Few weeks remain for the Mega Millions jackpot winner to claim their cash.
A July Mega Millions prize was still unclaimed, according to a spokesman for the Illinois Lottery. The jackpot will turn into an annuity if the winner doesn't claim it by Sept. 27
The one-time reduced lump-sum option for this $1.34 billion prize is $780.5 million. Time is running out if the July Mega Millions jackpot winner wants a lump sum payment
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.
In Palm Beach Gardens, Florida, Susan Bradley, a certified financial planner and the founder of the Sudden Money Institute, said, "Their decision will be made for them if they don't"
According to Bradley, each strategy has advantages and disadvantages that are best resolved by a group of experts. This group could include experts in tax, wealth, investments, trusts, and philanthropy
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.