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, Dec 13, 2024
$670,000,000
Federal tax
Select your filing status.
-$160,800,000State tax
Select your state.
-$32,160,000Net jackpot after tax
$477,040,001
|
Payment Number |
Gross Payment |
State Tax for AZ |
Federal Tax |
Net Payment |
|---|---|---|---|---|
| 1 | $10,084,462 | $484,054 | $2,420,271 | $7,180,137 |
| 2 | $10,588,685 | $508,257 | $2,541,284 | $7,539,143 |
| 3 | $11,118,119 | $533,670 | $2,668,349 | $7,916,101 |
| 4 | $11,674,025 | $560,353 | $2,801,766 | $8,311,906 |
| 5 | $12,257,726 | $588,371 | $2,941,854 | $8,727,501 |
| 6 | $12,870,612 | $617,789 | $3,088,947 | $9,163,876 |
| 7 | $13,514,143 | $648,679 | $3,243,394 | $9,622,070 |
| 8 | $14,189,850 | $681,113 | $3,405,564 | $10,103,173 |
| 9 | $14,899,343 | $715,168 | $3,575,842 | $10,608,332 |
| 10 | $15,644,310 | $750,927 | $3,754,634 | $11,138,749 |
| 11 | $16,426,525 | $788,473 | $3,942,366 | $11,695,686 |
| 12 | $17,247,851 | $827,897 | $4,139,484 | $12,280,470 |
| 13 | $18,110,244 | $869,292 | $4,346,459 | $12,894,494 |
| 14 | $19,015,756 | $912,756 | $4,563,781 | $13,539,218 |
| 15 | $19,966,544 | $958,394 | $4,791,971 | $14,216,179 |
| 16 | $20,964,871 | $1,006,314 | $5,031,569 | $14,926,988 |
| 17 | $22,013,115 | $1,056,630 | $5,283,148 | $15,673,338 |
| 18 | $23,113,771 | $1,109,461 | $5,547,305 | $16,457,005 |
| 19 | $24,269,459 | $1,164,934 | $5,824,670 | $17,279,855 |
| 20 | $25,482,932 | $1,223,181 | $6,115,904 | $18,143,848 |
| 21 | $26,757,079 | $1,284,340 | $6,421,699 | $19,051,040 |
| 22 | $28,094,933 | $1,348,557 | $6,742,784 | $20,003,592 |
| 23 | $29,499,679 | $1,415,985 | $7,079,923 | $21,003,772 |
| 24 | $30,974,663 | $1,486,784 | $7,433,919 | $22,053,960 |
| 25 | $32,523,396 | $1,561,123 | $7,805,615 | $23,156,658 |
| 26 | $34,149,566 | $1,639,179 | $8,195,896 | $24,314,491 |
| 27 | $35,857,044 | $1,721,138 | $8,605,691 | $25,530,216 |
| 28 | $37,649,897 | $1,807,195 | $9,035,975 | $26,806,726 |
| 29 | $39,532,391 | $1,897,555 | $9,487,774 | $28,147,063 |
| 30 | $41,509,011 | $1,992,433 | $9,962,163 | $29,554,416 |
| Total | $670,000,000 | $32,160,000 | $160,800,000 | $477,040,001 |
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.
