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Mega Millions Annuity Jackpot Analysis for Illinois (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$108,032$1,550,636
2$2,291,581$549,979$113,433$1,628,168
3$2,406,160$577,478$119,105$1,709,577
4$2,526,468$606,352$125,060$1,795,056
5$2,652,791$636,670$131,313$1,884,808
6$2,785,431$668,503$137,879$1,979,049
7$2,924,703$701,929$144,773$2,078,001
8$3,070,938$737,025$152,011$2,181,901
9$3,224,485$773,876$159,612$2,290,996
10$3,385,709$812,570$167,593$2,405,546
11$3,554,994$853,199$175,972$2,525,823
12$3,732,744$895,859$184,771$2,652,115
13$3,919,381$940,651$194,009$2,784,720
14$4,115,350$987,684$203,710$2,923,956
15$4,321,118$1,037,068$213,895$3,070,154
16$4,537,174$1,088,922$224,590$3,223,662
17$4,764,032$1,143,368$235,820$3,384,845
18$5,002,234$1,200,536$247,611$3,554,087
19$5,252,346$1,260,563$259,991$3,731,792
20$5,514,963$1,323,591$272,991$3,918,381
21$5,790,711$1,389,771$286,640$4,114,300
22$6,080,247$1,459,259$300,972$4,320,015
23$6,384,259$1,532,222$316,021$4,536,016
24$6,703,472$1,608,833$331,822$4,762,817
25$7,038,645$1,689,275$348,413$5,000,958
26$7,390,578$1,773,739$365,834$5,251,006
27$7,760,107$1,862,426$384,125$5,513,556
28$8,148,112$1,955,547$403,332$5,789,233
29$8,555,518$2,053,324$423,498$6,078,695
30$8,983,293$2,155,990$444,673$6,382,630
Total$145,000,000$34,800,000$7,177,500$103,022,500
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