Almost eight weeks after the drawing in one of the largest-ever Mega Millions jackpots, two people – who agreed to split the prize, if won – have come forward to claim the $1.34 billion prize, the Illinois Lottery said. Show
The winning ticket was bought in late July at a Speedway gas station in Des Plaines, roughly a 20-mile drive northwest of downtown Chicago. The jackpot is the third-largest in US history, according to the lottery. The winners, who have spent the past few weeks working with professional legal and financial advisers on the claim process, wish to remain anonymous, the Illinois Lottery said. They have opted to take the lump sum payment of $780.5 million, the release said.  Getty Images 21 ways to live luxe if you win the $1.28 billion Mega Millions jackpot “I’ve been working for the Illinois Lottery for over five years and this is by far the largest prize I’ve ever had to process. When we met with the winners’ lawyers there was a real buzz of excitement in the room,” said Illinois Lottery Claims Manager Luis Rodriguez, who worked with the winners and their legal representatives through the prize claim process. “It’s a surreal feeling giving away this amount of money and knowing what a huge impact this is going to make on the winners’ lives, and for others close to them as well. It was an incredible feeling just to be part of that process – so I can only imagine how the winners themselves are feeling,” Rodriguez added. The winners’ purchase of a Mega Millions ticket after stopping into the Speedway “turned out to be an absolutely life changing decision,” Illinois Lottery Director Harold Mays said. It's easy to claim your prize. This table illustrates where you can claim different prize levels. We recommend that players contact the Texas Lottery® claim center in their area, or call 800-375-6886, for hours of operation and to be certain they have all the necessary information prior to traveling to Austin or any Texas Lottery claim center. Please allow 6-8 weeks for claims that are mailed in to be processed. Prizes Claimed at Retailer LocationsRetailers may, and are encouraged to, pay prizes up to and including $599. Prizes Claimed at Claim Centers and at Texas Lottery Commission HeadquartersPrizes less than or equal to $2,500,000, and that are not paid by annuities, may be claimed at any Texas Lottery claim center. Prizes less than or equal to $5,000,000, and that are not paid by annuities, may be claimed at Texas Lottery claim centers in Austin, Dallas, Fort Worth, Houston and San Antonio. Prizes greater than $5,000,000, all Lotto Texas®, Powerball® and Mega Millions® jackpot prizes, and prizes paid by annuities must be processed at Texas Lottery headquarters in Austin. If you believe you are a holder of such a ticket, please call 800-375-6886 to complete an initial inquiry on your ticket and to schedule an appointment to complete the processing of your claim. Prizes Claimed by MailPrizes of $1 to $5,000,000 may also be claimed by mail. The Texas Lottery Commission must check claims over a certain amount for state warrant holds and IRS reporting. Therefore, U.S. Citizens and Resident Aliens are required to provide a Social Security/Tax ID Number to claim prizes of $25 or more and require a claim form for processing. Claim formYou can:
When calling, writing, or emailing us for a form, be sure to include your name, mailing address and a daytime phone number with area code. Mailing InstructionsIf you claim your prize by mail, please sign and mail your ticket. Prizes of $25 or more also require a claim form for processing. Mail your claim to: Texas Lottery Commission Risk of loss remains with the claimant when mailing tickets. Deadlines for Claiming PrizesA ticket holder forfeits any claim to a prize for a draw game after the expiration of the 180th day following the draw date; and for a scratch ticket game after the expiration of the 180th day following the official "end of game" as determined by the Commission. These deadlines may be extended for a period of time for certain "eligible" military personnel. If you believe you are "eligible," you may contact our Customer Service Hotline at 800-37-LOTTO (800-375-6886) for additional details. The clock is ticking for whoever landed the $1.34 billion Mega Millions jackpot in late July — if they want to claim their prize as a lump sum. In Illinois, where the winning ticket was sold, Mega Millions winners get a year to claim their windfall if they want to receive it as an annuity spread over three decades. But they only get 60 days if they would rather take the prize as an upfront, reduced lump sum, according to the Illinois Lottery. This means if the winner doesn't claim the jackpot by Sept. 27 — 60 days after the July 29 drawing — the prize will default to the annuity option. "They have a choice that will be made for them if they don't make it," said Susan Bradley, a certified financial planner and founder of the Sudden Money Institute in Palm Beach Gardens, Florida. More from Personal Finance: The $1.34 billion jackpot, which marked the second-largest prize in the game's history, was won by a ticket purchased in Des Plaines, Illinois. As of Thursday, the jackpot remained unclaimed, according to Illinois Lottery spokesperson Meghan Powers. "For a prize of this magnitude, it's not unusual for a winner to take a little bit longer to claim the prize as they may want to seek professional legal and financial advice prior to claiming," Powers said. watch now VIDEO0:0000:00 What to do if you win the lottery Saving Whether the prize is taken as a lump sum or an annuity, there are pros and cons to each option that are best sorted through with the help of a team of professionals, Bradley said. That team could include experts in financial areas such as taxes, wealth advice, investments, trusts and philanthropy. "Right now, this winner, in a perfect world, has already set up a brain trust," Bradley said. The lump-sum option is $780.5 million before taxesThe lump-sum, cash option — which most winners of big lottery jackpots choose — for this $1.34 billion prize is $780.5 million. The amount would be reduced by a 24% federal tax withholding, or about $187.3 million. Another 4.95% would be withheld for state income taxes, which works out to $38.6 million. That would leave the winner with $554.6 million, although additional taxes would likely be due. "Some people say take the lump sum because you manage it instead of the state," she said. "But that's loaded with all sorts of responsibilities that people can't see coming." In other words, the cash amount would catapult the winner into possessing an amount of money that most people don't see in a lifetime. To preserve the wealth, decisions would need to be made about investment and tax strategies, philanthropic goals, spending and gifting, insurance and more. You may need to plan for a 'replacement fund'On the other hand, an annuity can appeal to winners who would rather have annual income for three decades, Bradley said. For this $1.34 billion jackpot, the yearly amount before taxes works out to average payments of $44.6 million, according to usamega.com. In that scenario, however, the winner should give thought to what happens in 30 years when the payments stop. "They should have a replacement fund," Bradley said, referring to winners who opt for an annuity. This generally means setting aside a portion of their annuity income every year when the payment arrives. "Assume 50% of the annual payment is yours after taxes," she said. "Then split it in half again and put half in your replacement fund." It's worth noting that the Illinois Lottery allows winners of prizes worth $250,000 or more to remain anonymous — which means you can keep your name out of the public eye. How do I claim my jackpot prize?Go to the PCSO Main Office. Present two valid IDs and the winning ticket to the Prize Claim section of the Accounting and Budget Department. Fill out the required forms. Wait for the ticket to be validated.
How long do you have to claim Mega Millions in Illinois?According to Illinois Lottery's Winner's Handbook, "Lotto, Mega Millions and Powerball winners have 60 days after the date of the drawing to choose the cash option or annual payments."
How do I claim my Mega Millions ticket in California?Prizes up to $599 can be claimed at a California Lottery retailer. For prizes $600 and above, players can claim their prize via mail or at their local District Office. For complete instructions on how to claim a prize by mail, please visit the Claim A Prize page.
|
How to claim the mega millions jackpot
Copyright © 2024 boxhindi Inc.
