Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 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 Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(4.95%)	$1,687,950
Net Lumpsum Payment	$19,834,720

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$57,367	$712,427
2	$1,216,908	-$410,586 -$60,237	$746,085
3	$1,277,738	-$433,093 -$63,248	$781,397
4	$1,341,648	-$456,740 -$66,412	$818,496
5	$1,408,715	-$481,555 -$69,731	$857,429
6	$1,479,170	-$507,623 -$73,219	$898,328
7	$1,553,090	-$534,974 -$76,878	$941,238
8	$1,630,783	-$563,720 -$80,724	$986,339
9	$1,712,326	-$593,891 -$84,760	$1,033,675
10	$1,797,950	-$625,572 -$88,999	$1,083,379
11	$1,887,809	-$658,820 -$93,447	$1,135,542
12	$1,982,211	-$693,748 -$98,119	$1,190,344
13	$2,081,310	-$730,415 -$103,025	$1,247,870
14	$2,185,414	-$768,934 -$108,178	$1,308,302
15	$2,294,677	-$809,361 -$113,587	$1,371,729
16	$2,409,407	-$851,811 -$119,266	$1,438,330
17	$2,529,835	-$896,369 -$125,227	$1,508,239
18	$2,656,346	-$943,178 -$131,489	$1,581,679
19	$2,789,171	-$992,324 -$138,064	$1,658,783
20	$2,928,618	-$1,043,919 -$144,967	$1,739,732
21	$3,075,072	-$1,098,107 -$152,216	$1,824,749
22	$3,228,841	-$1,155,002 -$159,828	$1,914,011
23	$3,390,233	-$1,214,717 -$167,817	$2,007,699
24	$3,559,787	-$1,277,452 -$176,209	$2,106,126
25	$3,737,734	-$1,343,292 -$185,018	$2,209,424
26	$3,924,690	-$1,412,466 -$194,272	$2,317,952
27	$4,120,886	-$1,485,058 -$203,984	$2,431,844
28	$4,326,938	-$1,561,297 -$214,183	$2,551,458
29	$4,543,308	-$1,641,354 -$224,894	$2,677,060
30	$4,770,458	-$1,725,400 -$236,138	$2,808,920