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Mega Millions Annuity Jackpot Analysis for Illinois (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$496,946$7,132,928
2$10,541,273$2,529,905$521,793$7,489,574
3$11,068,336$2,656,401$547,883$7,864,053
4$11,621,753$2,789,221$575,277$8,257,256
5$12,202,840$2,928,682$604,041$8,670,118
6$12,812,983$3,075,116$634,243$9,103,624
7$13,453,632$3,228,872$665,955$9,558,806
8$14,126,314$3,390,315$699,253$10,036,746
9$14,832,629$3,559,831$734,215$10,538,583
10$15,574,261$3,737,823$770,926$11,065,512
11$16,352,974$3,924,714$809,472$11,618,788
12$17,170,622$4,120,949$849,946$12,199,727
13$18,029,153$4,326,997$892,443$12,809,713
14$18,930,611$4,543,347$937,065$13,450,199
15$19,877,142$4,770,514$983,919$14,122,709
16$20,870,999$5,009,040$1,033,114$14,828,845
17$21,914,548$5,259,492$1,084,770$15,570,287
18$23,010,276$5,522,466$1,139,009$16,348,801
19$24,160,790$5,798,590$1,195,959$17,166,241
20$25,368,829$6,088,519$1,255,757$18,024,553
21$26,637,271$6,392,945$1,318,545$18,925,781
22$27,969,134$6,712,592$1,384,472$19,872,070
23$29,367,591$7,048,222$1,453,696$20,865,673
24$30,835,970$7,400,633$1,526,381$21,908,957
25$32,377,769$7,770,665$1,602,700$23,004,405
26$33,996,658$8,159,198$1,682,835$24,154,625
27$35,696,491$8,567,158$1,766,976$25,362,357
28$37,481,315$8,995,516$1,855,325$26,630,474
29$39,355,381$9,445,291$1,948,091$27,961,998
30$41,323,150$9,917,556$2,045,496$29,360,098
Total$667,000,001$160,080,000$33,016,500$473,903,501
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