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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 $109,000,000 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, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$81,210$1,165,651
2$1,722,637$413,433$85,271$1,223,933
3$1,808,769$434,104$89,534$1,285,130
4$1,899,207$455,810$94,011$1,349,387
5$1,994,167$478,600$98,711$1,416,856
6$2,093,876$502,530$103,647$1,487,699
7$2,198,570$527,657$108,829$1,562,084
8$2,308,498$554,040$114,271$1,640,188
9$2,423,923$581,742$119,984$1,722,197
10$2,545,119$610,829$125,983$1,808,307
11$2,672,375$641,370$132,283$1,898,722
12$2,805,994$673,439$138,897$1,993,659
13$2,946,293$707,110$145,842$2,093,341
14$3,093,608$742,466$153,134$2,198,009
15$3,248,289$779,589$160,790$2,307,909
16$3,410,703$818,569$168,830$2,423,304
17$3,581,238$859,497$177,271$2,544,470
18$3,760,300$902,472$186,135$2,671,693
19$3,948,315$947,596$195,442$2,805,278
20$4,145,731$994,975$205,214$2,945,542
21$4,353,017$1,044,724$215,474$3,092,819
22$4,570,668$1,096,960$226,248$3,247,460
23$4,799,202$1,151,808$237,560$3,409,833
24$5,039,162$1,209,399$249,438$3,580,324
25$5,291,120$1,269,869$261,910$3,759,341
26$5,555,676$1,333,362$275,006$3,947,308
27$5,833,459$1,400,030$288,756$4,144,673
28$6,125,132$1,470,032$303,194$4,351,907
29$6,431,389$1,543,533$318,354$4,569,502
30$6,752,959$1,620,710$334,271$4,797,977
Total$109,000,000$26,160,000$5,395,500$77,444,500
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