Illinois Lottery

ILLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Aug 25, 2026 is estimated to be $130 Million, with a cash option of 55.5 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 Aug 25, 2026

Draw Date	Jackpot	Cash Option
Tue Aug 25, 2026	$130,000,000	$55,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$55,500,000
Federal Tax(24%)	$13,320,000
Additional Federal Tax	$7,175,330
State Tax(4.95%)	$2,747,250
Net Lumpsum Payment	$32,257,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,956,630	-$684,283 -$96,853	$1,175,494
2	$2,054,520	-$720,503 -$101,699	$1,232,318
3	$2,157,220	-$758,502 -$106,782	$1,291,936
4	$2,265,120	-$798,425 -$112,123	$1,354,572
5	$2,378,350	-$840,320 -$117,728	$1,420,302
6	$2,497,300	-$884,331 -$123,616	$1,489,353
7	$2,622,100	-$930,507 -$129,794	$1,561,799
8	$2,753,270	-$979,040 -$136,287	$1,637,943
9	$2,890,940	-$1,029,978 -$143,102	$1,717,860
10	$3,035,500	-$1,083,465 -$150,257	$1,801,778
11	$3,187,210	-$1,139,598 -$157,767	$1,889,845
12	$3,346,590	-$1,198,569 -$165,656	$1,982,365
13	$3,513,900	-$1,260,473 -$173,938	$2,079,489
14	$3,689,660	-$1,325,505 -$182,638	$2,181,517
15	$3,874,130	-$1,393,758 -$191,769	$2,288,603
16	$4,067,830	-$1,465,427 -$201,358	$2,401,045
17	$4,271,150	-$1,540,656 -$211,422	$2,519,072
18	$4,484,740	-$1,619,684 -$221,995	$2,643,061
19	$4,708,990	-$1,702,657 -$233,095	$2,773,238
20	$4,944,420	-$1,789,766 -$244,749	$2,909,905
21	$5,191,680	-$1,881,252 -$256,988	$3,053,440
22	$5,451,290	-$1,977,308 -$269,839	$3,204,143
23	$5,723,770	-$2,078,125 -$283,327	$3,362,318
24	$6,010,030	-$2,184,041 -$297,496	$3,528,493
25	$6,310,460	-$2,295,201 -$312,368	$3,702,891
26	$6,626,100	-$2,411,987 -$327,992	$3,886,121
27	$6,957,340	-$2,534,546 -$344,388	$4,078,406
28	$7,305,220	-$2,663,262 -$361,608	$4,280,350
29	$7,670,520	-$2,798,423 -$379,691	$4,492,406
30	$8,054,020	-$2,940,318 -$398,674	$4,715,028