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, Apr 26, 2024

$228,000,000

Federal tax

Select your filing status.

-$54,720,000

State tax

Select your state.

-$10,944,000

Net jackpot after tax

$162,336,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $3,431,727 $164,723 $823,615 $2,443,390
2 $3,603,314 $172,959 $864,795 $2,565,559
3 $3,783,479 $181,607 $908,035 $2,693,837
4 $3,972,653 $190,687 $953,437 $2,828,529
5 $4,171,286 $200,222 $1,001,109 $2,969,956
6 $4,379,850 $210,233 $1,051,164 $3,118,453
7 $4,598,843 $220,744 $1,103,722 $3,274,376
8 $4,828,785 $231,782 $1,158,908 $3,438,095
9 $5,070,224 $243,371 $1,216,854 $3,610,000
10 $5,323,735 $255,539 $1,277,696 $3,790,499
11 $5,589,922 $268,316 $1,341,581 $3,980,024
12 $5,869,418 $281,732 $1,408,660 $4,179,026
13 $6,162,889 $295,819 $1,479,093 $4,387,977
14 $6,471,033 $310,610 $1,553,048 $4,607,376
15 $6,794,585 $326,140 $1,630,700 $4,837,745
16 $7,134,314 $342,447 $1,712,235 $5,079,632
17 $7,491,030 $359,569 $1,797,847 $5,333,613
18 $7,865,582 $377,548 $1,887,740 $5,600,294
19 $8,258,861 $396,425 $1,982,127 $5,880,309
20 $8,671,804 $416,247 $2,081,233 $6,174,324
21 $9,105,394 $437,059 $2,185,295 $6,483,040
22 $9,560,664 $458,912 $2,294,559 $6,807,192
23 $10,038,697 $481,857 $2,409,287 $7,147,552
24 $10,540,632 $505,950 $2,529,752 $7,504,930
25 $11,067,663 $531,248 $2,656,239 $7,880,176
26 $11,621,046 $557,810 $2,789,051 $8,274,185
27 $12,202,099 $585,701 $2,928,504 $8,687,894
28 $12,812,204 $614,986 $3,074,929 $9,122,289
29 $13,452,814 $645,735 $3,228,675 $9,578,403
30 $14,125,454 $678,022 $3,390,109 $10,057,324
Total $228,000,000 $10,944,000 $54,720,000 $162,336,000

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.