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 30, 2024

$331,000,000

Federal tax

Select your filing status.

-$79,440,000

State tax

Select your state.

-$15,888,000

Net jackpot after tax

$235,672,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $4,982,025 $239,137 $1,195,686 $3,547,202
2 $5,231,126 $251,094 $1,255,470 $3,724,562
3 $5,492,683 $263,649 $1,318,244 $3,910,790
4 $5,767,317 $276,831 $1,384,156 $4,106,329
5 $6,055,683 $290,673 $1,453,364 $4,311,646
6 $6,358,467 $305,206 $1,526,032 $4,527,228
7 $6,676,390 $320,467 $1,602,334 $4,753,590
8 $7,010,210 $336,490 $1,682,450 $4,991,269
9 $7,360,720 $353,315 $1,766,573 $5,240,833
10 $7,728,756 $370,980 $1,854,901 $5,502,874
11 $8,115,194 $389,529 $1,947,647 $5,778,018
12 $8,520,953 $409,006 $2,045,029 $6,066,919
13 $8,947,001 $429,456 $2,147,280 $6,370,265
14 $9,394,351 $450,929 $2,254,644 $6,688,778
15 $9,864,069 $473,475 $2,367,377 $7,023,217
16 $10,357,272 $497,149 $2,485,745 $7,374,378
17 $10,875,136 $522,007 $2,610,033 $7,743,097
18 $11,418,893 $548,107 $2,740,534 $8,130,252
19 $11,989,837 $575,512 $2,877,561 $8,536,764
20 $12,589,329 $604,288 $3,021,439 $8,963,602
21 $13,218,796 $634,502 $3,172,511 $9,411,782
22 $13,879,735 $666,227 $3,331,136 $9,882,372
23 $14,573,722 $699,539 $3,497,693 $10,376,490
24 $15,302,408 $734,516 $3,672,578 $10,895,315
25 $16,067,529 $771,241 $3,856,207 $11,440,080
26 $16,870,905 $809,803 $4,049,017 $12,012,084
27 $17,714,450 $850,294 $4,251,468 $12,612,689
28 $18,600,173 $892,808 $4,464,041 $13,243,323
29 $19,530,181 $937,449 $4,687,244 $13,905,489
30 $20,506,691 $984,321 $4,921,606 $14,600,764
Total $331,000,000 $15,888,000 $79,440,000 $235,672,000

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.