The Mega Millions Lottery Jackpot of $ 1.34 Billion was just claimed in Illinois! This is the third largest lottery jackpot in US history, and it has finally won! For Illinois lottery results, find information here.
Two winners of the $1.34 billion lottery
The past September 21, two lucky winners claimed the second largest Mega Millions Jackpot and third largest lottery prize in U.S. history. The couple who bought the ticket together and decided to split the prize collected $1.34 billion thanks to a Mega Millions lottery ticket. The winning ticket was purchased at a suburban Chicago gas station in Des Plaines, which will receive a half-million dollar bonus for selling the winning ticket.
Curious fact: The two winners claimed the Mega Millions pot of $1.34 billion nearly two months after the draw occurred on July 29. Fifty-seven days passed for the winners to realize they had won, only three days before the maximum time limit of 60 days to claim the prize was reached. After two months, if no one has been revealed to be the winner, there will be another rollover.
Who are the winners
The two winners, who decided to split the prize before buying their ticket, are both from Illinios
and opted to take their winnings in a lump-sum payment of $780.5 million. The couple requested to remain anonymous. According to the Illinois Lottery, winners may request anonymity if the prize is more than $250,000.
This remarkable decision turned out to be absolutely life-changing when a $3 line of Mega Millions with Megaplier turned into a $1.34 billion jackpot win.
After winning the lottery, the winners spent a few weeks working with legal and financial advisors to decide whether to take the lump sum payment or not.
How do taxes affect lottery winnings?
The amount of money won in a lottery is subject to Federal taxation, as are smaller jurisdictions’ lottery winnings. The IRS requires a minimum withholding of 24% of the prize of any gambling win over $5,000. Net for a major award is frequently deceptive; winners frequently owe the IRS when they submit their return since the Federal withholding was insufficient to cover their tax obligations. Nonresident US lottery winners have 30% of prizes worth at least $600 withheld.
In the beginning, U.S state lotteries only offered “annuity-only” prizes, but over time began to introduce a “cash option”.
Top 3 biggest lottery wins in the US
- $1.58 jackpot: Powerball, won on January 13th, 2016. Three winning tickets in California, Florida, and Tennessee. This is the world’s largest jackpot regarding cash value and annuity until the moment.
- $1,53 jackpot: Megamillions won on October 23rd, 2018. One winning ticket in South Carolina. This is the biggest jackpot for a single ticket and the highest cash value for a single ticket until this point.
- $1.34 jackpot: Megamillions won on July 29th, 2022. One winning ticket in Illinois. This is the second-largest cash value for a single ticket.
What to do after winning a jackpot?
The first step is to sign the back of your ticket in ink. This will help to establish ownership of the ticket in case it gets lost or stolen.
Next, you should consult with a financial advisor and/or an attorney. They can help you create a plan to protect your identity and your winnings.
In order to claim the money, you can choose the annuity option or the cash option.
TheMega Millions annuity consists of one initial payment, followed by 29 annual payments that increase by 5% each year. This helps safeguard winners’ lifestyles and purchasing power against inflation.
A lump-sum payment of the entire cash amount in the Mega Millions jackpot prize pool.
Then, you should contact the lottery commission to claim your prize. Each state has different procedures for claiming lottery prizes, so be sure to research the process for your state.
Last but not least, enjoy your winnings! A lottery jackpot can be life-changing, so make sure to spend it wisely.
What are the best ideas for spending a lottery prize?
Before blowing your entire lottery winnings on frivolous purchases, there are a few things to consider:
- Pay off any debts that you have. This will give you a clean slate and more financial freedom going forward.
- Invest some of your money. This can help to ensure that your money lasts long into the future.
- Give back to your community in some way. Whether it’s through charitable donations or volunteering your time, giving back is always a good idea.