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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 12, 2021

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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 $625,000,000 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 12, 2021
Jackpot:$625,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,407,147$3,444,717$465,654$5,496,777
2$9,877,504$3,618,749$488,936$5,769,819
3$10,371,379$3,801,483$513,383$6,056,513
4$10,889,949$3,993,353$539,052$6,357,543
5$11,434,446$4,194,817$566,005$6,673,623
6$12,006,168$4,406,354$594,305$7,005,508
7$12,606,477$4,628,469$624,021$7,353,988
8$13,236,801$4,861,688$655,222$7,719,891
9$13,898,641$5,106,569$687,983$8,104,089
10$14,593,573$5,363,694$722,382$8,507,497
11$15,323,251$5,633,675$758,501$8,931,075
12$16,089,414$5,917,155$796,426$9,375,832
13$16,893,884$6,214,809$836,247$9,842,828
14$17,738,579$6,527,346$878,060$10,333,173
15$18,625,508$6,855,510$921,963$10,848,035
16$19,556,783$7,200,082$968,061$11,388,640
17$20,534,622$7,561,882$1,016,464$11,956,276
18$21,561,353$7,941,773$1,067,287$12,552,293
19$22,639,421$8,340,658$1,120,651$13,178,111
20$23,771,392$8,759,487$1,176,684$13,835,221
21$24,959,961$9,199,258$1,235,518$14,525,185
22$26,207,959$9,661,017$1,297,294$15,249,648
23$27,518,358$10,145,865$1,362,159$16,010,334
24$28,894,275$10,654,954$1,430,267$16,809,054
25$30,338,989$11,189,498$1,501,780$17,647,711
26$31,855,939$11,750,770$1,576,869$18,528,300
27$33,448,736$12,340,104$1,655,712$19,452,919
28$35,121,172$12,958,906$1,738,498$20,423,768
29$36,877,231$13,608,648$1,825,423$21,443,160
30$38,721,093$14,290,876$1,916,694$22,513,522
Total$625,000,001$230,172,166$30,937,501$363,890,333

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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.