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Mega Millions Annuity Jackpot Analysis for Illinois (Jul. 28, 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$14,901$213,881
2$316,080$75,859$15,646$224,575
3$331,884$79,652$16,428$235,804
4$348,478$83,635$17,250$247,594
5$365,902$87,817$18,112$259,974
6$384,197$92,207$19,018$272,972
7$403,407$96,818$19,969$286,621
8$423,578$101,659$20,967$300,952
9$444,757$106,742$22,015$315,999
10$466,994$112,079$23,116$331,799
11$490,344$117,683$24,272$348,389
12$514,861$123,567$25,486$365,809
13$540,604$129,745$26,760$384,099
14$567,635$136,232$28,098$403,304
15$596,016$143,044$29,503$423,470
16$625,817$150,196$30,978$444,643
17$657,108$157,706$32,527$466,875
18$689,963$165,591$34,153$490,219
19$724,461$173,871$35,861$514,730
20$760,685$182,564$37,654$540,466
21$798,719$191,693$39,537$567,490
22$838,655$201,277$41,513$595,864
23$880,587$211,341$43,589$625,657
24$924,617$221,908$45,769$656,940
25$970,848$233,003$48,057$689,787
26$1,019,390$244,654$50,460$724,277
27$1,070,360$256,886$52,983$760,490
28$1,123,878$269,731$55,632$798,515
29$1,180,071$283,217$58,414$838,441
30$1,239,075$297,378$61,334$880,363
Total$20,000,000$4,800,000$990,000$14,210,000
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