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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 2023

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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 $31,000,000 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, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$132,855$23,096$310,643
2$489,924$141,021$24,251$324,652
3$514,420$149,594$25,464$339,362
4$540,141$158,597$26,737$354,808
5$567,149$168,049$28,074$371,025
6$595,506$177,974$29,478$388,054
7$625,281$188,396$30,951$405,934
8$656,545$199,942$32,499$424,104
9$689,373$212,088$34,124$443,161
10$723,841$224,841$35,830$463,170
11$760,033$238,233$37,622$484,179
12$798,035$252,293$39,503$506,239
13$837,937$267,057$41,478$529,402
14$879,834$282,559$43,552$553,723
15$923,825$298,836$45,729$579,260
16$970,016$315,926$48,016$606,074
17$1,018,517$333,872$50,417$634,229
18$1,069,443$352,714$52,937$663,791
19$1,122,915$372,499$55,584$694,832
20$1,179,061$393,273$58,364$727,425
21$1,238,014$415,085$61,282$761,647
22$1,299,915$437,989$64,346$797,580
23$1,364,911$462,037$67,563$835,310
24$1,433,156$487,288$70,941$874,927
25$1,504,814$513,801$74,488$916,524
26$1,580,055$541,640$78,213$960,201
27$1,659,057$570,871$82,123$1,006,063
28$1,742,010$601,564$86,230$1,054,217
29$1,829,111$633,791$90,541$1,104,778
30$1,920,566$667,630$95,068$1,157,868
Total$31,000,000$10,192,315$1,534,501$19,273,182

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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.