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Mega Millions Annuity Jackpot Analysis for Illinois (Nov. 6, 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 $70,000,000 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. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$52,153$748,583
2$1,106,280$265,507$54,761$786,012
3$1,161,594$278,783$57,499$825,313
4$1,219,674$292,722$60,374$866,579
5$1,280,658$307,358$63,393$909,907
6$1,344,691$322,726$66,562$955,403
7$1,411,925$338,862$69,890$1,003,173
8$1,482,522$355,805$73,385$1,053,332
9$1,556,648$373,595$77,054$1,105,998
10$1,634,480$392,275$80,907$1,161,298
11$1,716,204$411,889$84,952$1,219,363
12$1,802,014$432,483$89,200$1,280,331
13$1,892,115$454,108$93,660$1,344,348
14$1,986,721$476,813$98,343$1,411,565
15$2,086,057$500,654$103,260$1,482,143
16$2,190,360$525,686$108,423$1,556,251
17$2,299,878$551,971$113,844$1,634,063
18$2,414,872$579,569$119,536$1,715,766
19$2,535,615$608,548$125,513$1,801,555
20$2,662,396$638,975$131,789$1,891,632
21$2,795,516$670,924$138,378$1,986,214
22$2,935,291$704,470$145,297$2,085,525
23$3,082,056$739,693$152,562$2,189,801
24$3,236,159$776,678$160,190$2,299,291
25$3,397,967$815,512$168,199$2,414,255
26$3,567,865$856,288$176,609$2,534,968
27$3,746,258$899,102$185,440$2,661,717
28$3,933,571$944,057$194,712$2,794,802
29$4,130,250$991,260$204,447$2,934,543
30$4,336,762$1,040,823$214,670$3,081,270
Total$70,000,000$16,800,000$3,465,000$49,735,000
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