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Illinois Mega Millions Jackpot Annuity Payout Schedule for Aug 4, 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 $1,350,000,000 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:Fri, Aug 4, 2023
Jackpot:$1,350,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$20,319,437$7,476,380$1,005,812$11,837,246
2$21,335,409$7,852,289$1,056,103$12,427,017
3$22,402,179$8,246,994$1,108,908$13,046,277
4$23,522,289$8,661,435$1,164,353$13,696,501
5$24,698,403$9,096,597$1,222,571$14,379,235
6$25,933,323$9,553,517$1,283,699$15,096,106
7$27,229,990$10,033,284$1,347,885$15,848,821
8$28,591,489$10,537,039$1,415,279$16,639,172
9$30,021,064$11,065,981$1,486,043$17,469,040
10$31,522,117$11,621,371$1,560,345$18,340,401
11$33,098,223$12,204,530$1,638,362$19,255,331
12$34,753,134$12,816,847$1,720,280$20,216,006
13$36,490,790$13,459,780$1,806,294$21,224,716
14$38,315,330$14,134,860$1,896,609$22,283,861
15$40,231,096$14,843,693$1,991,439$23,395,964
16$42,242,652$15,587,969$2,091,011$24,563,671
17$44,354,783$16,369,458$2,195,562$25,789,764
18$46,572,523$17,190,021$2,305,340$27,077,162
19$48,901,149$18,051,613$2,420,607$28,428,929
20$51,346,206$18,956,284$2,541,637$29,848,285
21$53,913,516$19,906,189$2,668,719$31,338,608
22$56,609,192$20,903,589$2,802,155$32,903,448
23$59,439,652$21,950,859$2,942,263$34,546,530
24$62,411,634$23,050,492$3,089,376$36,271,766
25$65,532,216$24,205,108$3,243,845$38,083,263
26$68,808,828$25,417,454$3,406,037$39,985,337
27$72,249,269$26,690,417$3,576,339$41,982,513
28$75,861,731$28,027,028$3,755,156$44,079,547
29$79,654,818$29,430,470$3,942,913$46,281,434
30$83,637,560$30,904,085$4,140,059$48,593,416
Total$1,350,000,003$498,245,633$66,825,001$784,929,367

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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.