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

Friday, Jan 12, 2024

$187,000,000

Federal Tax

Select your filing status.

-$44,880,000

State Tax

Select your state.

-$8,976,000

Net Jackpot After Tax

$133,144,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $2,814,618 $135,102 $675,508 $2,004,008
2 $2,955,349 $141,857 $709,284 $2,104,209
3 $3,103,117 $148,950 $744,748 $2,209,419
4 $3,258,273 $156,397 $781,985 $2,319,890
5 $3,421,186 $164,217 $821,085 $2,435,885
6 $3,592,246 $172,428 $862,139 $2,557,679
7 $3,771,858 $181,049 $905,246 $2,685,563
8 $3,960,451 $190,102 $950,508 $2,819,841
9 $4,158,473 $199,607 $998,034 $2,960,833
10 $4,366,397 $209,587 $1,047,935 $3,108,875
11 $4,584,717 $220,066 $1,100,332 $3,264,318
12 $4,813,953 $231,070 $1,155,349 $3,427,534
13 $5,054,650 $242,623 $1,213,116 $3,598,911
14 $5,307,383 $254,754 $1,273,772 $3,778,856
15 $5,572,752 $267,492 $1,337,460 $3,967,799
16 $5,851,389 $280,867 $1,404,333 $4,166,189
17 $6,143,959 $294,910 $1,474,550 $4,374,499
18 $6,451,157 $309,656 $1,548,278 $4,593,224
19 $6,773,715 $325,138 $1,625,692 $4,822,885
20 $7,112,400 $341,395 $1,706,976 $5,064,029
21 $7,468,020 $358,465 $1,792,325 $5,317,231
22 $7,841,421 $376,388 $1,881,941 $5,583,092
23 $8,233,493 $395,208 $1,976,038 $5,862,247
24 $8,645,167 $414,968 $2,074,840 $6,155,359
25 $9,077,426 $435,716 $2,178,582 $6,463,127
26 $9,531,297 $457,502 $2,287,511 $6,786,283
27 $10,007,862 $480,377 $2,401,887 $7,125,597
28 $10,508,255 $504,396 $2,521,981 $7,481,877
29 $11,033,667 $529,616 $2,648,080 $7,855,971
30 $11,585,351 $556,097 $2,780,484 $8,248,770
Total $187,000,000 $8,976,000 $44,880,000 $133,144,000

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.