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Illinois Mega Millions Jackpot Annuity Payout Schedule for Oct 25, 2022

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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 $45,000,000 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:Tue, Oct 25, 2022
Jackpot:$45,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$208,794$33,527$434,993
2$711,180$221,324$35,203$454,652
3$746,739$234,481$36,964$475,294
4$784,076$248,296$38,812$496,969
5$823,280$262,801$40,752$519,726
6$864,444$278,032$42,790$543,622
7$907,666$294,024$44,929$568,713
8$953,050$310,816$47,176$595,058
9$1,000,702$328,448$49,535$622,720
10$1,050,737$346,961$52,011$651,765
11$1,103,274$366,399$54,612$682,263
12$1,158,438$386,810$57,343$714,285
13$1,216,360$408,241$60,210$747,909
14$1,277,178$430,743$63,220$783,214
15$1,341,037$454,371$66,381$820,284
16$1,408,088$479,180$69,700$859,208
17$1,478,493$505,230$73,185$900,077
18$1,552,417$532,582$76,845$942,991
19$1,630,038$561,302$80,687$988,049
20$1,711,540$591,458$84,721$1,035,361
21$1,797,117$623,121$88,957$1,085,039
22$1,886,973$656,368$93,405$1,137,200
23$1,981,322$691,277$98,075$1,191,970
24$2,080,388$727,931$102,979$1,249,477
25$2,184,407$766,418$108,128$1,309,861
26$2,293,628$806,830$113,535$1,373,263
27$2,408,309$849,262$119,211$1,439,836
28$2,528,724$893,816$125,172$1,509,737
29$2,655,161$940,597$131,430$1,583,133
30$2,787,919$989,718$138,002$1,660,199
Total$45,000,000$15,395,631$2,227,497$27,376,868

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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.