Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Illinois, your state will take 4.95% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Illinois MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(4.95%)	$7,578,450
Net Lumpsum Payment	$88,914,220

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$246,603	$2,931,652
2	$5,231,124	-$1,895,846 -$258,941	$3,076,337
3	$5,492,614	-$1,992,598 -$271,884	$3,228,132
4	$5,767,344	-$2,094,248 -$285,484	$3,387,612
5	$6,055,645	-$2,200,919 -$299,754	$3,554,972
6	$6,358,510	-$2,312,979 -$314,746	$3,730,785
7	$6,676,270	-$2,430,550 -$330,475	$3,915,245
8	$7,010,249	-$2,554,123 -$347,007	$4,109,119
9	$7,360,778	-$2,683,818 -$364,359	$4,312,601
10	$7,728,850	-$2,820,005 -$382,578	$4,526,267
11	$8,115,127	-$2,962,927 -$401,699	$4,750,501
12	$8,520,933	-$3,113,076 -$421,786	$4,986,071
13	$8,946,930	-$3,270,694 -$442,873	$5,233,363
14	$9,394,442	-$3,436,274 -$465,025	$5,493,143
15	$9,864,131	-$3,610,059 -$488,274	$5,765,798
16	$10,357,321	-$3,792,539 -$512,687	$6,052,095
17	$10,875,005	-$3,984,082 -$538,313	$6,352,610
18	$11,418,838	-$4,185,300 -$565,232	$6,668,306
19	$11,989,813	-$4,396,561 -$593,496	$6,999,756
20	$12,589,254	-$4,618,354 -$623,168	$7,347,732
21	$13,218,816	-$4,851,292 -$654,331	$7,713,193
22	$13,879,823	-$5,095,865 -$687,051	$8,096,907
23	$14,573,599	-$5,352,562 -$721,393	$8,499,644
24	$15,302,461	-$5,622,241 -$757,472	$8,922,748
25	$16,067,402	-$5,905,269 -$795,336	$9,366,797
26	$16,871,070	-$6,202,626 -$835,118	$9,833,326
27	$17,714,458	-$6,514,680 -$876,866	$10,322,912
28	$18,600,214	-$6,842,410 -$920,711	$10,837,093
29	$19,530,324	-$7,186,550 -$966,751	$11,377,023
30	$20,506,774	-$7,547,837 -$1,015,085	$11,943,852