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Powerball Ticket of $473M Sold in Arizona. Here’s what happens if you Win

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In Arizona, a QuikTrip convenience store sold a winning Powerball ticket worth $473 million.

To date, the biggest single-ticket lottery win in the state has not been claimed by the winner.

In a statement, Arizona Lottery Executive Director Gregg Edgar said, “It truly is a life-changing moment for this winner.”. This also equates to millions of dollars in economic benefits to our state, the winner’s community, as well as vital programs and services funded by Arizona Lottery ticket sales.”.

An annuity can be taken as a prize payment with 30 graduated payments over 29 years. In addition, $283.3 million can be chosen as a cash payment. It is important to note that both of these figures exclude taxes, which will be imposed on the winner regardless of his or her choice.

Must Read: Powerball Ticket of $1 Million Winning Prize Money will Soon Expire

Additionally, QuickTrip will receive a $50,000 bonus.

There is a 1 in 292.2 million chance of winning the jackpot. Nevertheless, it is always smart to prepare yourself. If you’re lucky enough to win the Arizona Lottery, this is what will happen. Every state has its own rules.

Arizona Lottery recommends signing your Powerball Ticket as soon as you receive it. If you have any doubts about your ticket, you can also check it with a nearby retailer. You should receive a blank claim form from the retailer when they return the original Powerball Ticket.

If you win a Powerball Ticket worth more than $600, you can mail it or redeem it at the lottery offices in Phoenix or Tucson. For redemptions over $10,000, you must do so during weekdays only at either of these locations. Be sure you have your ticket and an official ID on hand as well.

Fill out a winner’s claim form and send it in along with a copy of a government-issued photo ID, if you choose to mail it. Remember to fill out the ticket’s back as well.

Powerball and Mega Millions of jackpot winners have 60 days to decide whether they prefer cash or annuities after presenting their Powerball Tickets at the lottery office for validation. As part of the annuity option for Powerball, an initial payment is followed by 29 graduated payments, which increase by 4% over time. Annuity taxes are subtracted from the cash value to determine the cash value.

In addition to federal taxes, the lottery must withhold 4.8% for state income taxes.

We’ve got a solution for you if you want to lay low. Arizona allows prize winners to remain anonymous for life if they receive $100,001 or more. Those who secured smaller amounts will have their name, city of residence, and winning amount available after 90 days.

Remember to act quickly. The Powerball Tickets expire 180 days after they are drawn. Whether you win or lose, it cannot be redeemed after it expires.

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