Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(4.95%)	$10,375,200
Net Lumpsum Payment	$121,712,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$337,496	$3,997,579
2	$7,159,212	-$2,609,239 -$354,381	$4,195,592
3	$7,517,082	-$2,741,651 -$372,096	$4,403,335
4	$7,893,072	-$2,880,767 -$390,707	$4,621,598
5	$8,287,635	-$3,026,755 -$410,238	$4,850,642
6	$8,702,130	-$3,180,118 -$430,755	$5,091,257
7	$9,137,010	-$3,341,024 -$452,282	$5,343,704
8	$9,594,087	-$3,510,143 -$474,907	$5,609,037
9	$10,073,814	-$3,687,642 -$498,654	$5,887,518
10	$10,577,550	-$3,874,024 -$523,589	$6,179,937
11	$11,106,201	-$4,069,625 -$549,757	$6,486,819
12	$11,661,579	-$4,275,115 -$577,248	$6,809,216
13	$12,244,590	-$4,490,829 -$606,107	$7,147,654
14	$12,857,046	-$4,717,437 -$636,424	$7,503,185
15	$13,499,853	-$4,955,276 -$668,243	$7,876,334
16	$14,174,823	-$5,205,015 -$701,654	$8,268,154
17	$14,883,315	-$5,467,157 -$736,724	$8,679,434
18	$15,627,594	-$5,742,540 -$773,566	$9,111,488
19	$16,409,019	-$6,031,667 -$812,246	$9,565,106
20	$17,229,402	-$6,335,209 -$852,855	$10,041,338
21	$18,091,008	-$6,654,003 -$895,505	$10,541,500
22	$18,995,649	-$6,988,721 -$940,285	$11,066,643
23	$19,945,137	-$7,340,031 -$987,284	$11,617,822
24	$20,942,643	-$7,709,108 -$1,036,661	$12,196,874
25	$21,989,526	-$8,096,455 -$1,088,482	$12,804,589
26	$23,089,410	-$8,503,412 -$1,142,926	$13,443,072
27	$24,243,654	-$8,930,482 -$1,200,061	$14,113,111
28	$25,455,882	-$9,379,007 -$1,260,066	$14,816,809
29	$26,728,812	-$9,849,991 -$1,323,076	$15,555,745
30	$28,065,162	-$10,344,440 -$1,389,226	$16,331,496