A POWERBALL player won a $2 million prize from the ticket he bought but couldn’t keep the full amount.
Danny Buckelew from Treynor, Iowa, matched all five white balls from the October 7, 2023 drawing and missed the Powerball.
The initial $1 million prize instantly doubled since he chose to add Power Play to his ticket purchase for an extra dollar.
Power Play multiplies winnings for non-jackpot lottery prizes.
Buckelew bought his ticket from Casey’s convenience store in Tiffin, around 108 miles east of Des Moines.
The Iowa Lottery gave the store a $2,000 bonus for selling the winning ticket, but Buckelew wasn’t allowed to keep all the lotto loot.
TAXED CASH
US lottery winners are faced with the tough decision of claiming their prize as a lump sum payment or through annualized installments.
While the lump sum provides cash instantly, it slashes a chunk of the prize upfront.
Annunized payments are paid over an extended period to ensure a constant cash flow.
It’s unclear which option Buckelew chose, but he had to give up a sizable portion of the prize regardless.
According to the Iowa Lottery, any prize over $600 is subject to a 5% state tax withholding.
That means the winner had to forfeit $100,000 automatically.
But the biggest blow came from federal taxes.
If a player wins more than $5,000, the IRS is entitled to take 24% of the prize total.
That means Buckelew had to cough up $480,000 on top of the $5,000.
He was still left with $1.42 million though, and Iowa Lottery chiefs announced another $2 million Powerball prize that remains claimed.
Ways to win the Powerball
Powerball drawings happen three times a week. There are several ways to win.
- Match five white balls and the Powerball for the jackpot (one in 292,201,338 odds)
- Match five white balls for $1 million (one in 11,688,053.52 odds)
- Match four white balls and the Powerball for $50,000 (one in 913,129.18 odds)
- Match four white balls for $100 (one in 36,525.17 odds)
- Match three white balls and the Powerball for $100 (one in 14,494.11 odds)
- Match three white balls for $7 (one in 579.76 odds)
- Match two white balls and the Powerball for $7 (one in 701.33 odds)
- Match one white ball and the Powerball for $4 (one in 91.98 odds)
- Match the Powerball for $4 (one in 38.32 odds)
POWER PRIZE
The Iowa Lottery said the lucky ticket matched five white balls for a Powerball drawing on November 25, 2023.
As of January 2024, the prize has yet to identify its winner.
They bought the ticket at a Clinton Liquor store in Clinton, Iowa.
The winning numbers drawn were 27, 33, 63, 66, and 68. The Powerball was 9.
The winner has until the end of the business day on May 23 to claim their prize at Iowa Lottery headquarters in Clive.
The U.S. Sun covers more stories about lottery winners or unclaimed prizes.
One family from Tennessee won $1.6 billion from their Powerball ticket, but the prize was slashed to a third of its original amount.
Also, a Cash4Life winner has until September 29 to collect their $1 million prize.