Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Feb 24, 2026 is estimated to be $438 Million, with a cash option of 203.1 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Illinois MEGA Millions Jackpot/Cash Option for Tue Feb 24, 2026

Draw Date	Jackpot	Cash Option
Tue Feb 24, 2026	$438,000,000	$203,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$203,100,000
Federal Tax(24%)	$48,744,000
Additional Federal Tax	$26,363,330
State Tax(4.95%)	$10,053,450
Net Lumpsum Payment	$117,939,220

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,592,338	-$2,399,495 -$326,321	$3,866,522
2	$6,922,152	-$2,521,527 -$342,647	$4,057,978
3	$7,268,172	-$2,649,554 -$359,775	$4,258,843
4	$7,631,712	-$2,784,064 -$377,770	$4,469,878
5	$8,013,210	-$2,925,218 -$396,654	$4,691,338
6	$8,413,980	-$3,073,503 -$416,492	$4,923,985
7	$8,834,460	-$3,229,081 -$437,306	$5,168,073
8	$9,276,402	-$3,392,599 -$459,182	$5,424,621
9	$9,740,244	-$3,564,221 -$482,142	$5,693,881
10	$10,227,300	-$3,744,431 -$506,251	$5,976,618
11	$10,738,446	-$3,933,555 -$531,553	$6,273,338
12	$11,275,434	-$4,132,241 -$558,134	$6,585,059
13	$11,839,140	-$4,340,812 -$586,037	$6,912,291
14	$12,431,316	-$4,559,917 -$615,350	$7,256,049
15	$13,052,838	-$4,789,880 -$646,115	$7,616,843
16	$13,705,458	-$5,031,350 -$678,420	$7,995,688
17	$14,390,490	-$5,284,812 -$712,329	$8,393,349
18	$15,110,124	-$5,551,076 -$747,951	$8,811,097
19	$15,865,674	-$5,830,630 -$785,351	$9,249,693
20	$16,658,892	-$6,124,120 -$824,615	$9,710,157
21	$17,491,968	-$6,432,359 -$865,852	$10,193,757
22	$18,366,654	-$6,755,992 -$909,149	$10,701,513
23	$19,284,702	-$7,095,670 -$954,593	$11,234,439
24	$20,249,178	-$7,452,526 -$1,002,334	$11,794,318
25	$21,261,396	-$7,827,047 -$1,052,439	$12,381,910
26	$22,324,860	-$8,220,529 -$1,105,081	$12,999,250
27	$23,440,884	-$8,633,457 -$1,160,324	$13,647,103
28	$24,612,972	-$9,067,130 -$1,218,342	$14,327,500
29	$25,843,752	-$9,522,519 -$1,279,266	$15,041,967
30	$27,135,852	-$10,000,596 -$1,343,225	$15,792,031