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

Reply #32

mikeintexas — Fri, 08 Jan 2016 07:44:30 GMT

From the Powerball FAQ page, about 2/3 down the page:

HOW LONG DOES IT TAKE TO GET MY MONEY?

It takes up to two weeks to collect the cash from the stores around the nation. If you go to the lottery to claim your prize after that two weeks, then, in many states, you can generally have the jackpot money (all cash or the first of the annual payments) hit your bank account the next day - maybe the following day if you come to the lottery office very late in the day. Some lotteries must w... [ More ]

Reply #31

Stack47 — Fri, 08 Jan 2016 06:46:55 GMT

Even the payoffs vary

Reply #30

haveagreatday! — Fri, 08 Jan 2016 01:25:30 GMT

Thank you, LottoLucy

Reply #29

MaximumMillions — Thu, 07 Jan 2016 17:14:26 GMT

Good to know Florida works so rapidly

Reply #28

LottoLucy — Thu, 07 Jan 2016 16:36:58 GMT

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... [ More ]

Reply #27

MaximumMillions — Thu, 07 Jan 2016 12:59:23 GMT

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

Reply #26

grwurston — Thu, 07 Jan 2016 05:48:04 GMT

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

Co... [ More ]

Reply #25

grwurston — Thu, 07 Jan 2016 05:44:46 GMT

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... [ More ]

Reply #24

haveagreatday! — Thu, 07 Jan 2016 05:40:20 GMT

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.

Reply #23

Coin Toss — Thu, 07 Jan 2016 05:18:25 GMT

It's not on Illinois tickets either.

Reply #22

grwurston — Thu, 07 Jan 2016 05:09:55 GMT

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.

Reply #21

KY Floyd — Thu, 07 Jan 2016 02:26:05 GMT

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. annuit... [ More ]

Reply #20

Murgatroyd — Thu, 07 Jan 2016 00:42:38 GMT

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

Reply #19

Raven62 — Wed, 06 Jan 2016 20:32:43 GMT

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

Reply #18

Stack47 — Wed, 06 Jan 2016 20:18:31 GMT

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

Reply #17

ThatScaryChick — Wed, 06 Jan 2016 17:38:38 GMT

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.

Reply #16

MaximumMillions — Wed, 06 Jan 2016 17:37:29 GMT

I have never seen this on NY tickets.

Reply #15

Raven62 — Wed, 06 Jan 2016 17:29:32 GMT

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

Reply #14

LottoLucy — Wed, 06 Jan 2016 17:01:54 GMT

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

Reply #13

LottoLucy — Wed, 06 Jan 2016 16:18:12 GMT

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 y... [ More ]

Reply #12

travelintrucker — Wed, 06 Jan 2016 16:14:46 GMT

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

Reply #11

music* — Wed, 06 Jan 2016 15:42:49 GMT

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

Reply #10

MaximumMillions — Wed, 06 Jan 2016 15:34:37 GMT

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.

Reply #9

MaximumMillions — Wed, 06 Jan 2016 15:33:25 GMT

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

Reply #8

music* — Wed, 06 Jan 2016 15:14:25 GMT

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.

Reply #7

Raven62 — Wed, 06 Jan 2016 15:09:37 GMT

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.

Reply #6

RedStang — Wed, 06 Jan 2016 15:05:15 GMT

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

Reply #5

music* — Wed, 06 Jan 2016 14:48:23 GMT

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

Reply #4

MaximumMillions — Wed, 06 Jan 2016 14:47:42 GMT

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

Reply #3

Raven62 — Wed, 06 Jan 2016 14:40:30 GMT

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.

Reply #2

MaximumMillions — Wed, 06 Jan 2016 13:35:47 GMT

Where did you read this in my post

Reply #1

Raven62 — Wed, 06 Jan 2016 13:26:18 GMT

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

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

MaximumMillions — Wed, 06 Jan 2016 10:34:29 GMT

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