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Mega Millions Annuity Jackpot Analysis for Illinois (May. 25, 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 $73,000,000 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:  May. 25, 2018
Jackpot:$73,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,098,755$263,701$54,388$780,665
2$1,153,693$276,886$57,108$819,699
3$1,211,377$290,731$59,963$860,683
4$1,271,946$305,267$62,961$903,718
5$1,335,543$320,530$66,109$948,903
6$1,402,320$336,557$69,415$996,349
7$1,472,436$353,385$72,886$1,046,166
8$1,546,058$371,054$76,530$1,098,474
9$1,623,361$389,607$80,356$1,153,398
10$1,704,529$409,087$84,374$1,211,068
11$1,789,756$429,541$88,593$1,271,621
12$1,879,244$451,018$93,023$1,335,203
13$1,973,206$473,569$97,674$1,401,963
14$2,071,866$497,248$102,557$1,472,061
15$2,175,459$522,110$107,685$1,545,664
16$2,284,232$548,216$113,069$1,622,947
17$2,398,444$575,627$118,723$1,704,094
18$2,518,366$604,408$124,659$1,789,299
19$2,644,284$634,628$130,892$1,878,764
20$2,776,499$666,360$137,437$1,972,702
21$2,915,323$699,678$144,309$2,071,337
22$3,061,090$734,662$151,524$2,174,904
23$3,214,144$771,395$159,100$2,283,649
24$3,374,851$809,964$167,055$2,397,832
25$3,543,594$850,463$175,408$2,517,723
26$3,720,774$892,986$184,178$2,643,610
27$3,906,812$937,635$193,387$2,775,790
28$4,102,153$984,517$203,057$2,914,580
29$4,307,261$1,033,743$213,209$3,060,309
30$4,522,624$1,085,430$223,870$3,213,324
Total$73,000,000$17,520,000$3,613,500$51,866,500
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