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Mega Millions Annuity Jackpot Analysis for Illinois

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $245,000,000 would be for a resident of Illinois, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Illinois

Drawing Date:  Tue, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$182,536$2,620,041
2$3,871,982$929,276$191,663$2,751,043
3$4,065,581$975,739$201,246$2,888,595
4$4,268,860$1,024,526$211,309$3,033,025
5$4,482,303$1,075,753$221,874$3,184,676
6$4,706,418$1,129,540$232,968$3,343,910
7$4,941,739$1,186,017$244,616$3,511,106
8$5,188,826$1,245,318$256,847$3,686,661
9$5,448,267$1,307,584$269,689$3,870,994
10$5,720,680$1,372,963$283,174$4,064,543
11$6,006,714$1,441,611$297,332$4,267,771
12$6,307,050$1,513,692$312,199$4,481,159
13$6,622,403$1,589,377$327,809$4,705,217
14$6,953,523$1,668,845$344,199$4,940,478
15$7,301,199$1,752,288$361,409$5,187,502
16$7,666,259$1,839,902$379,480$5,446,877
17$8,049,572$1,931,897$398,454$5,719,221
18$8,452,050$2,028,492$418,376$6,005,182
19$8,874,653$2,129,917$439,295$6,305,441
20$9,318,386$2,236,413$461,260$6,620,713
21$9,784,305$2,348,233$484,323$6,951,749
22$10,273,520$2,465,645$508,539$7,299,336
23$10,787,196$2,588,927$533,966$7,664,303
24$11,326,556$2,718,373$560,665$8,047,518
25$11,892,884$2,854,292$588,698$8,449,894
26$12,487,528$2,997,007$618,133$8,872,389
27$13,111,904$3,146,857$649,039$9,316,008
28$13,767,499$3,304,200$681,491$9,781,808
29$14,455,874$3,469,410$715,566$10,270,899
30$15,178,668$3,642,880$751,344$10,784,444
Total$245,000,000$58,800,000$12,127,500$174,072,500
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