claiming the cash.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
PAYMENT PAINS
Lottery winners always have the option of getting the prize through a one-time lump sum distribution or annuity payments spread out over several years.
Most choose the lump sum, which does provide a much better investment opportunity, according to experts.
If Simonerliuto were to make that selection, the over $2.5 million prize would face significant taxes.
The federal government places at least a 24% tax on any lottery wins over $5,000.
Additionally, Pennsylvania has a state income tax of 3.07%.
Aside from other potential implications that would make the deductions greater, at least $711,000 would be taken out instantly.
Simonerliuto would really only walk away with about $1.9 million, likely even less.
Still, that’s a considerable return for the cost of the ticket and would be a phenomenal outcome given that it is currently lost.
Other states also currently have unclaimed jackpots.
A Powerball player in California still hasn’t come forward to get a $526.5 million prize.
Even a $50,000 ticket in Indiana is without an identified winner.
