WASHINGTON — We finally have a winner of the fifth-largest Mega Millions jackpot in history. But because of where the ticket was sold, we may never actually find out who won.
The winning ticket, worth $1.13 billion, was bought in New Jersey - one of the states that allows lottery winners to remain anonymous. So, it's possible that the winner will decline to come forward publicly when they do claim their prize.
And even that could take a while. According to the New Jersey lottery, winners have up to one year from the date of the original drawing to come forward to claim their prize.
State lottery officials said the winning ticket was sold at ShopRite Wines & Spirits of Neptune, which is located on the Jersey Shore.
Most lottery jackpot winners stay anonymous if they can, fearing unwanted attention and unscrupulous grabs for the money. Those in favor of identifying winners argue that it helps maintain transparency and public trust in the games.
Lottery officials also usually recommend jackpot winners take some time to calm down and talk to a financial planner before rushing to the nearest lottery office.
First, they'll have to sign the back of the ticket, as an extra safety measure to prove it's theirs.
While the winner can remain anonymous to the public, they'll need to provide proper identification so the state can process the claim and report the winnings to the IRS.
Yes, the winner will also have to pay taxes on the winnings; their $1.13 billion will end up being significantly less after the federal government takes its cut.
Then, the winner will have to wait for up to six weeks while their lottery claim is processed before they can get their money.
But if they're smart, the winner will likely take some time to plan before coming forward. Part of the reason lotteries give up to a year to claim large prizes is that the extra time gives people who have just come into an unfathomable amount of money a chance to meet with experts who can walk them through the process.
“So by far, the biggest misconception that we hear or read and see is, is that the money seems to be infinite when it certainly is not,” wealth advisor Shean Fletcher previously told the Associated Press, adding that winners should meet with financial advisers, lawyers and certified public accountants to make a plan.
There are hefty taxes to deal with, regardless of whether the winner takes the lump sum payout or the month-to-month annuity option, so the winner will need a good accountant.
The initial tax bills aren't the only reason financial experts warn lottery winners to take it slow — you shouldn't buy a pricey home without a good idea of recurring taxes and upkeep, for example.
A good financial advisor will help a winner avoid spending outside their means (even if those means have increased exponentially overnight) and a lawyer can help stop possible lawsuits from those looking to take their own cut of the earnings.