Illinois Powerball winner faces tax choices on $450.5 million cash prize

A Powerball ticket bought at a Quincy Hy-Vee Gas Fresh & Fast convenience store secured the game’s eighth-largest jackpot, ending a 44-draw dry spell and resetting the prize to $20 million for the next drawing. The winner must file a claim by October 11, choosing either a lump-sum cash value estimated at $450.5 million or a 30-year annuity. Selecting the cash option triggers an automatic 24 percent federal withholding, lowering the amount to $342.4 million, with a further 13 percent federal tax and a 4.95 percent Illinois tax, leaving roughly $283.8 million after deductions.

Illinois law allows winners of $250,000 or more to request confidentiality, but without a request, the winner’s name and city become public after a 90-day period. The state does not release addresses or phone numbers, and several other states offer varying levels of anonymity for large lottery winners.