USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Dec 26, 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 $8,000,000 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, Dec 26, 1997
Jackpot:$8,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$120,411$21,941$5,960$92,510
2$126,432$23,386$6,258$96,787
3$132,754$24,903$6,571$101,279
4$139,391$26,496$6,900$105,995
5$146,361$28,169$7,245$110,947
6$153,679$29,925$7,607$116,146
7$161,363$31,770$7,987$121,606
8$169,431$33,706$8,387$127,338
9$177,903$35,739$8,806$133,357
10$186,798$37,874$9,246$139,677
11$196,138$40,451$9,709$145,978
12$205,944$43,589$10,194$152,162
13$216,242$46,884$10,704$158,654
14$227,054$50,344$11,239$165,471
15$238,406$53,977$11,801$172,629
16$250,327$57,989$12,391$179,947
17$262,843$62,370$13,011$187,463
18$275,985$66,970$13,661$195,354
19$289,785$71,799$14,344$203,641
20$304,274$76,871$15,062$212,342
21$319,488$82,195$15,815$221,477
22$335,462$87,786$16,605$231,070
23$352,235$93,657$17,436$241,142
24$369,847$99,821$18,307$251,718
25$388,339$106,293$19,223$262,823
26$407,756$113,089$20,184$274,483
27$428,144$120,225$21,193$286,726
28$449,551$127,718$22,253$299,581
29$472,029$135,585$23,365$313,078
30$495,630$143,845$24,534$327,251
Total$8,000,000$1,975,367$395,998$5,628,632

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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.