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Illinois Mega Millions Jackpot Annuity Payout Schedule for Feb 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 $525,000,000 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, Feb 23, 2024
Jackpot:$525,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,902,003$2,880,761$391,149$4,630,093
2$8,297,104$3,026,949$410,707$4,859,448
3$8,711,959$3,180,445$431,242$5,100,272
4$9,147,557$3,341,616$452,804$5,353,137
5$9,604,934$3,510,846$475,444$5,618,644
6$10,085,181$3,688,537$499,216$5,897,427
7$10,589,441$3,875,113$524,177$6,190,150
8$11,118,913$4,071,018$550,386$6,497,508
9$11,674,858$4,276,718$577,905$6,820,235
10$12,258,601$4,492,703$606,801$7,159,098
11$12,871,531$4,719,487$637,141$7,514,904
12$13,515,108$4,957,610$668,998$7,888,500
13$14,190,863$5,207,640$702,448$8,280,776
14$14,900,406$5,470,171$737,570$8,692,666
15$15,645,426$5,745,828$774,449$9,125,150
16$16,427,698$6,035,268$813,171$9,579,258
17$17,249,082$6,339,181$853,830$10,056,072
18$18,111,537$6,658,289$896,521$10,556,727
19$19,017,113$6,993,352$941,347$11,082,414
20$19,967,969$7,345,169$988,414$11,634,386
21$20,966,367$7,714,576$1,037,835$12,213,956
22$22,014,686$8,102,454$1,089,727$12,822,505
23$23,115,420$8,509,726$1,144,213$13,461,481
24$24,271,191$8,937,361$1,201,424$14,132,406
25$25,484,751$9,386,378$1,261,495$14,836,877
26$26,758,989$9,857,846$1,324,570$15,576,573
27$28,096,938$10,352,887$1,390,798$16,353,252
28$29,501,784$10,872,680$1,460,338$17,168,766
29$30,976,874$11,418,464$1,533,355$18,025,055
30$32,525,718$11,991,536$1,610,023$18,924,159
Total$525,000,001$192,960,609$25,987,498$306,051,895

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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.