For nearly a month, someone in Illinois possessed a piece of paper worth more than $1 billion on paper, and the public had no idea who had it. On September 15, the Illinois Lottery confirmed that the sole winner of the $1.04 billion Powerball jackpot from the August 12 drawing had finally claimed the prize.
The anonymous winner had spent only $2 on a single Quick Pick ticket purchased in Quincy, Illinois, but the headline jackpot isn’t the amount that will ultimately land in the winner’s bank account. The winner selected the lump-sum option, triggering a much smaller cash value and a massive tax bill before decisions about investing, gifting, or spending even begin.
