USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 1, 1999

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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 $16,000,000 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, Jan 1, 1999
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$240,823$54,750$11,921$174,152
2$252,864$58,877$12,517$181,470
3$265,507$63,302$13,143$189,062
4$278,783$67,949$13,800$197,034
5$292,722$72,827$14,490$205,405
6$307,358$77,950$15,214$214,194
7$322,726$83,329$15,975$223,422
8$338,862$88,976$16,774$233,112
9$355,805$94,907$17,612$243,286
10$373,595$101,133$18,493$253,969
11$392,275$107,671$19,418$265,187
12$411,889$114,536$20,389$276,965
13$432,483$121,744$21,408$289,332
14$454,108$129,312$22,478$302,317
15$476,813$137,259$23,602$315,951
16$500,654$145,604$24,782$330,268
17$525,686$154,365$26,021$345,300
18$551,971$163,564$27,323$361,084
19$579,569$173,224$28,689$377,657
20$608,548$183,366$30,123$395,058
21$638,975$194,609$31,629$412,737
22$670,924$206,430$33,211$431,283
23$704,470$218,842$34,871$450,757
24$739,693$231,874$36,615$471,204
25$776,678$245,559$38,446$492,674
26$815,512$259,927$40,368$515,217
27$856,288$275,014$42,386$538,887
28$899,102$290,855$44,506$563,741
29$944,057$307,489$46,731$589,837
30$991,260$324,954$49,067$617,239
Total$16,000,000$4,750,198$792,002$10,457,801

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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.