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Illinois Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2014

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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 $120,000,000 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, Oct 3, 2014
Jackpot:$120,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,806,172$626,471$89,406$1,090,295
2$1,896,481$659,886$93,876$1,142,719
3$1,991,305$694,971$98,570$1,197,765
4$2,090,870$731,810$103,498$1,255,562
5$2,195,414$770,491$108,673$1,316,250
6$2,305,184$811,106$114,107$1,379,972
7$2,420,444$853,752$119,812$1,446,880
8$2,541,466$898,530$125,803$1,517,133
9$2,668,539$945,547$132,093$1,590,899
10$2,801,966$994,915$138,697$1,668,353
11$2,942,064$1,046,752$145,632$1,749,681
12$3,089,167$1,101,180$152,914$1,835,074
13$3,243,626$1,158,329$160,559$1,924,737
14$3,405,807$1,218,336$168,587$2,018,883
15$3,576,097$1,281,344$177,017$2,117,737
16$3,754,902$1,347,502$185,868$2,221,533
17$3,942,647$1,416,967$195,161$2,330,519
18$4,139,780$1,489,906$204,919$2,444,954
19$4,346,769$1,566,492$215,165$2,565,112
20$4,564,107$1,646,907$225,923$2,691,277
21$4,792,313$1,731,343$237,219$2,823,750
22$5,031,928$1,820,001$249,080$2,962,847
23$5,283,525$1,913,092$261,534$3,108,898
24$5,547,701$2,010,837$274,611$3,262,253
25$5,825,086$2,113,470$288,342$3,423,275
26$6,116,340$2,221,234$302,759$3,592,348
27$6,422,157$2,334,386$317,897$3,769,875
28$6,743,265$2,453,196$333,792$3,956,278
29$7,080,428$2,577,946$350,481$4,152,001
30$7,434,450$2,708,934$368,005$4,357,510
Total$120,000,000$43,145,633$5,940,000$70,914,370

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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.