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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 11, 2013

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The tax information provided here is based on 2022 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 $55,000,000 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 prize money, as well as deductions claimed.

State:

Illinois

Drawing Date:Fri, Jan 11, 2013
Jackpot:$55,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$269,252$40,978$517,600
2$869,220$284,567$43,026$541,627
3$912,681$300,647$45,178$566,857
4$958,315$317,532$47,437$593,347
5$1,006,231$335,261$49,808$621,162
6$1,056,543$353,876$52,299$650,368
7$1,109,370$373,422$54,914$681,034
8$1,164,838$393,945$57,660$713,234
9$1,223,080$415,495$60,542$747,043
10$1,284,234$438,122$63,570$782,543
11$1,348,446$461,880$66,748$819,818
12$1,415,868$486,826$70,085$858,957
13$1,486,662$513,020$73,590$900,052
14$1,560,995$540,523$77,269$943,203
15$1,639,045$569,402$81,133$988,510
16$1,720,997$599,724$85,189$1,036,084
17$1,807,047$631,562$89,449$1,086,036
18$1,897,399$664,993$93,921$1,138,485
19$1,992,269$700,095$98,617$1,193,557
20$2,091,882$736,952$103,548$1,251,383
21$2,196,477$775,651$108,726$1,312,100
22$2,306,300$816,286$114,162$1,375,852
23$2,421,615$858,953$119,870$1,442,793
24$2,542,696$903,753$125,863$1,513,080
25$2,669,831$950,792$132,157$1,586,882
26$2,803,323$1,000,184$138,764$1,664,374
27$2,943,489$1,052,046$145,703$1,745,740
28$3,090,663$1,106,500$152,988$1,831,175
29$3,245,196$1,163,678$160,637$1,920,881
30$3,407,456$1,223,714$168,669$2,015,073
Total$55,000,000$19,238,653$2,722,500$33,038,850

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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.