Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(4.95%)	$21,255,300
Net Lumpsum Payment	$249,306,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$703,303	$8,287,497
2	$14,918,976	-$5,480,352 -$738,489	$8,700,135
3	$15,664,736	-$5,756,283 -$775,404	$9,133,049
4	$16,448,256	-$6,046,185 -$814,189	$9,587,882
5	$17,270,480	-$6,350,408 -$854,889	$10,065,183
6	$18,134,240	-$6,669,999 -$897,645	$10,566,596
7	$19,040,480	-$7,005,308 -$942,504	$11,092,668
8	$19,992,976	-$7,357,732 -$989,652	$11,645,592
9	$20,992,672	-$7,727,619 -$1,039,137	$12,225,916
10	$22,042,400	-$8,116,018 -$1,091,099	$12,835,283
11	$23,144,048	-$8,523,628 -$1,145,630	$13,474,790
12	$24,301,392	-$8,951,845 -$1,202,919	$14,146,628
13	$25,516,320	-$9,401,369 -$1,263,058	$14,851,893
14	$26,792,608	-$9,873,595 -$1,326,234	$15,592,779
15	$28,132,144	-$10,369,224 -$1,392,541	$16,370,379
16	$29,538,704	-$10,889,651 -$1,462,166	$17,186,887
17	$31,015,120	-$11,435,925 -$1,535,248	$18,043,947
18	$32,566,112	-$12,009,792 -$1,612,023	$18,944,297
19	$34,194,512	-$12,612,300 -$1,692,628	$19,889,584
20	$35,904,096	-$13,244,846 -$1,777,253	$20,881,997
21	$37,699,584	-$13,909,176 -$1,866,129	$21,924,279
22	$39,584,752	-$14,606,689 -$1,959,445	$23,018,618
23	$41,563,376	-$15,338,780 -$2,057,387	$24,167,209
24	$43,642,064	-$16,107,894 -$2,160,282	$25,373,888
25	$45,823,648	-$16,915,080 -$2,268,271	$26,640,297
26	$48,115,680	-$17,763,132 -$2,381,726	$27,970,822
27	$50,520,992	-$18,653,097 -$2,500,789	$29,367,106
28	$53,047,136	-$19,587,771 -$2,625,833	$30,833,532
29	$55,699,776	-$20,569,248 -$2,757,139	$32,373,389
30	$58,484,576	-$21,599,624 -$2,894,987	$33,989,965