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Illinois Mega Millions Jackpot Annuity Payout Schedule for Feb 6, 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 $365,000,000 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, Feb 6, 2024
Jackpot:$365,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,493,774$1,989,717$271,942$3,232,115
2$5,768,463$2,091,351$285,539$3,391,572
3$6,056,886$2,198,068$299,816$3,559,002
4$6,359,730$2,310,120$314,807$3,734,803
5$6,677,716$2,427,775$330,547$3,919,394
6$7,011,602$2,551,313$347,074$4,113,215
7$7,362,182$2,681,028$364,428$4,316,727
8$7,730,292$2,817,228$382,649$4,530,414
9$8,116,806$2,960,239$401,782$4,754,786
10$8,522,646$3,110,399$421,871$4,990,376
11$8,948,779$3,268,068$442,965$5,237,746
12$9,396,218$3,433,621$465,113$5,497,484
13$9,866,028$3,607,451$488,368$5,770,209
14$10,359,330$3,789,972$512,787$6,056,571
15$10,877,296$3,981,620$538,426$6,357,250
16$11,421,161$4,182,850$565,347$6,672,964
17$11,992,219$4,394,141$593,615$7,004,463
18$12,591,830$4,615,997$623,296$7,352,537
19$13,221,422$4,848,946$654,460$7,718,015
20$13,882,493$5,093,543$687,183$8,101,767
21$14,576,617$5,350,369$721,543$8,504,706
22$15,305,448$5,620,036$757,620$8,927,792
23$16,070,721$5,903,187$795,501$9,372,033
24$16,874,257$6,200,495$835,276$9,838,486
25$17,717,969$6,512,669$877,039$10,328,261
26$18,603,868$6,840,451$920,891$10,842,525
27$19,534,062$7,184,623$966,936$11,382,503
28$20,510,764$7,546,003$1,015,283$11,949,478
29$21,536,303$7,925,452$1,066,047$12,544,803
30$22,613,118$8,323,874$1,119,349$13,169,895
Total$365,000,001$133,760,606$18,067,500$213,171,892

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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.