On the other hand, you lose the chance of investing in other high-yield opportunities. You will only pay taxes on the amount you receive every year, so you'll incur less tax liability in the long run (you can check it in your state using this Mega Millions payout calculator). If you choose the annuity payments option, you'll get 100% of your jackpot! Your Mega Millions payout amount for every annuity will increase by 5% annually until the entire amount paid out. Still, the jackpot is usually a lot of money for you to quit your job, and it might be worth it if you have a good investment option that offers a considerably better return.īesides, the interest rate used in evaluating the annuity payment varies, so investing the cash amount into a business account, either a fixed deposit or recurring deposit, or a 529 account for your child are options worth considering. Don’t take that bait, says Frerichs: The iCash process is absolutely free – as is the claims process for every other state.Choosing to get paid at once today will get you only about 80% of your total jackpot winnings, and after you pay taxes on your winnings, you'll probably end up with around 50%.
His office suggests that you make it a habit to check for money twice a year – perhaps when you’re switching the clocks in the fall and the spring, for Daylight Savings Time. Treasurer Frerichs says he’s constantly adding new unclaimed funds to the website.We have not been able to find that document on the iCash website, however, so – if you need it – you’ll need to call the Treasurer’s office at 21. NBC5 Investigates found that the Treasurer’s office allows people to sign a waiver, attesting that they lived at an old address with no documentation, for amounts under $500.00. Often, an unclaimed fund is listed at an address where you may have lived decades ago, and you no longer have any documents showing that you lived there.That’s where you’ll found out the total of how much you’re owed, and instructions on how to start the claims process. Ĝheck your e-mail for something from “Illinois Unclaimed Property.” If you don’t see it within ten minutes, check your “junk” file.ğill out the form, and press “Next,” and then “Submit.”.Illinois Capitol cleared after being placed on lockdown due to threat Ĝheck any boxes that apply to you, and then press the “Claim Properties” button.Also make sure you look for every address you’ve lived at in Illinois. The entries are NOT alphabetized, so make sure and check every page, and try every version of your name. Ĝarefully check the results, because many entries are misspelled, and you want to find those as well.
Don’t fill in the City/Zip Code field unless you have a very common name. Search your name, your spouse’s name, your parents’ names, your maiden name, the names of your siblings, etc.Go to the Illinois iCash website and press the “Get Started” button.Here’s how to find out if some of that money is yours: He said he wants nothing more than to get all of that money back to its rightful owners. You or members of your family may well have money that’s just waiting for you to claim it from the offices of the Illinois State Treasurer.Īccording to Treasurer Michael Frerichs, he’s holding on to more than $2 billion in unclaimed funds – in the form of old security deposits, dusty stock certificates, forgotten insurance policies, and much more.