Mega Millions Annuity Payment Schedule

Here’s how the current Mega Millions jackpot will be paid if the annuity option is selected.

Current Mega Millions Jackpot

Tuesday, Jan 16, 2024

$208,000,000

Federal Tax

Select your filing status.

-$49,920,000

State Tax

Select your state.

-$9,984,000

Net Jackpot After Tax

$148,096,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $3,130,699 $150,274 $751,368 $2,229,057
2 $3,287,233 $157,787 $788,936 $2,340,510
3 $3,451,595 $165,677 $828,383 $2,457,536
4 $3,624,175 $173,960 $869,802 $2,580,412
5 $3,805,384 $182,658 $913,292 $2,709,433
6 $3,995,653 $191,791 $958,957 $2,844,905
7 $4,195,435 $201,381 $1,006,904 $2,987,150
8 $4,405,207 $211,450 $1,057,250 $3,136,508
9 $4,625,468 $222,022 $1,110,112 $3,293,333
10 $4,856,741 $233,124 $1,165,618 $3,458,000
11 $5,099,578 $244,780 $1,223,899 $3,630,900
12 $5,354,557 $257,019 $1,285,094 $3,812,444
13 $5,622,285 $269,870 $1,349,348 $4,003,067
14 $5,903,399 $283,363 $1,416,816 $4,203,220
15 $6,198,569 $297,531 $1,487,657 $4,413,381
16 $6,508,497 $312,408 $1,562,039 $4,634,050
17 $6,833,922 $328,028 $1,640,141 $4,865,753
18 $7,175,618 $344,430 $1,722,148 $5,109,040
19 $7,534,399 $361,651 $1,808,256 $5,364,492
20 $7,911,119 $379,734 $1,898,669 $5,632,717
21 $8,306,675 $398,720 $1,993,602 $5,914,353
22 $8,722,009 $418,656 $2,093,282 $6,210,070
23 $9,158,109 $439,589 $2,197,946 $6,520,574
24 $9,616,015 $461,569 $2,307,844 $6,846,603
25 $10,096,816 $484,647 $2,423,236 $7,188,933
26 $10,601,656 $508,880 $2,544,398 $7,548,379
27 $11,131,739 $534,323 $2,671,617 $7,925,798
28 $11,688,326 $561,040 $2,805,198 $8,322,088
29 $12,272,742 $589,092 $2,945,458 $8,738,193
30 $12,886,380 $618,546 $3,092,731 $9,175,102
Total $208,000,000 $9,984,000 $49,920,000 $148,096,000

Notes

  • Each annual annuity payment increases by 5% from the previous year.
  • For clarity, we assumed that payments 1 and 2 are made in separate tax years.
  • The lottery automatically withholds 24% of each payment for federal taxes. When you file your taxes, you will be responsible for the difference between that withholding and what you owe to the IRS.
  • In some states, the lottery also withholds a portion of annual payments for state taxes.
  • The highest federal tax bracket of 37% is assumed for these examples because all Mega Millions jackpot winners will fall into this category.
  • Tax estimates are based on jackpot income only and do not include any other taxes you may owe.
  • We assume single state residency only and do not consider non-state resident tax. In the situation when the winner resides in a different state than the one where the winnings were registered, additional state taxes may be added.
  • This calculator is intended to provide an estimate of taxes, but should not be considered tax advice. We do not take responsibility for any inaccuracies or omissions.
  • Consult with a professional tax advisor and accountant to avoid any surprise tax bills.
  • Federal and/or state tax rates may change during the annuity schedule, which could affect how much you owe.