Win the $1.28B Mega Millions jackpot? Here’s how much you’d take home in IL after taxes

The Mega Millions jackpot prize has increased to a whopping $1.28 billion as of Friday afternoon, and Illinois Lottery officials expect to sell around 5 million tickets for the drawing.

“We start to see a real increase in ticket sales when the jackpot hits $500 million. Then every drawing after that continues to climb, and at $1 billion we experience a significant sales spike as players want a chance to win such an incredible amount of money,” Illinois Lottery spokesperson Emilia Mazur said in an email to the News-Democrat.

An Illinois resident won $1 million Tuesday after buying a winning ticket at JM Food Mart in Huntley.

While the Mega Millions prize is at $1.28 billion, an Illinois winner would have to pay state taxes on top of the federal rate, cutting down on the winnings significantly. Here’s how much an Illinois winner could actually take home.

How much could the lump-sum payment be?

The one-time cash payment for the $1.28 billion winner is estimated at approximately $433,786,645, according to USA Mega.

That’s the take-home amount after paying the federal tax rate of 24% (plus additional federal taxes, bringing the total to 37%) and the Illinois tax of 4.95%, as the state taxes lottery winnings as personal income.

What about annual payments?

If a winner chooses to receive their payments in annuity rather than in a one-time payment, the full amount will be distributed over 30 once-yearly installments.

The yearly payment would come out to about $24,805,045 net, according to USA Mega. Actual winnings may vary, as the website’s annuity calculations are based on average amounts a winner would receive.

More information about the Mega Millions jackpot is available from the Illinois Lottery website. Illinois residents can purchase tickets until 9:45 p.m. central standard time.

If you or someone you know in Illinois has a problem with gambling, you can call 1-800-426-2537 or text “ILGamb” to 53342 for help. A national hotline is also available at 1-800-522-4700.