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We may never know who won the $1.3B Mega Millions jackpot

There’s a chance the identity of the winner of the $1.337 billion Mega Millions jackpot will never be known — thanks to an Illinois law allowing people who score more than $250,000 to keep their names secret.

The winning ticket to the mind-boggling fortune was sold at the Speedy Cafe Speedway gas station in Des Plaines, lottery officials have said.

No one has come forward yet to claim the massive prize — with lotto officials saying it’s not even clear whether the winner was an individual or pool.

Illinois is one of a few states that allow lotto winners the option of anonymity.

Some other states offer some form of lotto anonymity, including New Jersey, Delaware, Maryland, Virginia, Arizona, Florida, Georgia, Kansas, Minnesota, Mississippi, Missouri, Montana, North Dakota, Ohio, South Carolina, Texas and Wyoming, according to a list compiled by Fox News.

But in New York, winners should expect to be required to attend a public announcement or press event, according to the state lottery’s website.

Person holding Mega Millions ticket and cash
While Illinois winners have the option of staying anonymous, New York lotto winners don’t have that luxury.
OLIVIER DOULIERY/AFP via Getty Images

“The New York Lottery is a government agency and Lottery prizes are public funds, so we owe it to all our players to disclose the names of winners,” the site says.

Still, lotto anonymity has gained momentum in recent years, including in New York, where a proposal was passed the state legislature in 2019 before being vetoed by then-Gov. Andrew Cuomo.

Cuomo’s 2019 veto message advised winners who wish to try to keep their identity hidden to create an LLC to collect the winnings on their behalf.

The winner of the all-time high ticket — for $1.537 billion, purchased in South Carolina in 2018 — has yet to be revealed.

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How much will Illinois win owe in taxes?

The billion-dollar Mega Millions jackpot has finally been claimed in Illinois after being purchased at a Speedway gas station in Des Plaines.

But how much of that will end up in the winner’s pocket, and how much will be owed in taxes?

The tax bill depends on whether the Mega Millions winner chooses a cash payout of $780.5 million or annual payments totaling $1.3 billion over 29 years.

Illinois currently contains 24 percent in federal taxes, and 4.95 percent in state income taxes, though that may not be the total tax obligation, depending on the winner’s financial situation.

If the winner decides to take the $780.5 million lump sum, approximately $187.3 million in federal taxes would be withheld, in addition to $38.6 million in state taxes. That would mean an estimated take-home payout of $554.6 million.

If the winner takes the full $1.337 billion in annual installments and tax rates don’t change over the next 29 years, an estimated $320.9 million in federal taxes would be withheld, and an estimated $66.2 in state taxes would be withheld. That would mean an estimated take-home payout of $949.9 million over 29 years.

After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
Corbis via Getty Images

Although the cash option is more popular, the annuity payments are each 5 percent bigger than the previous one.

“This helps protect winners’ lifestyle and purchasing power in periods of inflation,” the Mega Millions lottery states on its website.

This Mega Millions jackpot is one of the biggest ever after the 2018 South Carolina winner who claimed a $1.537 billion pot.

“Congratulations to the Illinois Lottery for selling the winning ticket for the $1.337 billion Mega Millions jackpot,” Ohio Lottery Director Pat McDonald said in a statement. “We are thrilled to have witnessed one of the biggest jackpot wins in Mega Millions history. We’re eager to find out who won and look forward to congratulating the winner soon! Better still, this exciting jackpot run has had a significant positive impact on the revenues for good causes raised by our member lotteries.”

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Categories
US

How much will Illinois win owe in taxes?

The billion-dollar Mega Millions jackpot has finally been claimed in Illinois after being purchased at a Speedway gas station in Des Plaines.

But how much of that will end up in the winner’s pocket, and how much will be owed in taxes?

The tax bill depends on whether the Mega Millions winner chooses a cash payout of $780.5 million or annual payments totaling $1.3 billion over 29 years.

Illinois currently contains 24 percent in federal taxes, and 4.95 percent in state income taxes, though that may not be the total tax obligation, depending on the winner’s financial situation.

If the winner decides to take the $780.5 million lump sum, approximately $187.3 million in federal taxes would be withheld, in addition to $38.6 million in state taxes. That would mean an estimated take-home payout of $554.6 million.

If the winner takes the full $1.337 billion in annual installments and tax rates don’t change over the next 29 years, an estimated $320.9 million in federal taxes would be withheld, and an estimated $66.2 in state taxes would be withheld. That would mean an estimated take-home payout of $949.9 million over 29 years.

After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
Corbis via Getty Images

Although the cash option is more popular, the annuity payments are each 5 percent bigger than the previous one.

“This helps protect winners’ lifestyle and purchasing power in periods of inflation,” the Mega Millions lottery states on its website.

This Mega Millions jackpot is one of the biggest ever after the 2018 South Carolina winner who claimed a $1.537 billion pot.

“Congratulations to the Illinois Lottery for selling the winning ticket for the $1.337 billion Mega Millions jackpot,” Ohio Lottery Director Pat McDonald said in a statement. “We are thrilled to have witnessed one of the biggest jackpot wins in Mega Millions history. We’re eager to find out who won and look forward to congratulating the winner soon! Better still, this exciting jackpot run has had a significant positive impact on the revenues for good causes raised by our member lotteries.”

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