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Mega Millions Annuity Jackpot Analysis for Illinois (Oct. 26, 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 $40,000,000 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. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$29,802$427,762
2$632,160$151,718$31,292$449,150
3$663,768$159,304$32,857$471,607
4$696,957$167,270$34,499$495,188
5$731,805$175,633$36,224$519,947
6$768,395$184,415$38,036$545,944
7$806,815$193,635$39,937$573,242
8$847,155$203,317$41,934$601,904
9$889,513$213,483$44,031$631,999
10$933,989$224,157$46,232$663,599
11$980,688$235,365$48,544$696,779
12$1,029,722$247,133$50,971$731,618
13$1,081,209$259,490$53,520$768,199
14$1,135,269$272,465$56,196$806,609
15$1,192,032$286,088$59,006$846,939
16$1,251,634$300,392$61,956$889,286
17$1,314,216$315,412$65,054$933,750
18$1,379,927$331,182$68,306$980,438
19$1,448,923$347,742$71,722$1,029,460
20$1,521,369$365,129$75,308$1,080,933
21$1,597,438$383,385$79,073$1,134,979
22$1,677,309$402,554$83,027$1,191,728
23$1,761,175$422,682$87,178$1,251,315
24$1,849,234$443,816$91,537$1,313,880
25$1,941,695$466,007$96,114$1,379,574
26$2,038,780$489,307$100,920$1,448,553
27$2,140,719$513,773$105,966$1,520,981
28$2,247,755$539,461$111,264$1,597,030
29$2,360,143$566,434$116,827$1,676,881
30$2,478,150$594,756$122,668$1,760,726
Total$40,000,000$9,600,000$1,980,000$28,420,000
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