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 05, 2022

$370,000,000

Federal Tax

Select your filing status.

-$88,800,007

State Tax

Select your state.

-$17,760,000

Net Jackpot After Tax

$263,439,993

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $5,569,031 $267,313 $1,336,568 $3,965,150
2 $5,847,483 $280,679 $1,403,396 $4,163,407
3 $6,139,857 $294,713 $1,473,566 $4,371,578
4 $6,446,849 $309,449 $1,547,244 $4,590,157
5 $6,769,192 $324,921 $1,624,606 $4,819,664
6 $7,107,652 $341,167 $1,705,837 $5,060,648
7 $7,463,034 $358,226 $1,791,128 $5,313,680
8 $7,836,186 $376,137 $1,880,685 $5,579,364
9 $8,227,995 $394,944 $1,974,719 $5,858,332
10 $8,639,395 $414,691 $2,073,455 $6,151,249
11 $9,071,365 $435,426 $2,177,128 $6,458,811
12 $9,524,933 $457,197 $2,285,984 $6,781,752
13 $10,001,180 $480,057 $2,400,283 $7,120,840
14 $10,501,239 $504,059 $2,520,297 $7,476,882
15 $11,026,300 $529,262 $2,646,312 $7,850,726
16 $11,577,615 $555,726 $2,778,628 $8,243,262
17 $12,156,496 $583,512 $2,917,559 $8,655,425
18 $12,764,321 $612,687 $3,063,437 $9,088,196
19 $13,402,537 $643,322 $3,216,609 $9,542,606
20 $14,072,664 $675,488 $3,377,440 $10,019,736
21 $14,776,297 $709,262 $3,546,312 $10,520,723
22 $15,515,112 $744,725 $3,723,627 $11,046,760
23 $16,290,868 $781,962 $3,909,808 $11,599,097
24 $17,105,411 $821,060 $4,105,299 $12,179,052
25 $17,960,682 $862,113 $4,310,564 $12,788,005
26 $18,858,716 $905,218 $4,526,092 $13,427,405
27 $19,801,651 $950,479 $4,752,397 $14,098,776
28 $20,791,734 $998,003 $4,990,016 $14,803,714
29 $21,831,321 $1,047,903 $5,239,517 $15,543,900
30 $22,922,887 $1,100,299 $5,501,493 $16,321,095
Total $370,000,000 $17,760,000 $88,800,007 $263,439,993

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.