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Mega Millions Annuity Jackpot Analysis for Illinois (Aug. 7, 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 $55,000,000 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. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$40,978$588,172
2$869,220$208,613$43,026$617,581
3$912,681$219,044$45,178$648,460
4$958,315$229,996$47,437$680,883
5$1,006,231$241,495$49,808$714,927
6$1,056,543$253,570$52,299$750,674
7$1,109,370$266,249$54,914$788,207
8$1,164,838$279,561$57,660$827,618
9$1,223,080$293,539$60,542$868,999
10$1,284,234$308,216$63,570$912,449
11$1,348,446$323,627$66,748$958,071
12$1,415,868$339,808$70,085$1,005,975
13$1,486,662$356,799$73,590$1,056,273
14$1,560,995$374,639$77,269$1,109,087
15$1,639,045$393,371$81,133$1,164,541
16$1,720,997$413,039$85,189$1,222,768
17$1,807,047$433,691$89,449$1,283,907
18$1,897,399$455,376$93,921$1,348,102
19$1,992,269$478,145$98,617$1,415,507
20$2,091,882$502,052$103,548$1,486,283
21$2,196,477$527,154$108,726$1,560,597
22$2,306,300$553,512$114,162$1,638,626
23$2,421,615$581,188$119,870$1,720,558
24$2,542,696$610,247$125,863$1,806,586
25$2,669,831$640,759$132,157$1,896,915
26$2,803,323$672,797$138,764$1,991,761
27$2,943,489$706,437$145,703$2,091,349
28$3,090,663$741,759$152,988$2,195,916
29$3,245,196$778,847$160,637$2,305,712
30$3,407,456$817,789$168,669$2,420,998
Total$55,000,000$13,200,000$2,722,500$39,077,500
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