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article imageWanted: Iowa Powerball winner to claim $241M prize

By Yukio Strachan     Jun 16, 2012 in Entertainment
Cedar Rapids - A Powerball jackpot worth $241 million still awaits the suitor who purchased the jackpot-winning ticket at a grocery store in Cedar Rapids, Iowa -- leaving unclaimed the biggest lottery jackpot in Iowa history.
The lottery terminal that printed the winning ticket had sold 692 plays for Wednesday night's drawing, said lottery spokeswoman Mary Neubauer, The Associated Press reports.
The winning numbers in Wednesday's Powerball drawing were: 7, 10, 14, 33 and 57. The Powerball number was 18. The odds of winning the Powerball jackpot are 1 in 175.2 million.
By the time lottery offices closed Thursday, no one had claimed the prize.
It could be a few days or even a few weeks before the winner – or winners – come forward, said Iowa Lottery CEO Terry Rich in a press release.
But the ticket holder wasn't the only winner. For selling the jackpot-winning,the Iowa Lottery presented Hyvee Store Director Jamie Franck in Cedar Rapids a $10,000 bonus check
Thursday.
"I'm just hoping it was one of those customers that come in every single day or every single week making their purchases just thinking maybe today's the day," Franck said at a lottery news conference. "And this might be their lucky day that they get to find out that they're a multimillionaire."
Tim and Kellie Guderian remember that lucky day well.
Until this week, the Guderian's were Iowa's biggest lottery winners, claiming the $200.8 million jackpot in October 2006.
"I held the ticket and Tim read off the numbers and all I could say was, 'Oh my gosh, oh my gosh!'" Kellie said in a Powerball press release at that time. "Winning this amount of money is simply overwhelming."
Rich agrees. "We encourage our jackpot winners to consult a financial or legal adviser before claiming a prize of this size," he said.
One of the decisions that Wednesday's Powerball winner faces is how to receive the prize: in annuity payments or a lump-sum payment. According to ABC news, the winner can choose to accept the jackpot in a 30-year annuity done in 30 payments over the next 30 years totaling $241 million before taxes.
The winner could also choose to accept a lump-sum payment. The "cash" prize is estimated to be approximately one-half of the estimated jackpot, depending on current interest rates.
Lump-Sum Option
Prize: $160.3 million
Federal Withholding: $40.1 million (25 percent)
State Withholding: $8 million (5 percent)
After-tax prize: $112.2 million
For example, according to a press release, the Guderians' chose to receive their Powerball jackpot of $200.8 in a lump-sum payment which came to $95,974,824.23.
Played in 44 states, Powerball launched in April 1992. Players buy more than $3 billion annually in tickets.
Powerball tickets are valid for 365 days after the drawing in which the prize was won.
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