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 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 $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$36,195$8,941$135,482
2$189,648$38,363$9,388$141,898
3$199,130$40,785$9,857$148,489
4$209,087$43,971$10,350$154,766
5$219,541$47,316$10,867$161,358
6$230,518$50,829$11,411$168,279
7$242,044$54,517$11,981$175,546
8$254,147$58,499$12,580$183,068
9$266,854$62,946$13,209$190,699
10$280,197$67,616$13,870$198,711
11$294,206$72,519$14,563$207,124
12$308,917$77,668$15,291$215,957
13$324,363$83,074$16,056$225,232
14$340,581$88,750$16,859$234,971
15$357,610$94,711$17,702$245,197
16$375,490$100,969$18,587$255,935
17$394,265$107,540$19,516$267,209
18$413,978$114,440$20,492$279,047
19$434,677$121,684$21,517$291,476
20$456,411$129,291$22,592$304,527
21$479,231$137,278$23,722$318,231
22$503,193$145,665$24,908$332,620
23$528,352$154,471$26,153$347,728
24$554,770$163,717$27,461$363,592
25$582,509$173,425$28,834$380,249
26$611,634$183,619$30,276$397,739
27$642,216$194,640$31,790$415,786
28$674,327$206,521$33,379$434,426
29$708,043$218,996$35,048$453,999
30$743,445$232,095$36,801$474,550
Total$12,000,000$3,302,110$594,001$8,103,891

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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.