Playing responsibly is all about playing within your means.
So you’ve won the Lottery, and you’re probably thinking, “Now what?”
Congratulations! Winning the Lottery can be the beginning of a new, exciting chapter in your life. Whether you’ve already won or you’re still waiting for your chance, it’s important to have a plan in place to make the most of your winnings. We can help with that. Here, you’ll find information about how to claim your prize, as well as resources and tools to better protect your money.
We see a middle-class suburban home.
A big, beautiful private jet slowly creeps into frame and turns, making its way to the small home garage. Our pilot pops his head out the window to check his turn angle.
The plane tries to go in straight, and it obviously doesn’t fit. It backs up and tries readjusting several times. The pilot is persistent on making this impossible task work.
Narrator: When you win big, make sure you have a plan in place. Be smart when it comes to managing your winnings.
This makes sure that if you lose your ticket, no one else can claim your prize.
If you misplace your winning ticket, unfortunately, we can’t look it up or track it down for you.
Every ticket has an expiration date. Usually, you have 60 days to claim a Scratch-Off prize after the game has ended, and you have 180 days after the draw date for a Draw Game
This can help you by giving you more time to claim your prize.
May be claimed in-person via walk-in or by appointment at any Florida Lottery District Office for games that do not offer an annual payment option.
Prizes greater than $1,000,000 & all prizes with an annual payment optionMust be claimed at Florida Lottery Headquarters, with the exception of Mega Millions® and Powerball® prizes of $600 - $1,000,000.**
*Florida Lottery Headquarters does not process claims for in-person delivery.
**Mega Millions and Powerball prizes of $600 - $1M can be claimed at any Florida Lottery District Office.
If you’re not in the mood for a road trip, you can also claim your winnings by mail if the prize is $250,000 or less. Just mail your ticket to the Florida Lottery with the required documentation.
The envelope in which a ticket is mailed must be postmarked:
U.S. Postal Service regulations include various restrictions on mailing Lottery tickets. The risk of mailing tickets remains with the player and will not be assumed by the Florida Lottery.
Florida Lottery Claims ProcessingOnce a payout option has been selected, it’s FINAL. You can choose from two different payment plan options, each with its own unique benefits. Allow us to explain because once a payout option has been selected, it’s final. Consulting a team of advisors may help you make this decision confidently.
Winners may choose to receive their winnings in annual payments. The number of annual payments varies by game.
Jackpot prizes from Florida Lotto®, Mega Millions®, and Powerball® are paid in 30 annual installments. Grand Prizes and Second Prizes from Cash4Life® are paid for the natural life of the winner. Certain Scratch-Off games may also be paid in annual installments in accordance with the rules for that game.
The cash option is a one-time, lump sum payment that winners may choose to receive instead of receiving their winnings in annual payments. The cash option amount varies by game and value of the prize.
If the winner does not elect the cash option within the 60-day cash option election period, the prize will be paid in annual payments.
You have options. Be aware that the time period for claiming prizes differs based on the type of game you play and the payout option you select. Any games that offer a choice of payment (Annual Payment or Cash Option) have a 60-day cash option election period.
For Scratch-Off gamesTo claim a prize of $600 or more, you will need the following documentation & identification:
A bank authorization form is generated each quarter for players who have already claimed their prizes and have chosen the annual payments.
Under the Federal Privacy Act, disclosure of a person's Social Security number is voluntary unless a Federal statute specifically requires such disclosure or allows states to collect the number. For claimants of Florida Lottery prizes valued at $600 or more, disclosure is required by 26 U.S.C. s. 3402 and 26 U.S.C. s. 6109 for tax withholding and reporting purposes. Social Security numbers will also be used to determine whether a claimant owes an outstanding debt to a state agency or child support collected through a court, pursuant to Section 24.115, Florida Statutes.
Just as a reminder, appropriate federal income taxes will be withheld regardless of which payment method you choose.
Winning responsibly is all about being informed. Federal tax rates are subject to change and there may be an additional tax liability depending on a winner’s total financial situation. We ask that you consult a professional tax advisor to help you determine your total tax liability, or contact the IRS for additional information regarding taxes.
To ensure you don’t have any IOU’s before you claim your prize money, state-owed debt is systematically checked with the following agencies when a winner submits a valid claim for a Lottery Prize of $600 or more.
The Florida Lottery makes sure you’re clear with the following agencies:
Florida Statutes 24.115(4) stipulates for multiple agencies owed, Department of Revenue is to be paid first. If a balance remains after the Department of Revenue payment, other agencies with State Owed Debts are paid pro-rata, based upon the ratio of the individual debt to the remaining debt owed to the state.
We understand that some prefer researching and managing their finances on their own, and others prefer to build a team of advisors to provide them with sound financial advice. Whichever route you take, know that you are in control of your money. Hiring a financial planner doesn’t mean you’re uninvolved in managing your money.
Here is a list of organizations that can assist you in building an advisory team:
Organization of certified financial planner professionals and financial service providers.
Association of fee-only financial advisors located across the United States.
Organization of all lawyers licensed by the Supreme Court of Florida to practice law in the state.
Association of all Certified Public Accountants (CPAs) certified in the state.
You won a big prize and you completed all the necessary paperwork, so it should be smooth sailing from here, right? Well, unfortunately, this may be the time someone attempts to take advantage of you and your situation.
Scammers and predators are out there. If you feel like you have been compromised or taken advantage of, there are people and organizations to help. Here are some places to start:
Don’t ever give money to someone who promises that it has anything to do with receiving your winnings.
Never give out your personal information, such as bank account number, social security number, or date of birth unless you are positive it is a reputable, verified organization. And even then, be sure to double-check.
Never deposit any check sent to you that is accompanied by a request that you send or wire money to cover processing or claiming fees.
Always keep your personal financial and winning documents in a safe and secure location.
Don’t ever be afraid to get a second opinion or double check the authenticity of something.
We are proud of our winners and we want to show you off! We will highlight your success story and winning experience in a press release. We’ll also give you a photo op with a giant check with your winning amount on the front.
We know that some people don’t want to brag about their winnings, and we get that. But Florida law mandates that the Florida Lottery allow access to certain governmental records for public disclosure purposes.
If you are a winner the following are all matters of public record and subject to disclosure:
*Beginning May 25, 2022, the names of Lottery winners claiming prizes of $250,000 or greater will be temporarily exempt from public discloser (pursuant to F.S. 24.1051(3)(a)) for 90 days from the date the prize is claimed unless otherwise waived by the winner. After 90 days, the winner’s name is no longer confidential and exempt.
