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, Jul 09, 2024

$181,000,000

Federal tax

Select your filing status.

-$43,440,000

State tax

Select your state.

-$8,688,000

Net jackpot after tax

$128,872,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $2,724,310 $130,767 $653,834 $1,939,709
2 $2,860,525 $137,305 $686,526 $2,036,694
3 $3,003,552 $144,170 $720,852 $2,138,529
4 $3,153,729 $151,379 $756,895 $2,245,455
5 $3,311,416 $158,948 $794,740 $2,357,728
6 $3,476,986 $166,895 $834,477 $2,475,614
7 $3,650,836 $175,240 $876,201 $2,599,395
8 $3,833,377 $184,002 $920,011 $2,729,365
9 $4,025,046 $193,202 $966,011 $2,865,833
10 $4,226,299 $202,862 $1,014,312 $3,009,125
11 $4,437,614 $213,005 $1,065,027 $3,159,581
12 $4,659,494 $223,656 $1,118,279 $3,317,560
13 $4,892,469 $234,839 $1,174,193 $3,483,438
14 $5,137,092 $246,580 $1,232,902 $3,657,610
15 $5,393,947 $258,909 $1,294,547 $3,840,490
16 $5,663,644 $271,855 $1,359,275 $4,032,515
17 $5,946,827 $285,448 $1,427,238 $4,234,140
18 $6,244,168 $299,720 $1,498,600 $4,445,848
19 $6,556,376 $314,706 $1,573,530 $4,668,140
20 $6,884,195 $330,441 $1,652,207 $4,901,547
21 $7,228,405 $346,963 $1,734,817 $5,146,624
22 $7,589,825 $364,312 $1,821,558 $5,403,955
23 $7,969,316 $382,527 $1,912,636 $5,674,153
24 $8,367,782 $401,654 $2,008,268 $5,957,861
25 $8,786,171 $421,736 $2,108,681 $6,255,754
26 $9,225,480 $442,823 $2,214,115 $6,568,542
27 $9,686,754 $464,964 $2,324,821 $6,896,969
28 $10,171,091 $488,212 $2,441,062 $7,241,817
29 $10,679,646 $512,623 $2,563,115 $7,603,908
30 $11,213,628 $538,254 $2,691,271 $7,984,103
Total $181,000,000 $8,688,000 $43,440,000 $128,872,000

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.