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Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 23, 2024

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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 $262,000,000 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 23, 2024
Jackpot:$262,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,943,476$1,416,106$195,202$2,332,168
2$4,140,650$1,489,061$204,962$2,446,627
3$4,347,682$1,565,663$215,210$2,566,809
4$4,565,067$1,646,095$225,971$2,693,001
5$4,793,320$1,730,549$237,269$2,825,502
6$5,032,986$1,819,225$249,133$2,964,628
7$5,284,635$1,912,335$261,589$3,110,710
8$5,548,867$2,010,101$274,669$3,264,097
9$5,826,310$2,112,755$288,402$3,425,153
10$6,117,626$2,220,542$302,822$3,594,261
11$6,423,507$2,333,718$317,964$3,771,826
12$6,744,682$2,452,553$333,862$3,958,268
13$7,081,916$2,577,329$350,555$4,154,032
14$7,436,012$2,708,345$368,083$4,359,585
15$7,807,813$2,845,911$386,487$4,575,415
16$8,198,203$2,990,356$405,811$4,802,037
17$8,608,113$3,142,022$426,102$5,039,990
18$9,038,519$3,301,272$447,407$5,289,840
19$9,490,445$3,468,485$469,777$5,552,183
20$9,964,967$3,644,058$493,266$5,827,643
21$10,463,216$3,828,410$517,929$6,116,876
22$10,986,377$4,021,980$543,826$6,420,571
23$11,535,695$4,225,228$571,017$6,739,451
24$12,112,480$4,438,638$599,568$7,074,274
25$12,718,104$4,662,719$629,546$7,425,839
26$13,354,010$4,898,004$661,023$7,794,982
27$14,021,710$5,145,053$694,075$8,182,582
28$14,722,795$5,404,454$728,778$8,589,562
29$15,458,935$5,676,826$765,217$9,016,892
30$16,231,882$5,962,817$803,478$9,465,587
Total$262,000,001$95,650,610$12,969,000$153,380,391

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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.