Categories
BLOG

illinois lottery mega

Illinois Mega Millions Jackpot Annuity Payout Schedule for Jan 22, 2021

Media: You may freely use any information on this page, but you must credit usamega.com.

The tax information provided here is based on 2021 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 $970,000,000 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 prize money, as well as deductions claimed.

Illinois

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $14,599,892 $5,366,032 $722,695 $8,511,165
2 $15,329,887 $5,636,130 $758,829 $8,934,927
3 $16,096,381 $5,919,733 $796,771 $9,379,877
4 $16,901,200 $6,217,516 $836,609 $9,847,075
5 $17,746,260 $6,530,188 $878,440 $10,337,631
6 $18,633,573 $6,858,494 $922,362 $10,852,717
7 $19,565,252 $7,203,216 $968,480 $11,393,557
8 $20,543,515 $7,565,173 $1,016,904 $11,961,438
9 $21,570,690 $7,945,228 $1,067,749 $12,557,713
10 $22,649,225 $8,344,285 $1,121,137 $13,183,803
11 $23,781,686 $8,763,296 $1,177,193 $13,841,196
12 $24,970,770 $9,203,257 $1,236,053 $14,531,460
13 $26,219,309 $9,665,216 $1,297,856 $15,256,236
14 $27,530,274 $10,150,274 $1,362,749 $16,017,252
15 $28,906,788 $10,659,584 $1,430,886 $16,816,318
16 $30,352,127 $11,194,359 $1,502,430 $17,655,338
17 $31,869,733 $11,755,874 $1,577,552 $18,536,308
18 $33,463,220 $12,345,464 $1,656,429 $19,461,327
19 $35,136,381 $12,964,533 $1,739,251 $20,432,597
20 $36,893,200 $13,614,556 $1,826,213 $21,452,430
21 $38,737,860 $14,297,080 $1,917,524 $22,523,255
22 $40,674,753 $15,013,731 $2,013,400 $23,647,622
23 $42,708,491 $15,766,214 $2,114,070 $24,828,207
24 $44,843,915 $16,556,321 $2,219,774 $26,067,820
25 $47,086,111 $17,385,933 $2,330,762 $27,369,415
26 $49,440,417 $18,257,027 $2,447,301 $28,736,090
27 $51,912,438 $19,171,674 $2,569,666 $30,171,098
28 $54,508,059 $20,132,054 $2,698,149 $31,677,856
29 $57,233,462 $21,140,453 $2,833,056 $33,259,952
30 $60,095,136 $22,199,272 $2,974,709 $34,921,154
Total $970,000,002 $357,822,167 $48,014,999 $564,162,834

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.

Mega Millions annuity chart shows the annual net payout a Illinois jackpot winner would get after federal and state taxes. ]]>