USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Dec 22, 1998

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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 $11,000,000 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:Tue, Dec 22, 1998
Jackpot:$11,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$165,566$32,778$8,196$124,592
2$173,844$34,765$8,605$130,474
3$182,536$36,851$9,036$136,650
4$191,663$39,042$9,487$143,134
5$201,246$42,085$9,962$149,199
6$211,309$45,305$10,460$155,544
7$221,874$48,686$10,983$162,205
8$232,968$52,236$11,532$169,200
9$244,616$55,990$12,108$176,517
10$256,847$60,271$12,714$183,862
11$269,689$64,766$13,350$191,574
12$283,174$69,486$14,017$199,671
13$297,332$74,441$14,718$208,173
14$312,199$79,644$15,454$217,101
15$327,809$85,108$16,227$226,475
16$344,199$90,845$17,038$236,317
17$361,409$96,868$17,890$246,652
18$379,480$103,193$18,784$257,503
19$398,454$109,834$19,723$268,897
20$418,376$116,807$20,710$280,860
21$439,295$124,128$21,745$293,422
22$461,260$131,816$22,832$306,612
23$484,323$139,888$23,974$320,461
24$508,539$148,363$25,173$335,003
25$533,966$157,263$26,431$350,272
26$560,665$166,607$27,753$366,304
27$588,698$176,419$29,141$383,138
28$618,133$186,897$30,598$400,638
29$649,039$198,332$32,127$418,580
30$681,491$210,340$33,734$437,418
Total$11,000,000$2,979,054$544,502$7,476,448

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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.