Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 12, 2026 is estimated to be $232 Million, with a cash option of 103.8 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 12, 2026

Draw Date	Jackpot	Cash Option
Tue May 12, 2026	$232,000,000	$103,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$103,800,000
Federal Tax(24%)	$24,912,000
Additional Federal Tax	$13,454,330
State Tax(4.95%)	$5,138,100
Net Lumpsum Payment	$60,295,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,491,832	-$1,252,308 -$172,846	$2,066,678
2	$3,666,528	-$1,316,946 -$181,493	$2,168,089
3	$3,849,808	-$1,384,759 -$190,565	$2,274,484
4	$4,042,368	-$1,456,007 -$200,097	$2,386,264
5	$4,244,440	-$1,530,773 -$210,100	$2,503,567
6	$4,456,720	-$1,609,317 -$220,608	$2,626,795
7	$4,679,440	-$1,691,723 -$231,632	$2,756,085
8	$4,913,528	-$1,778,336 -$243,220	$2,891,972
9	$5,159,216	-$1,869,240 -$255,381	$3,034,595
10	$5,417,200	-$1,964,694 -$268,151	$3,184,355
11	$5,687,944	-$2,064,870 -$281,553	$3,341,521
12	$5,972,376	-$2,170,110 -$295,633	$3,506,633
13	$6,270,960	-$2,280,586 -$310,413	$3,679,961
14	$6,584,624	-$2,396,641 -$325,939	$3,862,044
15	$6,913,832	-$2,518,448 -$342,235	$4,053,149
16	$7,259,512	-$2,646,350 -$359,346	$4,253,816
17	$7,622,360	-$2,780,604 -$377,307	$4,464,449
18	$8,003,536	-$2,921,639 -$396,175	$4,685,722
19	$8,403,736	-$3,069,713 -$415,985	$4,918,038
20	$8,823,888	-$3,225,169 -$436,782	$5,161,937
21	$9,265,152	-$3,388,437 -$458,625	$5,418,090
22	$9,728,456	-$3,559,859 -$481,559	$5,687,038
23	$10,214,728	-$3,739,780 -$505,629	$5,969,319
24	$10,725,592	-$3,928,799 -$530,917	$6,265,876
25	$11,261,744	-$4,127,176 -$557,456	$6,577,112
26	$11,825,040	-$4,335,595 -$585,339	$6,904,106
27	$12,416,176	-$4,554,316 -$614,601	$7,247,259
28	$13,037,008	-$4,784,023 -$645,332	$7,607,653
29	$13,688,928	-$5,025,234 -$677,602	$7,986,092
30	$14,373,328	-$5,278,462 -$711,480	$8,383,386