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Mega Millions Annuity Jackpot Analysis for Illinois (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$38,742$556,090
2$821,808$197,234$40,680$583,895
3$862,899$207,096$42,713$613,090
4$906,044$217,450$44,849$643,744
5$951,346$228,323$47,092$675,931
6$998,913$239,739$49,446$709,728
7$1,048,859$251,726$51,919$745,214
8$1,101,302$264,312$54,514$782,475
9$1,156,367$277,528$57,240$821,599
10$1,214,185$291,404$60,102$862,679
11$1,274,895$305,975$63,107$905,813
12$1,338,639$321,273$66,263$951,103
13$1,405,571$337,337$69,576$998,658
14$1,475,850$354,204$73,055$1,048,591
15$1,549,642$371,914$76,707$1,101,021
16$1,627,124$390,510$80,543$1,156,072
17$1,708,481$410,035$84,570$1,213,875
18$1,793,905$430,537$88,798$1,274,569
19$1,883,600$452,064$93,238$1,338,298
20$1,977,780$474,667$97,900$1,405,213
21$2,076,669$498,401$102,795$1,475,473
22$2,180,502$523,321$107,935$1,549,247
23$2,289,527$549,487$113,332$1,626,709
24$2,404,004$576,961$118,998$1,708,045
25$2,524,204$605,809$124,948$1,793,447
26$2,650,414$636,099$131,195$1,883,119
27$2,782,935$667,904$137,755$1,977,275
28$2,922,082$701,300$144,643$2,076,139
29$3,068,186$736,365$151,875$2,179,946
30$3,221,595$773,183$159,469$2,288,943
Total$52,000,000$12,480,000$2,574,000$36,946,000
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