Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 7, 2024 is estimated to be $306 Million, with a cash option of 140.1 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 Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Illinois MEGA Millions Jackpot/Cash Option for Tue May 7, 2024

Draw Date	Jackpot	Cash Option
Tue May 7, 2024	$306,000,000	$140,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$140,100,000
Federal Tax(24%)	$33,624,000
Additional Federal Tax	$18,173,330
State Tax(4.95%)	$6,934,950
Net Lumpsum Payment	$81,367,720

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,605,606	-$1,664,405 -$227,977	$2,713,224
2	$4,836,024	-$1,749,659 -$239,383	$2,846,982
3	$5,077,764	-$1,839,103 -$251,349	$2,987,312
4	$5,331,744	-$1,933,076 -$263,921	$3,134,747
5	$5,598,270	-$2,031,690 -$277,114	$3,289,466
6	$5,878,260	-$2,135,287 -$290,974	$3,451,999
7	$6,172,020	-$2,243,978 -$305,515	$3,622,527
8	$6,480,774	-$2,358,217 -$320,798	$3,801,759
9	$6,804,828	-$2,478,117 -$336,839	$3,989,872
10	$7,145,100	-$2,604,017 -$353,682	$4,187,401
11	$7,502,202	-$2,736,145 -$371,359	$4,394,698
12	$7,877,358	-$2,874,953 -$389,929	$4,612,476
13	$8,271,180	-$3,020,667 -$409,423	$4,841,090
14	$8,684,892	-$3,173,740 -$429,902	$5,081,250
15	$9,119,106	-$3,334,400 -$451,396	$5,333,310
16	$9,575,046	-$3,503,097 -$473,965	$5,597,984
17	$10,053,630	-$3,680,173 -$497,655	$5,875,802
18	$10,556,388	-$3,866,194 -$522,541	$6,167,653
19	$11,084,238	-$4,061,498 -$548,670	$6,474,070
20	$11,638,404	-$4,266,540 -$576,101	$6,795,763
21	$12,220,416	-$4,481,884 -$604,911	$7,133,621
22	$12,831,498	-$4,707,985 -$635,159	$7,488,354
23	$13,472,874	-$4,945,294 -$666,907	$7,860,673
24	$14,146,686	-$5,194,604 -$700,261	$8,251,821
25	$14,853,852	-$5,456,256 -$735,266	$8,662,330
26	$15,596,820	-$5,731,154 -$772,043	$9,093,623
27	$16,376,508	-$6,019,638 -$810,637	$9,546,233
28	$17,195,364	-$6,322,615 -$851,171	$10,021,578
29	$18,055,224	-$6,640,763 -$893,734	$10,520,727
30	$18,957,924	-$6,974,762 -$938,417	$11,044,745