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Illinois Mega Millions Jackpot Annuity Payout Schedule for Aug 25, 2020

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The tax information provided here is based on 2021 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 $57,000,000 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, Aug 25, 2020
Jackpot:$57,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$857,932$281,507$42,468$533,957
2$900,828$297,379$44,591$558,859
3$945,870$314,044$46,821$585,005
4$993,163$331,543$49,162$612,459
5$1,042,821$349,916$51,620$641,286
6$1,094,963$369,208$54,201$671,554
7$1,149,711$389,465$56,911$703,335
8$1,207,196$410,735$59,756$736,705
9$1,267,556$433,068$62,744$771,744
10$1,330,934$456,518$65,881$808,535
11$1,397,481$481,140$69,175$847,165
12$1,467,355$506,993$72,634$887,727
13$1,540,722$534,139$76,266$930,317
14$1,617,758$562,643$80,079$975,036
15$1,698,646$592,571$84,083$1,021,992
16$1,783,579$623,996$88,287$1,071,295
17$1,872,758$656,993$92,701$1,123,063
18$1,966,395$691,639$97,337$1,177,420
19$2,064,715$728,017$102,203$1,234,495
20$2,167,951$766,214$107,314$1,294,423
21$2,276,348$806,321$112,679$1,357,348
22$2,390,166$848,434$118,313$1,423,419
23$2,509,674$892,652$124,229$1,492,794
24$2,635,158$939,081$130,440$1,565,637
25$2,766,916$987,831$136,962$1,642,122
26$2,905,262$1,039,019$143,810$1,722,432
27$3,050,525$1,092,766$151,001$1,806,757
28$3,203,051$1,149,201$158,551$1,895,299
29$3,363,203$1,208,458$166,479$1,988,267
30$3,531,364$1,270,677$174,802$2,085,884
Total$57,000,000$20,012,168$2,821,500$34,166,331

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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.