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, May 21, 2024

$421,000,000

Federal tax

Select your filing status.

-$101,040,000

State tax

Select your state.

-$20,208,000

Net jackpot after tax

$299,752,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $6,336,654 $304,159 $1,520,797 $4,511,698
2 $6,653,487 $319,367 $1,596,837 $4,737,283
3 $6,986,161 $335,336 $1,676,679 $4,974,147
4 $7,335,469 $352,103 $1,760,513 $5,222,854
5 $7,702,243 $369,708 $1,848,538 $5,483,997
6 $8,087,355 $388,193 $1,940,965 $5,758,197
7 $8,491,723 $407,603 $2,038,013 $6,046,107
8 $8,916,309 $427,983 $2,139,914 $6,348,412
9 $9,362,124 $449,382 $2,246,910 $6,665,832
10 $9,830,230 $471,851 $2,359,255 $6,999,124
11 $10,321,742 $495,444 $2,477,218 $7,349,080
12 $10,837,829 $520,216 $2,601,079 $7,716,534
13 $11,379,720 $546,227 $2,731,133 $8,102,361
14 $11,948,707 $573,538 $2,867,690 $8,507,479
15 $12,546,142 $602,215 $3,011,074 $8,932,853
16 $13,173,449 $632,326 $3,161,628 $9,379,496
17 $13,832,121 $663,942 $3,319,709 $9,848,470
18 $14,523,727 $697,139 $3,485,695 $10,340,894
19 $15,249,914 $731,996 $3,659,979 $10,857,939
20 $16,012,410 $768,596 $3,842,978 $11,400,836
21 $16,813,030 $807,025 $4,035,127 $11,970,877
22 $17,653,681 $847,377 $4,236,884 $12,569,421
23 $18,536,366 $889,746 $4,448,728 $13,197,892
24 $19,463,184 $934,233 $4,671,164 $13,857,787
25 $20,436,343 $980,944 $4,904,722 $14,550,676
26 $21,458,160 $1,029,992 $5,149,958 $15,278,210
27 $22,531,068 $1,081,491 $5,407,456 $16,042,121
28 $23,657,622 $1,135,566 $5,677,829 $16,844,227
29 $24,840,503 $1,192,344 $5,961,721 $17,686,438
30 $26,082,528 $1,251,961 $6,259,807 $18,570,760
Total $421,000,000 $20,208,000 $101,040,000 $299,752,000

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.