Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(4.95%)	$440,550
Net Lumpsum Payment	$5,206,120

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$14,900	$214,412
2	$316,080	-$77,280 -$15,646	$223,154
3	$331,880	-$83,126 -$16,428	$232,326
4	$348,480	-$89,268 -$17,250	$241,962
5	$365,900	-$95,713 -$18,112	$252,075
6	$384,200	-$102,484 -$19,018	$262,698
7	$403,400	-$109,588 -$19,968	$273,844
8	$423,580	-$117,055 -$20,967	$285,558
9	$444,760	-$124,892 -$22,016	$297,852
10	$467,000	-$133,120 -$23,117	$310,763
11	$490,340	-$141,756 -$24,272	$324,312
12	$514,860	-$150,829 -$25,486	$338,545
13	$540,600	-$160,352 -$26,760	$353,488
14	$567,640	-$170,357 -$28,098	$369,185
15	$596,020	-$180,858 -$29,503	$385,659
16	$625,820	-$191,884 -$30,978	$402,958
17	$657,100	-$203,457 -$32,526	$421,117
18	$689,960	-$215,616 -$34,153	$440,191
19	$724,460	-$228,381 -$35,861	$460,218
20	$760,680	-$241,782 -$37,654	$481,244
21	$798,720	-$255,857 -$39,537	$503,326
22	$838,660	-$270,635 -$41,514	$526,511
23	$880,580	-$286,145 -$43,589	$550,846
24	$924,620	-$302,440 -$45,769	$576,411
25	$970,840	-$319,541 -$48,057	$603,242
26	$1,019,400	-$337,508 -$50,460	$631,432
27	$1,070,360	-$356,364 -$52,983	$661,013
28	$1,123,880	-$376,166 -$55,632	$692,082
29	$1,180,080	-$396,960 -$58,414	$724,706
30	$1,239,080	-$418,790 -$61,334	$758,956