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What happens if no one claims the Mega Millions?

So what happens if nobody claims the award? Ultimately, if the jackpot goes unclaimed within the required time, states that participated in the Mega Millions game will get back the funds their state contributed to the pot, according to the game's website.

mytwintiers.com - What happens if nobody claims the Mega Millions jackpot? - WETM

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(NEXSTAR) – It’s been a week since a Mega Millions ticket sold in Illinois landed the third-largest lottery prize in the nation. Despite the $1.337 billion award, the winner hasn’t yet come forward.

So what happens if nobody claims the award?

Ultimately, if the jackpot goes unclaimed within the required time, states that participated in the Mega Millions game will get back the funds their state contributed to the pot, according to the game’s website. From there, each state can use its prize funds for its own purposes. In Illinois, a Mega Millions winner has one year after the drawing date to claim their prize, meaning the winner of the $1.337 billion jackpot has 357 days left to come forward. The Illinois Lottery did not immediately respond to Nexstar’s request for information regarding how it uses recollected funds if the jackpot goes unclaimed. When they collect their prize, the winner would have the option of remaining anonymous, with the ability to have both their name and the municipality of residence withheld, under Illinois law. The winner could be preparing themselves financially before coming forward. They can either accept the $1.337 billion prize with the annuity option, meaning it’s paid annually over 29 years, or as the cash option, which would be around $780.5 million for this jackpot. It’s also possible the ticket was bought by a group of people. The winning ticket – with numbers – 13-36-45-57-67, Mega Ball: 14 – was bought at a Speedway gas station in the Chicago suburb of Des Plaines. According to Illinois Lottery, the Speedway will receive half a million dollars just for selling the ticket. A clerk at the Speedway store who answered the phone but declined to give his name said the store had not been officially notified that it sold the winning ticket and that he learned about it from reporters calling for comment. If you are lucky enough to have won the jackpot – or any lottery drawing for that matter – officials recommend immediately signing the back of your ticket. The ticket isn’t really yours until it’s been signed, meaning if you lose it before signing and someone else finds it, they get to collect the prize. Mega Millions is played in 45 states as well as Washington, D.C., and the U.S. Virgin Islands. The game is coordinated by state lotteries.

The Associated Press contributed to this report.

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What money Can the IRS not touch?

Federal law requires a person to report cash transactions of more than $10,000 to the IRS.

irs.gov - Here's what people should know about reporting cash payments - IRS

IRS Tax Tip 2019-49, April 29, 2019

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered

For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques

Pawnbrokers

Attorneys

Real estate brokers

Insurance companies

Travel agencies

How to report

People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network’s BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each form they file. Those who prefer to mail Form 8300 can send it to the IRS at the address listed on the form.

What’s cash

Cash includes coins and currency of the United States or any foreign country. For some transactionsPDF, it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less.

A person must report cash of more than $10,000 they received:

In one lump sum

In two or more related payments within 24 hours

As part of a single transaction within 12 months

As part of two or more related transactions within 12 months

When to file

A person must file Form 8300 within 15 days after the date they received the cash. If they receive payments toward a single transaction or two or more related transactions, they file when the total amount paid exceeds $10,000.

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