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Mega Millions Annuity Jackpot Analysis for Illinois (Aug. 4, 2017 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 $323,000,000 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:  Aug. 4, 2017
Jackpot:$323,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$240,650$3,454,176
2$5,104,694$1,225,127$252,682$3,626,885
3$5,359,929$1,286,383$265,316$3,808,229
4$5,627,926$1,350,702$278,582$3,998,641
5$5,909,321$1,418,237$292,511$4,198,573
6$6,204,788$1,489,149$307,137$4,408,502
7$6,515,027$1,563,607$322,494$4,628,927
8$6,840,779$1,641,787$338,619$4,860,373
9$7,182,817$1,723,876$355,549$5,103,392
10$7,541,958$1,810,070$373,327$5,358,561
11$7,919,056$1,900,573$391,993$5,626,489
12$8,315,009$1,995,602$411,593$5,907,814
13$8,730,759$2,095,382$432,173$6,203,205
14$9,167,297$2,200,151$453,781$6,513,365
15$9,625,662$2,310,159$476,470$6,839,033
16$10,106,946$2,425,667$500,294$7,180,985
17$10,612,293$2,546,950$525,308$7,540,034
18$11,142,907$2,674,298$551,574$7,917,036
19$11,700,053$2,808,013$579,153$8,312,887
20$12,285,055$2,948,413$608,110$8,728,532
21$12,899,308$3,095,834$638,516$9,164,958
22$13,544,273$3,250,626$670,442$9,623,206
23$14,221,487$3,413,157$703,964$10,104,367
24$14,932,561$3,583,815$739,162$10,609,585
25$15,679,189$3,763,005$776,120$11,140,064
26$16,463,149$3,951,156$814,926$11,697,067
27$17,286,307$4,148,714$855,672$12,281,921
28$18,150,622$4,356,149$898,456$12,896,017
29$19,058,153$4,573,957$943,379$13,540,818
30$20,011,061$4,802,655$990,547$14,217,859
Total$323,000,001$77,520,000$15,988,500$229,491,500
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