The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 Tue Dec 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(4.95%) | $445,500 | | Net Lumpsum Payment | $5,264,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
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 |
|
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