The Mega Millions jackpot winner has only a short time to claim their award

According to a representative for the Illinois Lottery, a Mega Millions reward from July has not yet been claimed. If the jackpot isn't claimed by the winner before September 27, it will turn into an annuity.

The one-time reduced lump-sum option for this $1.34 billion prize is $780.5 million. Time is running out if the July Mega Millions jackpot winner wants a lump sum payment.

Illinois Mega Millions winners have one year to take their prize in the form of a 30-year annuity. Winners of the Illinois Lottery have 60 days to select a reduced lump sum.

They won't get to choose if they don't, according to Susan Bradley, a certified financial planner and the founder of the Sudden Money Institute in Palm Beach Gardens, Florida.

According to Bradley, each strategy has advantages and disadvantages that are best resolved by a group of experts. This group could include experts in tax, wealth, investments, trusts, and philanthropy.

A 24% federal tax withholding, or $187.3 million, would be made. A total of $38.6 million in state income taxes, or 4.5%, would be withheld. After taxes, the winner would receive $554.6 million.