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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jun 13, 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 $260,000,000 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, Jun 13, 2023
Jackpot:$260,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,913,373$1,406,136$193,712$2,313,525
2$4,109,042$1,478,533$203,398$2,427,111
3$4,314,494$1,554,550$213,567$2,546,376
4$4,530,219$1,634,369$224,246$2,671,604
5$4,756,729$1,718,178$235,458$2,803,094
6$4,994,566$1,806,177$247,231$2,941,158
7$5,244,294$1,898,577$259,593$3,086,125
8$5,506,509$1,995,596$272,572$3,238,341
9$5,781,835$2,097,467$286,201$3,398,167
10$6,070,926$2,204,430$300,511$3,565,985
11$6,374,473$2,316,743$315,536$3,742,194
12$6,693,196$2,434,670$331,313$3,927,213
13$7,027,856$2,558,494$347,879$4,121,483
14$7,379,249$2,688,510$365,273$4,325,466
15$7,748,211$2,825,026$383,536$4,539,649
16$8,135,622$2,968,368$402,713$4,764,541
17$8,542,403$3,118,877$422,849$5,000,677
18$8,969,523$3,276,911$443,991$5,248,620
19$9,417,999$3,442,847$466,191$5,508,961
20$9,888,899$3,617,080$489,501$5,782,318
21$10,383,344$3,800,025$513,976$6,069,343
22$10,902,511$3,992,117$539,674$6,370,720
23$11,447,637$4,193,813$566,658$6,687,165
24$12,020,018$4,405,595$594,991$7,019,433
25$12,621,019$4,627,965$624,740$7,368,314
26$13,252,071$4,861,454$655,977$7,734,639
27$13,914,674$5,106,617$688,776$8,119,281
28$14,610,408$5,364,039$723,215$8,523,154
29$15,340,928$5,634,331$759,376$8,947,221
30$16,107,974$5,918,138$797,345$9,392,491
Total$260,000,001$94,945,633$12,869,999$152,184,369

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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.