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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 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 $47,000,000 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:Tue, Jan 8, 2013
Jackpot:$47,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$224,699$35,017$447,701
2$742,788$237,787$36,768$468,234
3$779,928$251,528$38,606$489,793
4$818,924$265,957$40,537$512,430
5$859,870$281,107$42,564$536,200
6$902,864$297,015$44,692$561,157
7$948,007$313,718$46,926$587,363
8$995,407$331,256$49,273$614,879
9$1,045,178$349,671$51,736$643,771
10$1,097,437$369,007$54,323$674,107
11$1,152,308$389,309$57,039$705,960
12$1,209,924$410,627$59,891$739,406
13$1,270,420$433,010$62,886$774,524
14$1,333,941$456,513$66,030$811,398
15$1,400,638$481,191$69,332$850,115
16$1,470,670$507,103$72,798$890,769
17$1,544,204$534,310$76,438$933,455
18$1,621,414$562,878$80,260$978,276
19$1,702,484$592,874$84,273$1,025,337
20$1,787,609$624,370$88,487$1,074,752
21$1,876,989$657,441$92,911$1,126,637
22$1,970,839$692,165$97,557$1,181,117
23$2,069,380$728,626$102,434$1,238,320
24$2,172,849$766,909$107,556$1,298,384
25$2,281,492$807,107$112,934$1,361,451
26$2,395,567$849,315$118,581$1,427,671
27$2,515,345$893,633$124,510$1,497,203
28$2,641,112$940,166$130,735$1,570,211
29$2,773,168$989,027$137,272$1,646,869
30$2,911,826$1,040,331$144,135$1,727,360
Total$47,000,000$16,278,650$2,326,501$28,394,850

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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.