Categories
BLOG

illinois lottery payouts after taxes

Illinois Mega Millions Jackpot Annuity Payout Schedule for Feb 2, 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 $42,000,000 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 $632,160 $197,972 $31,292 $402,897
2 $663,768 $209,667 $32,857 $421,245
3 $696,957 $221,946 $34,499 $440,511
4 $731,805 $234,840 $36,224 $460,740
5 $768,395 $248,378 $38,036 $481,981
6 $806,814 $262,594 $39,937 $504,284
7 $847,155 $277,520 $41,934 $527,701
8 $889,513 $293,192 $44,031 $552,290
9 $933,989 $309,648 $46,232 $578,108
10 $980,688 $326,927 $48,544 $605,217
11 $1,029,722 $345,070 $50,971 $633,682
12 $1,081,209 $364,119 $53,520 $663,569
13 $1,135,269 $384,122 $56,196 $694,951
14 $1,192,032 $405,124 $59,006 $727,903
15 $1,251,634 $427,177 $61,956 $762,501
16 $1,314,216 $450,332 $65,054 $798,830
17 $1,379,927 $474,645 $68,306 $836,975
18 $1,448,923 $500,174 $71,722 $877,028
19 $1,521,369 $526,979 $75,308 $919,082
20 $1,597,438 $555,124 $79,073 $963,240
21 $1,677,309 $584,677 $83,027 $1,009,606
22 $1,761,175 $615,707 $87,178 $1,058,290
23 $1,849,234 $648,289 $91,537 $1,109,408
24 $1,941,695 $682,500 $96,114 $1,163,082
25 $2,038,780 $718,421 $100,920 $1,219,440
26 $2,140,719 $756,138 $105,966 $1,278,615
27 $2,247,755 $795,742 $111,264 $1,340,750
28 $2,360,143 $837,325 $116,827 $1,405,991
29 $2,478,150 $880,988 $122,668 $1,474,494
30 $2,602,057 $926,833 $128,802 $1,546,422
Total $42,000,000 $14,462,170 $2,079,001 $25,458,833

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. ]]>