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, May 14, 2024

$363,000,000

Federal tax

Select your filing status.

-$87,120,000

State tax

Select your state.

-$17,424,000

Net jackpot after tax

$258,456,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $5,463,671 $262,256 $1,311,281 $3,890,134
2 $5,736,854 $275,369 $1,376,845 $4,084,640
3 $6,023,697 $289,137 $1,445,687 $4,288,872
4 $6,324,882 $303,594 $1,517,972 $4,503,316
5 $6,641,126 $318,774 $1,593,870 $4,728,482
6 $6,973,182 $334,713 $1,673,564 $4,964,906
7 $7,321,842 $351,448 $1,757,242 $5,213,151
8 $7,687,934 $369,021 $1,845,104 $5,473,809
9 $8,072,330 $387,472 $1,937,359 $5,747,499
10 $8,475,947 $406,845 $2,034,227 $6,034,874
11 $8,899,744 $427,188 $2,135,939 $6,336,618
12 $9,344,731 $448,547 $2,242,736 $6,653,449
13 $9,811,968 $470,974 $2,354,872 $6,986,121
14 $10,302,566 $494,523 $2,472,616 $7,335,427
15 $10,817,695 $519,249 $2,596,247 $7,702,199
16 $11,358,579 $545,212 $2,726,059 $8,087,309
17 $11,926,508 $572,472 $2,862,362 $8,491,674
18 $12,522,834 $601,096 $3,005,480 $8,916,258
19 $13,148,976 $631,151 $3,155,754 $9,362,071
20 $13,806,424 $662,708 $3,313,542 $9,830,174
21 $14,496,746 $695,844 $3,479,219 $10,321,683
22 $15,221,583 $730,636 $3,653,180 $10,837,767
23 $15,982,662 $767,168 $3,835,839 $11,379,655
24 $16,781,795 $805,526 $4,027,631 $11,948,638
25 $17,620,885 $845,802 $4,229,012 $12,546,070
26 $18,501,929 $888,093 $4,440,463 $13,173,374
27 $19,427,026 $932,497 $4,662,486 $13,832,042
28 $20,398,377 $979,122 $4,895,610 $14,523,644
29 $21,418,296 $1,028,078 $5,140,391 $15,249,827
30 $22,489,210 $1,079,482 $5,397,411 $16,012,318
Total $363,000,000 $17,424,000 $87,120,000 $258,456,000

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.