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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$281,627$4,042,349
2$5,973,915$1,433,740$295,709$4,244,466
3$6,272,610$1,505,426$310,494$4,456,690
4$6,586,241$1,580,698$326,019$4,679,524
5$6,915,553$1,659,733$342,320$4,913,500
6$7,261,330$1,742,719$359,436$5,159,175
7$7,624,397$1,829,855$377,408$5,417,134
8$8,005,617$1,921,348$396,278$5,687,991
9$8,405,898$2,017,415$416,092$5,972,390
10$8,826,193$2,118,286$436,897$6,271,010
11$9,267,502$2,224,201$458,741$6,584,560
12$9,730,877$2,335,411$481,678$6,913,788
13$10,217,421$2,452,181$505,762$7,259,478
14$10,728,292$2,574,790$531,050$7,622,452
15$11,264,707$2,703,530$557,603$8,003,574
16$11,827,942$2,838,706$585,483$8,403,753
17$12,419,339$2,980,641$614,757$8,823,941
18$13,040,306$3,129,674$645,495$9,265,138
19$13,692,322$3,286,157$677,770$9,728,394
20$14,376,938$3,450,465$711,658$10,214,814
21$15,095,785$3,622,988$747,241$10,725,555
22$15,850,574$3,804,138$784,603$11,261,833
23$16,643,103$3,994,345$823,834$11,824,924
24$17,475,258$4,194,062$865,025$12,416,170
25$18,349,020$4,403,765$908,277$13,036,979
26$19,266,472$4,623,953$953,690$13,688,828
27$20,229,795$4,855,151$1,001,375$14,373,270
28$21,241,285$5,097,908$1,051,444$15,091,933
29$22,303,349$5,352,804$1,104,016$15,846,530
30$23,418,517$5,620,444$1,159,217$16,638,856
Total$378,000,001$90,720,000$18,711,000$268,569,001
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