USA Mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Sep 5, 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 $33,000,000 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, Sep 5, 2014
Jackpot:$33,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$496,697$144,219$24,587$327,892
2$521,532$152,911$25,816$342,805
3$547,609$162,038$27,107$358,464
4$574,989$171,621$28,462$374,906
5$603,739$181,683$29,885$392,170
6$633,926$192,740$31,379$409,806
7$665,622$204,468$32,948$428,206
8$698,903$216,782$34,596$447,525
9$733,848$229,712$36,325$467,811
10$770,541$243,288$38,142$489,111
11$809,068$257,543$40,049$511,476
12$849,521$272,511$42,051$534,959
13$891,997$288,227$44,154$559,617
14$936,597$304,729$46,362$585,507
15$983,427$322,056$48,680$612,692
16$1,032,598$340,249$51,114$641,235
17$1,084,228$359,352$53,669$671,207
18$1,138,439$379,410$56,353$702,676
19$1,195,361$400,471$59,170$735,720
20$1,255,129$422,586$62,129$770,415
21$1,317,886$445,806$65,235$806,845
22$1,383,780$470,186$68,497$845,097
23$1,452,969$495,786$71,922$885,261
24$1,525,618$522,666$75,518$927,433
25$1,601,899$550,890$79,294$971,714
26$1,681,994$580,525$83,259$1,018,210
27$1,766,093$611,642$87,422$1,067,029
28$1,854,398$644,315$91,793$1,118,290
29$1,947,118$678,621$96,382$1,172,114
30$2,044,474$714,643$101,201$1,228,629
Total$33,000,000$10,961,676$1,633,501$20,404,822

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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.