A lucky Mega Millions player in Illinois has won a $349 million jackpot, but they haven’t come forward yet—and time is ticking. The winning ticket was sold on March 25, and officials are urging the winner to step up and claim the prize. But with big money comes big decisions, and even if the player shows up soon, they’ll still lose a huge portion of their winnings due to taxes.
Mega Millions Jackpot Still Unclaimed
The Mega Millions officials confirmed that the jackpot-winning ticket was bought in Illinois. The odds of winning were incredibly slim—1 in 302.6 million—but someone beat the odds and now holds the golden ticket.
However, the winner must sign the back of the ticket, keep it in a safe place, and book an appointment to claim the prize. It’s also advised to speak to a financial adviser or lawyer before taking the next steps.
Lump Sum or Annuity – The Tough Choice
Once the winner comes forward, they have two payout options:
Annuity: Paid in yearly installments over 30 years
Lump sum: One-time full cash payment, but taxed heavily upfront
If the winner chooses the lump sum, their $349 million prize will be reduced to $161.4 million before taxes.
After that, 24% goes to the federal government, and 4.95% is taken by the state of Illinois, cutting the final amount even more.
Why Choosing the Right Payment Matters
Here’s why this decision is important:
Annuity payments give financial stability over time
Lump sum gives instant access to money but results in higher taxes upfront
With inflation, annuity payments may lose value over time
A financial adviser can help decide what works best based on age, goals, and needs
There’s no way to avoid tax deductions, so the winner should plan carefully.
Other Changes in Mega Millions
The cost of a Mega Millions ticket has increased to $5, up from $2. Many regular players are not happy with the change, calling it expensive.
But lottery officials say the jackpots will grow faster, and even smaller prizes will now be worth more than the cost of the ticket.
Upcoming Draw Jackpot
The next Mega Millions draw offers an estimated jackpot of $54 million. So if you’re planning to try your luck, remember to play responsibly.
