The jackpot for the MEGA Millions draw on Fri Oct 16, 2026, is projected to be $403 Million, with an option for a cash payout of $162.1 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 Oct 16, 2026 |
|---|
| Draw Date | Fri Oct 16, 2026 | | Projected Jackpot | $403,000,000 | | Cash Value | $162,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $162,100,000 | | Federal Tax(24%) | $38,904,000 | | Additional Federal Tax | $21,033,330 | | State Tax(4.95%) | $8,023,950 | | Net Lumpsum Payment | $94,138,720 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,065,553 |
$2,204,585
$300,245 |
$3,560,723 |
| 2 |
$6,369,012 |
$2,316,865
$315,266 |
$3,736,881 |
| 3 |
$6,687,382 |
$2,434,662
$331,025 |
$3,921,695 |
| 4 |
$7,021,872 |
$2,558,423
$347,583 |
$4,115,866 |
| 5 |
$7,372,885 |
$2,688,298
$364,958 |
$4,319,629 |
| 6 |
$7,741,630 |
$2,824,733
$383,211 |
$4,533,686 |
| 7 |
$8,128,510 |
$2,967,879
$402,361 |
$4,758,270 |
| 8 |
$8,535,137 |
$3,118,331
$422,489 |
$4,994,317 |
| 9 |
$8,961,914 |
$3,276,239
$443,615 |
$5,242,060 |
| 10 |
$9,410,050 |
$3,442,049
$465,797 |
$5,502,204 |
| 11 |
$9,880,351 |
$3,616,060
$489,077 |
$5,775,214 |
| 12 |
$10,374,429 |
$3,798,869
$513,534 |
$6,062,026 |
| 13 |
$10,893,090 |
$3,990,774
$539,208 |
$6,363,108 |
| 14 |
$11,437,946 |
$4,192,370
$566,178 |
$6,679,398 |
| 15 |
$12,009,803 |
$4,403,957
$594,485 |
$7,011,361 |
| 16 |
$12,610,273 |
$4,626,131
$624,209 |
$7,359,933 |
| 17 |
$13,240,565 |
$4,859,339
$655,408 |
$7,725,818 |
| 18 |
$13,902,694 |
$5,104,327
$688,183 |
$8,110,184 |
| 19 |
$14,597,869 |
$5,361,542
$722,595 |
$8,513,732 |
| 20 |
$15,327,702 |
$5,631,580
$758,721 |
$8,937,401 |
| 21 |
$16,094,208 |
$5,915,187
$796,663 |
$9,382,358 |
| 22 |
$16,898,999 |
$6,212,960
$836,500 |
$9,849,539 |
| 23 |
$17,743,687 |
$6,525,495
$878,313 |
$10,339,879 |
| 24 |
$18,631,093 |
$6,853,835
$922,239 |
$10,855,019 |
| 25 |
$19,562,426 |
$7,198,428
$968,340 |
$11,395,658 |
| 26 |
$20,540,910 |
$7,560,467
$1,016,775 |
$11,963,668 |
| 27 |
$21,567,754 |
$7,940,399
$1,067,604 |
$12,559,751 |
| 28 |
$22,646,182 |
$8,339,418
$1,120,986 |
$13,185,778 |
| 29 |
$23,778,612 |
$8,758,417
$1,177,041 |
$13,843,154 |
| 30 |
$24,967,462 |
$9,198,291
$1,235,889 |
$14,533,282 |
|
|
