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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 1, 2021

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The tax information provided here is based on 2025 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 $401,000,000 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, Jan 1, 2021
Jackpot:$401,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,035,625$2,190,202$298,763$3,546,660
2$6,337,407$2,301,861$313,702$3,721,844
3$6,654,277$2,419,103$329,387$3,905,788
4$6,986,991$2,542,207$345,856$4,098,928
5$7,336,340$2,671,466$363,149$4,301,725
6$7,703,157$2,807,189$381,306$4,514,663
7$8,088,316$2,949,697$400,372$4,738,247
8$8,492,731$3,099,331$420,390$4,973,010
9$8,917,368$3,256,446$441,410$5,219,512
10$9,363,236$3,421,418$463,480$5,478,338
11$9,831,398$3,594,638$486,654$5,750,106
12$10,322,968$3,776,518$510,987$6,035,463
13$10,839,116$3,967,493$536,536$6,335,087
14$11,381,072$4,168,017$563,363$6,649,692
15$11,950,126$4,378,567$591,531$6,980,028
16$12,547,632$4,599,644$621,108$7,326,880
17$13,175,013$4,831,775$652,163$7,691,075
18$13,833,764$5,075,513$684,771$8,073,480
19$14,525,452$5,331,438$719,010$8,475,005
20$15,251,725$5,600,159$754,960$8,896,606
21$16,014,311$5,882,315$792,708$9,339,287
22$16,815,027$6,178,580$832,344$9,804,103
23$17,655,778$6,489,658$873,961$10,292,159
24$18,538,567$6,816,290$917,659$10,804,618
25$19,465,495$7,159,253$963,542$11,342,700
26$20,438,770$7,519,365$1,011,719$11,907,686
27$21,460,709$7,897,482$1,062,305$12,500,921
28$22,533,744$8,294,505$1,115,420$13,123,818
29$23,660,431$8,711,380$1,171,191$13,777,860
30$24,843,453$9,149,098$1,229,751$14,464,604
Total$401,000,001$147,080,608$19,849,498$234,069,893

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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.