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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 $31,000,000 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:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$23,096$331,515
2$489,924$117,582$24,251$348,091
3$514,420$123,461$25,464$365,496
4$540,141$129,634$26,737$383,771
5$567,149$136,116$28,074$402,959
6$595,506$142,921$29,478$423,107
7$625,281$150,068$30,951$444,262
8$656,545$157,571$32,499$466,475
9$689,373$165,449$34,124$489,799
10$723,841$173,722$35,830$514,289
11$760,033$182,408$37,622$540,004
12$798,035$191,528$39,503$567,004
13$837,937$201,105$41,478$595,354
14$879,834$211,160$43,552$625,122
15$923,825$221,718$45,729$656,378
16$970,016$232,804$48,016$689,197
17$1,018,517$244,444$50,417$723,657
18$1,069,443$256,666$52,937$759,839
19$1,122,915$269,500$55,584$797,831
20$1,179,061$282,975$58,364$837,723
21$1,238,014$297,123$61,282$879,609
22$1,299,915$311,980$64,346$923,589
23$1,364,911$327,579$67,563$969,769
24$1,433,156$343,957$70,941$1,018,257
25$1,504,814$361,155$74,488$1,069,170
26$1,580,055$379,213$78,213$1,122,629
27$1,659,057$398,174$82,123$1,178,760
28$1,742,010$418,082$86,230$1,237,698
29$1,829,111$438,987$90,541$1,299,583
30$1,920,566$460,936$95,068$1,364,562
Total$31,000,000$7,440,000$1,534,500$22,025,500
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