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Mega Millions Annuity Jackpot Analysis for Illinois (Apr. 3, 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 $121,000,000 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. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$90,151$1,293,979
2$1,912,285$458,948$94,658$1,358,678
3$2,007,899$481,896$99,391$1,426,612
4$2,108,294$505,991$104,361$1,497,943
5$2,213,709$531,290$109,579$1,572,840
6$2,324,394$557,855$115,058$1,651,482
7$2,440,614$585,747$120,810$1,734,056
8$2,562,645$615,035$126,851$1,820,759
9$2,690,777$645,786$133,193$1,911,797
10$2,825,316$678,076$139,853$2,007,387
11$2,966,581$711,980$146,846$2,107,756
12$3,114,911$747,579$154,188$2,213,144
13$3,270,656$784,957$161,897$2,323,801
14$3,434,189$824,205$169,992$2,439,991
15$3,605,898$865,416$178,492$2,561,991
16$3,786,193$908,686$187,417$2,690,090
17$3,975,503$954,121$196,787$2,824,595
18$4,174,278$1,001,827$206,627$2,965,824
19$4,382,992$1,051,918$216,958$3,114,116
20$4,602,141$1,104,514$227,806$3,269,822
21$4,832,248$1,159,740$239,196$3,433,313
22$5,073,861$1,217,727$251,156$3,604,978
23$5,327,554$1,278,613$263,714$3,785,227
24$5,593,932$1,342,544$276,900$3,974,488
25$5,873,628$1,409,671$290,745$4,173,213
26$6,167,310$1,480,154$305,282$4,381,874
27$6,475,675$1,554,162$320,546$4,600,967
28$6,799,459$1,631,870$336,573$4,831,016
29$7,139,432$1,713,464$353,402$5,072,566
30$7,496,404$1,799,137$371,072$5,326,195
Total$121,000,000$29,040,000$5,989,500$85,970,500
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