USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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, Sep 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$8,941$135,286
2$189,648$38,558$9,388$141,702
3$199,130$41,408$9,857$147,865
4$209,087$44,594$10,350$154,143
5$219,541$47,940$10,867$160,734
6$230,518$51,452$11,411$167,655
7$242,044$55,141$11,981$174,922
8$254,147$59,326$12,580$182,240
9$266,854$63,774$13,209$189,871
10$280,197$68,444$13,870$197,883
11$294,206$73,347$14,563$206,296
12$308,917$78,496$15,291$215,130
13$324,363$83,902$16,056$224,405
14$340,581$89,578$16,859$234,144
15$357,610$95,538$17,702$244,370
16$375,490$101,796$18,587$255,107
17$394,265$108,367$19,516$266,381
18$413,978$115,267$20,492$278,219
19$434,677$122,512$21,517$290,649
20$456,411$130,119$22,592$303,700
21$479,231$138,106$23,722$317,404
22$503,193$146,492$24,908$331,793
23$528,352$155,298$26,153$346,901
24$554,770$164,544$27,461$362,765
25$582,509$174,253$28,834$379,422
26$611,634$184,492$30,276$396,866
27$642,216$195,808$31,790$414,618
28$674,327$207,689$33,379$433,259
29$708,043$220,164$35,048$452,831
30$743,445$233,262$36,801$473,382
Total$12,000,000$3,326,058$594,001$8,079,943

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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.