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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jul 29, 2022

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The tax information provided here is based on 2022 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 $1,337,000,000 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:Fri, Jul 29, 2022
Jackpot:$1,337,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$20,123,769$7,408,749$996,127$11,718,893
2$21,129,957$7,781,039$1,045,933$12,302,985
3$22,186,455$8,171,943$1,098,230$12,916,282
4$23,295,778$8,582,393$1,153,141$13,560,244
5$24,460,566$9,013,364$1,210,798$14,236,404
6$25,683,595$9,465,885$1,271,338$14,946,372
7$26,967,775$9,941,032$1,334,905$15,691,839
8$28,316,164$10,439,936$1,401,650$16,474,578
9$29,731,972$10,963,785$1,471,733$17,296,455
10$31,218,570$11,513,826$1,545,319$18,159,425
11$32,779,499$12,091,370$1,622,585$19,065,544
12$34,418,474$12,697,790$1,703,714$20,016,969
13$36,139,397$13,334,532$1,788,900$21,015,965
14$37,946,368$14,003,111$1,878,345$22,064,911
15$39,843,686$14,705,119$1,972,262$23,166,305
16$41,835,870$15,442,227$2,070,876$24,322,768
17$43,927,663$16,216,190$2,174,419$25,537,053
18$46,124,047$17,028,852$2,283,140$26,812,054
19$48,430,249$17,882,147$2,397,297$28,150,804
20$50,851,761$18,778,107$2,517,162$29,556,493
21$53,394,349$19,718,864$2,643,020$31,032,465
22$56,064,067$20,706,660$2,775,171$32,582,236
23$58,867,270$21,743,845$2,913,930$34,209,495
24$61,810,633$22,832,889$3,059,626$35,918,118
25$64,901,165$23,976,386$3,212,608$37,712,171
26$68,146,224$25,177,058$3,373,238$39,595,928
27$71,553,535$26,437,763$3,541,900$41,573,872
28$75,131,211$27,761,503$3,718,995$43,650,713
29$78,887,772$29,151,431$3,904,945$45,831,397
30$82,832,161$30,610,855$4,100,192$48,121,115
Total$1,337,000,003$493,578,651$66,181,499$777,239,853

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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.