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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 $90,000,000 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 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$67,054$962,464
2$1,422,361$341,367$70,407$1,010,587
3$1,493,479$358,435$73,927$1,061,117
4$1,568,153$376,357$77,624$1,114,172
5$1,646,560$395,174$81,505$1,169,881
6$1,728,888$414,933$85,580$1,228,375
7$1,815,333$435,680$89,859$1,289,794
8$1,906,099$457,464$94,352$1,354,284
9$2,001,404$480,337$99,070$1,421,998
10$2,101,474$504,354$104,023$1,493,098
11$2,206,548$529,572$109,224$1,567,752
12$2,316,876$556,050$114,685$1,646,140
13$2,432,719$583,853$120,420$1,728,447
14$2,554,355$613,045$126,441$1,814,869
15$2,682,073$643,698$132,763$1,905,613
16$2,816,177$675,882$139,401$2,000,894
17$2,956,986$709,677$146,371$2,100,938
18$3,104,835$745,160$153,689$2,205,985
19$3,260,077$782,418$161,374$2,316,284
20$3,423,080$821,539$169,442$2,432,099
21$3,594,234$862,616$177,915$2,553,704
22$3,773,946$905,747$186,810$2,681,389
23$3,962,643$951,034$196,151$2,815,458
24$4,160,776$998,586$205,958$2,956,231
25$4,368,814$1,048,515$216,256$3,104,043
26$4,587,255$1,100,941$227,069$3,259,245
27$4,816,618$1,155,988$238,423$3,422,207
28$5,057,449$1,213,788$250,344$3,593,317
29$5,310,321$1,274,477$262,861$3,772,983
30$5,575,837$1,338,201$276,004$3,961,632
Total$90,000,000$21,600,000$4,455,000$63,945,000
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