USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 24, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $46,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Illinois

Drawing Date:Fri, Jan 24, 1997
Jackpot:$46,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$692,366$214,363$34,272$443,731
2$726,984$227,172$35,986$463,827
3$763,334$240,621$37,785$484,927
4$801,500$254,743$39,674$507,083
5$841,575$269,571$41,658$530,347
6$883,654$285,140$43,741$554,773
7$927,837$301,487$45,928$580,421
8$974,229$318,652$48,224$607,352
9$1,022,940$336,676$50,636$635,629
10$1,074,087$355,600$53,167$665,320
11$1,127,791$375,471$55,826$696,495
12$1,184,181$396,335$58,617$729,229
13$1,243,390$418,242$61,548$763,600
14$1,305,559$441,245$64,625$799,689
15$1,370,837$465,398$67,856$837,583
16$1,439,379$490,758$71,249$877,372
17$1,511,348$517,387$74,812$919,150
18$1,586,916$545,347$78,552$963,017
19$1,666,261$574,704$82,480$1,009,077
20$1,749,574$605,530$86,604$1,057,440
21$1,837,053$637,897$90,934$1,108,222
22$1,928,906$671,883$95,481$1,161,542
23$2,025,351$707,568$100,255$1,217,529
24$2,126,619$745,037$105,268$1,276,314
25$2,232,950$784,379$110,531$1,338,039
26$2,344,597$825,689$116,058$1,402,851
27$2,461,827$869,064$121,860$1,470,903
28$2,584,918$914,608$127,953$1,542,357
29$2,714,164$962,428$134,351$1,617,385
30$2,849,872$1,012,641$141,069$1,696,163
Total$46,000,000$15,765,636$2,277,000$27,957,367

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.