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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 15, 2021

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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 $750,000,000 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 15, 2021
Jackpot:$750,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$11,288,576$4,134,961$558,785$6,594,831
2$11,853,005$4,343,800$586,724$6,922,482
3$12,445,655$4,563,080$616,060$7,266,515
4$13,067,939$4,793,325$646,863$7,627,751
5$13,721,335$5,035,082$679,206$8,007,047
6$14,407,402$5,288,926$713,166$8,405,309
7$15,127,772$5,555,463$748,825$8,823,484
8$15,884,161$5,835,327$786,266$9,262,568
9$16,678,369$6,129,184$825,579$9,723,605
10$17,512,287$6,437,734$866,858$10,207,695
11$18,387,902$6,761,711$910,201$10,715,989
12$19,307,297$7,101,887$955,711$11,249,698
13$20,272,661$7,459,072$1,003,497$11,810,092
14$21,286,295$7,834,117$1,053,672$12,398,506
15$22,350,609$8,227,913$1,106,355$13,016,341
16$23,468,140$8,641,399$1,161,673$13,665,067
17$24,641,546$9,075,560$1,219,757$14,346,230
18$25,873,624$9,531,429$1,280,744$15,061,451
19$27,167,305$10,010,091$1,344,782$15,812,433
20$28,525,670$10,512,686$1,412,021$16,600,964
21$29,951,954$11,040,411$1,482,622$17,428,921
22$31,449,551$11,594,522$1,556,753$18,298,277
23$33,022,029$12,176,338$1,634,590$19,211,100
24$34,673,130$12,787,246$1,716,320$20,169,564
25$36,406,787$13,428,699$1,802,136$21,175,952
26$38,227,127$14,102,225$1,892,243$22,232,659
27$40,138,483$14,809,426$1,986,855$23,342,201
28$42,145,406$15,551,988$2,086,198$24,507,221
29$44,252,677$16,331,678$2,190,507$25,730,491
30$46,465,311$17,150,353$2,300,033$27,014,925
Total$750,000,002$276,245,633$37,125,002$436,629,369

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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.