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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 $192,000,000 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, Apr 23, 2019
Jackpot:$192,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,889,876$693,570$143,049$2,053,257
2$3,034,369$728,249$150,201$2,155,919
3$3,186,088$764,661$157,711$2,263,715
4$3,345,392$802,894$165,597$2,376,901
5$3,512,662$843,039$173,877$2,495,746
6$3,688,295$885,191$182,571$2,620,533
7$3,872,710$929,450$191,699$2,751,560
8$4,066,345$975,923$201,284$2,889,138
9$4,269,662$1,024,719$211,348$3,033,595
10$4,483,145$1,075,955$221,916$3,185,275
11$4,707,303$1,129,753$233,011$3,344,539
12$4,942,668$1,186,240$244,662$3,511,766
13$5,189,801$1,245,552$256,895$3,687,354
14$5,449,291$1,307,830$269,740$3,871,722
15$5,721,756$1,373,221$283,227$4,065,308
16$6,007,844$1,441,883$297,388$4,268,573
17$6,308,236$1,513,977$312,258$4,482,002
18$6,623,648$1,589,675$327,871$4,706,102
19$6,954,830$1,669,159$344,264$4,941,407
20$7,302,572$1,752,617$361,477$5,188,477
21$7,667,700$1,840,248$379,551$5,447,901
22$8,051,085$1,932,260$398,529$5,720,296
23$8,453,639$2,028,873$418,455$6,006,311
24$8,876,321$2,130,317$439,378$6,306,626
25$9,320,137$2,236,833$461,347$6,621,958
26$9,786,144$2,348,675$484,414$6,953,056
27$10,275,452$2,466,108$508,635$7,300,708
28$10,789,224$2,589,414$534,067$7,665,744
29$11,328,685$2,718,884$560,770$8,049,031
30$11,895,120$2,854,829$588,808$8,451,482
Total$192,000,000$46,080,000$9,504,000$136,416,000
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