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Illinois Mega Millions Jackpot Annuity Payout Schedule for Mar 7, 2023

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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 $188,000,000 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, Mar 7, 2023
Jackpot:$188,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,829,670$1,005,166$140,069$1,684,436
2$2,971,153$1,057,514$147,072$1,766,567
3$3,119,711$1,112,481$154,426$1,852,804
4$3,275,697$1,170,195$162,147$1,943,354
5$3,439,481$1,230,796$170,254$2,038,431
6$3,611,455$1,294,426$178,767$2,138,262
7$3,792,028$1,361,238$187,705$2,243,085
8$3,981,630$1,431,391$197,091$2,353,148
9$4,180,711$1,505,051$206,945$2,468,715
10$4,389,747$1,582,394$217,292$2,590,060
11$4,609,234$1,663,604$228,157$2,717,473
12$4,839,696$1,748,875$239,565$2,851,256
13$5,081,680$1,838,410$251,543$2,991,728
14$5,335,764$1,932,421$264,120$3,139,224
15$5,602,553$2,031,132$277,326$3,294,094
16$5,882,680$2,134,779$291,193$3,456,708
17$6,176,814$2,243,609$305,752$3,627,453
18$6,485,655$2,357,880$321,040$3,806,735
19$6,809,938$2,477,865$337,092$3,994,981
20$7,150,435$2,603,849$353,947$4,192,640
21$7,507,956$2,736,132$371,644$4,400,181
22$7,883,354$2,875,029$390,226$4,618,099
23$8,277,522$3,020,871$409,737$4,846,914
24$8,691,398$3,174,005$430,224$5,087,169
25$9,125,968$3,334,796$451,735$5,339,437
26$9,582,266$3,503,626$474,322$5,604,318
27$10,061,380$3,680,898$498,038$5,882,443
28$10,564,449$3,867,034$522,940$6,174,475
29$11,092,671$4,062,476$549,087$6,481,108
30$11,647,305$4,267,690$576,542$6,803,073
Total$188,000,000$68,305,633$9,305,998$110,388,371

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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.