Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Feb 25, 2025 is estimated to be $181 Million, with a cash option of 82.7 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 25, 2025

Draw Date	Jackpot	Cash Option
Tue Feb 25, 2025	$181,000,000	$82,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$82,700,000
Federal Tax(24%)	$19,848,000
Additional Federal Tax	$10,711,330
State Tax(4.95%)	$4,093,650
Net Lumpsum Payment	$48,047,020

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,724,231	-$968,296 -$134,849	$1,621,086
2	$2,860,524	-$1,018,724 -$141,596	$1,700,204
3	$3,003,514	-$1,071,631 -$148,674	$1,783,209
4	$3,153,744	-$1,127,216 -$156,110	$1,870,418
5	$3,311,395	-$1,185,547 -$163,914	$1,961,934
6	$3,477,010	-$1,246,824 -$172,112	$2,058,074
7	$3,650,770	-$1,311,115 -$180,713	$2,158,942
8	$3,833,399	-$1,378,688 -$189,753	$2,264,958
9	$4,025,078	-$1,449,609 -$199,241	$2,376,228
10	$4,226,350	-$1,524,080 -$209,204	$2,493,066
11	$4,437,577	-$1,602,234 -$219,660	$2,615,683
12	$4,659,483	-$1,684,339 -$230,644	$2,744,500
13	$4,892,430	-$1,770,529 -$242,175	$2,879,726
14	$5,137,142	-$1,861,073 -$254,289	$3,021,780
15	$5,393,981	-$1,956,103 -$267,002	$3,170,876
16	$5,663,671	-$2,055,889 -$280,352	$3,327,430
17	$5,946,755	-$2,160,630 -$294,364	$3,491,761
18	$6,244,138	-$2,270,661 -$309,085	$3,664,392
19	$6,556,363	-$2,386,185 -$324,540	$3,845,638
20	$6,884,154	-$2,507,467 -$340,766	$4,035,921
21	$7,228,416	-$2,634,844 -$357,807	$4,235,765
22	$7,589,873	-$2,768,583 -$375,699	$4,445,591
23	$7,969,249	-$2,908,953 -$394,478	$4,665,818
24	$8,367,811	-$3,056,420 -$414,207	$4,897,184
25	$8,786,102	-$3,211,188 -$434,912	$5,140,002
26	$9,225,570	-$3,373,791 -$456,666	$5,395,113
27	$9,686,758	-$3,544,431 -$479,495	$5,662,832
28	$10,171,114	-$3,723,643 -$503,470	$5,944,001
29	$10,679,724	-$3,911,828 -$528,646	$6,239,250
30	$11,213,674	-$4,109,390 -$555,077	$6,549,207