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, Feb 27, 2024

$563,000,000

Federal Tax

Select your filing status.

-$135,120,000

State Tax

Select your state.

-$27,024,000

Net Jackpot After Tax

$400,856,001

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $8,473,958 $406,750 $2,033,750 $6,033,458
2 $8,897,656 $427,087 $2,135,437 $6,335,131
3 $9,342,539 $448,442 $2,242,209 $6,651,888
4 $9,809,666 $470,864 $2,354,320 $6,984,482
5 $10,300,149 $494,407 $2,472,036 $7,333,706
6 $10,815,156 $519,128 $2,595,638 $7,700,391
7 $11,355,914 $545,084 $2,725,419 $8,085,411
8 $11,923,710 $572,338 $2,861,690 $8,489,681
9 $12,519,895 $600,955 $3,004,775 $8,914,165
10 $13,145,890 $631,003 $3,155,014 $9,359,874
11 $13,803,185 $662,553 $3,312,764 $9,827,867
12 $14,493,344 $695,681 $3,478,403 $10,319,261
13 $15,218,011 $730,465 $3,652,323 $10,835,224
14 $15,978,912 $766,988 $3,834,939 $11,376,985
15 $16,777,857 $805,337 $4,026,686 $11,945,834
16 $17,616,750 $845,604 $4,228,020 $12,543,126
17 $18,497,587 $887,884 $4,439,421 $13,170,282
18 $19,422,467 $932,278 $4,661,392 $13,828,796
19 $20,393,590 $978,892 $4,894,462 $14,520,236
20 $21,413,270 $1,027,837 $5,139,185 $15,246,248
21 $22,483,933 $1,079,229 $5,396,144 $16,008,560
22 $23,608,130 $1,133,190 $5,665,951 $16,808,988
23 $24,788,536 $1,189,850 $5,949,249 $17,649,438
24 $26,027,963 $1,249,342 $6,246,711 $18,531,910
25 $27,329,361 $1,311,809 $6,559,047 $19,458,505
26 $28,695,829 $1,377,400 $6,886,999 $20,431,431
27 $30,130,621 $1,446,270 $7,231,349 $21,453,002
28 $31,637,152 $1,518,583 $7,592,916 $22,525,652
29 $33,219,010 $1,594,512 $7,972,562 $23,651,935
30 $34,879,960 $1,674,238 $8,371,190 $24,834,532
Total $563,000,000 $27,024,000 $135,120,000 $400,856,001

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.