(WJW) – The winner of the $1.337 billion Mega Millions jackpot has yet to come forward. Someone in Illinois bought the winning ticket for Friday night’s drawing.
$1.337 billion is the second-largest jackpot in Mega Millions lottery history. The winner has just 12 months from the date of the draw to claim their prize. In Illinois, they only have 60 days to decide whether they want the lump sum or annual payments.
The lump sum drops the winnings to around $747 million before taxes. The cash prize after the IRS gets its 24% has then been whittled down to $567 million. But the winnings then put the claimant in the top 37% bracket, which is another $97 million in taxes, according to data put together by Forbes.
That means come April 15th, they’ll be writing a massive check to the Internal Revenue Service.
But don’t forget state taxes. In Illinois, there is a 4.95% state income tax. So that takes another $37 million in taxes.
What the winner is left with is about $433 million.
If the winner chooses annual payments, the annuity is paid out as one immediate payment followed by 29 annual payments. Each payment is 5% bigger than the previous one.