Jackpot Analysis Illinois Mega Millions

Jackpot Analysis for Illinois Mega Millions
The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Illinois residents, the state will deduct 4.95% from your lottery earnings.

Illinois MEGA Millions Jackpot/Cash Option for Fri Nov 1, 2024
Draw DateFri Nov 1, 2024
Projected Jackpot$281,000,000
Cash Value$129,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$129,800,000
Federal Tax(24%)$31,152,000
Additional Federal Tax$16,834,330
State Tax(4.95%)$6,425,100
Net Lumpsum Payment$75,388,570
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $4,229,331 $1,525,183
$209,352
$2,494,796
2 $4,440,924 $1,603,472
$219,826
$2,617,626
3 $4,662,914 $1,685,609
$230,814
$2,746,491
4 $4,896,144 $1,771,904
$242,359
$2,881,881
5 $5,140,895 $1,862,462
$254,474
$3,023,959
6 $5,398,010 $1,957,594
$267,201
$3,173,215
7 $5,667,770 $2,057,405
$280,555
$3,329,810
8 $5,951,299 $2,162,311
$294,589
$3,494,399
9 $6,248,878 $2,272,415
$309,319
$3,667,144
10 $6,561,350 $2,388,030
$324,787
$3,848,533
11 $6,889,277 $2,509,363
$341,019
$4,038,895
12 $7,233,783 $2,636,830
$358,072
$4,238,881
13 $7,595,430 $2,770,639
$375,974
$4,448,817
14 $7,975,342 $2,911,207
$394,779
$4,669,356
15 $8,374,081 $3,058,740
$414,517
$4,900,824
16 $8,792,771 $3,213,656
$435,242
$5,143,873
17 $9,232,255 $3,376,265
$456,997
$5,398,993
18 $9,693,938 $3,547,087
$479,850
$5,667,001
19 $10,178,663 $3,726,436
$503,844
$5,948,383
20 $10,687,554 $3,914,725
$529,034
$6,243,795
21 $11,222,016 $4,112,476
$555,490
$6,554,050
22 $11,783,173 $4,320,104
$583,267
$6,879,802
23 $12,372,149 $4,538,026
$612,421
$7,221,702
24 $12,990,911 $4,766,967
$643,050
$7,580,894
25 $13,640,302 $5,007,242
$675,195
$7,957,865
26 $14,322,570 $5,259,681
$708,967
$8,353,922
27 $15,038,558 $5,524,597
$744,409
$8,769,552
28 $15,790,514 $5,802,821
$781,630
$9,206,063
29 $16,580,124 $6,094,976
$820,716
$9,664,432
30 $17,409,074 $6,401,688
$861,749
$10,145,637