USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for May 30, 1997

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The tax information provided here is based on 2025 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, May 30, 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$21,746$5,960$92,705
2$126,432$23,191$6,258$96,983
3$132,754$24,708$6,571$101,474
4$139,391$26,301$6,900$106,191
5$146,361$27,974$7,245$111,142
6$153,679$29,730$7,607$116,342
7$161,363$31,574$7,987$121,801
8$169,431$33,510$8,387$127,534
9$177,903$35,544$8,806$133,553
10$186,798$37,678$9,246$139,873
11$196,138$39,920$9,709$146,509
12$205,944$42,965$10,194$152,785
13$216,242$46,260$10,704$159,277
14$227,054$49,720$11,239$166,094
15$238,406$53,353$11,801$173,252
16$250,327$57,168$12,391$180,768
17$262,843$61,542$13,011$188,290
18$275,985$66,142$13,661$196,182
19$289,785$70,972$14,344$204,468
20$304,274$76,043$15,062$213,169
21$319,488$81,368$15,815$222,305
22$335,462$86,959$16,605$231,898
23$352,235$92,829$17,436$241,970
24$369,847$98,994$18,307$252,546
25$388,339$105,466$19,223$263,650
26$407,756$112,262$20,184$275,310
27$428,144$119,398$21,193$287,553
28$449,551$126,890$22,253$300,408
29$472,029$134,757$23,365$313,906
30$495,630$143,018$24,534$328,079
Total$8,000,000$1,957,982$395,998$5,646,017

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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.