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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 $60,000,000 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, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$44,703$641,643
2$948,240$227,578$46,938$673,725
3$995,652$238,957$49,285$707,411
4$1,045,435$250,904$51,749$742,782
5$1,097,707$263,450$54,336$779,921
6$1,152,592$276,622$57,053$818,917
7$1,210,222$290,453$59,906$859,863
8$1,270,733$304,976$62,901$902,856
9$1,334,270$320,225$66,046$947,998
10$1,400,983$336,236$69,349$995,398
11$1,471,032$353,048$72,816$1,045,168
12$1,544,584$370,700$76,457$1,097,427
13$1,621,813$389,235$80,280$1,152,298
14$1,702,904$408,697$84,294$1,209,913
15$1,788,049$429,132$88,508$1,270,409
16$1,877,451$450,588$92,934$1,333,929
17$1,971,324$473,118$97,581$1,400,625
18$2,069,890$496,774$102,460$1,470,657
19$2,173,384$521,612$107,583$1,544,190
20$2,282,054$547,693$112,962$1,621,399
21$2,396,156$575,078$118,610$1,702,469
22$2,515,964$603,831$124,540$1,787,592
23$2,641,762$634,023$130,767$1,876,972
24$2,773,850$665,724$137,306$1,970,821
25$2,912,543$699,010$144,171$2,069,362
26$3,058,170$733,961$151,379$2,172,830
27$3,211,079$770,659$158,948$2,281,471
28$3,371,633$809,192$166,896$2,395,545
29$3,540,214$849,651$175,241$2,515,322
30$3,717,225$892,134$184,003$2,641,088
Total$60,000,000$14,400,000$2,970,000$42,630,000
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