Mega Millions jackpot winner has only a few weeks to collect prize
An Illinois Lottery spokeswoman said Thursday that a July Mega Millions payout remained unclaimed. If the winner doesn't claim the jackpot before Sept. 27 it will become an annuity.
This $1.34 billion jackpot's one-time reduced lump-sum option is $780.5 million.If the July Mega Millions jackpot winner wants a lump payout, time is running out.
Mega Millions winners in Illinois have a year to collect their winnings as a 30-year annuity. The Illinois Lottery gives winners 60 days to choose a reduced lump amount.
Susan Bradley, a licenced financial advisor and founder of the Sudden Money Institute in Palm Beach Gardens, Florida, stated, "Their decision will be made for them if they don't."
Each approach has benefits and downsides that are best sorted out by a team of specialists, Bradley said. This team may comprise tax, wealth, investment, trust, and philanthropic professionals.
Federal taxes of 24%, or $187.3 million, would be withheld. State income taxes would be withheld at 4.5%, or $38.6 million. The winner would have $554.6 million after taxes.
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