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, Mar 31, 2023

$355,000,000

Federal Tax

Select your filing status.

-$85,200,000

State Tax

Select your state.

-$17,040,000

Net Jackpot After Tax

$252,760,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $5,343,259 $256,476 $1,282,382 $3,804,401
2 $5,610,422 $269,300 $1,346,501 $3,994,621
3 $5,890,944 $282,765 $1,413,826 $4,194,352
4 $6,185,491 $296,904 $1,484,518 $4,404,069
5 $6,494,765 $311,749 $1,558,744 $4,624,273
6 $6,819,504 $327,336 $1,636,681 $4,855,487
7 $7,160,479 $343,703 $1,718,515 $5,098,261
8 $7,518,503 $360,888 $1,804,441 $5,353,174
9 $7,894,428 $378,933 $1,894,663 $5,620,833
10 $8,289,149 $397,879 $1,989,396 $5,901,874
11 $8,703,607 $417,773 $2,088,866 $6,196,968
12 $9,138,787 $438,662 $2,193,309 $6,506,816
13 $9,595,726 $460,595 $2,302,974 $6,832,157
14 $10,075,513 $483,625 $2,418,123 $7,173,765
15 $10,579,288 $507,806 $2,539,029 $7,532,453
16 $11,108,253 $533,196 $2,665,981 $7,909,076
17 $11,663,665 $559,856 $2,799,280 $8,304,530
18 $12,246,849 $587,849 $2,939,244 $8,719,756
19 $12,859,191 $617,241 $3,086,206 $9,155,744
20 $13,502,151 $648,103 $3,240,516 $9,613,531
21 $14,177,258 $680,508 $3,402,542 $10,094,208
22 $14,886,121 $714,534 $3,572,669 $10,598,918
23 $15,630,427 $750,260 $3,751,302 $11,128,864
24 $16,411,948 $787,774 $3,938,868 $11,685,307
25 $17,232,546 $827,162 $4,135,811 $12,269,573
26 $18,094,173 $868,520 $4,342,602 $12,883,051
27 $18,998,882 $911,946 $4,559,732 $13,527,204
28 $19,948,826 $957,544 $4,787,718 $14,203,564
29 $20,946,267 $1,005,421 $5,027,104 $14,913,742
30 $21,993,580 $1,055,692 $5,278,459 $15,659,429
Total $355,000,000 $17,040,000 $85,200,000 $252,760,000

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.