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, May 17, 2024

$393,000,000

Federal tax

Select your filing status.

-$94,320,000

State tax

Select your state.

-$18,864,000

Net jackpot after tax

$279,816,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $5,915,214 $283,930 $1,419,651 $4,211,632
2 $6,210,975 $298,127 $1,490,634 $4,422,214
3 $6,521,523 $313,033 $1,565,166 $4,643,325
4 $6,847,600 $328,685 $1,643,424 $4,875,491
5 $7,189,980 $345,119 $1,725,595 $5,119,265
6 $7,549,479 $362,375 $1,811,875 $5,375,229
7 $7,926,952 $380,494 $1,902,469 $5,643,990
8 $8,323,300 $399,518 $1,997,592 $5,926,190
9 $8,739,465 $419,494 $2,097,472 $6,222,499
10 $9,176,438 $440,469 $2,202,345 $6,533,624
11 $9,635,260 $462,492 $2,312,462 $6,860,305
12 $10,117,023 $485,617 $2,428,086 $7,203,321
13 $10,622,874 $509,898 $2,549,490 $7,563,487
14 $11,154,018 $535,393 $2,676,964 $7,941,661
15 $11,711,719 $562,163 $2,810,813 $8,338,744
16 $12,297,305 $590,271 $2,951,353 $8,755,681
17 $12,912,170 $619,784 $3,098,921 $9,193,465
18 $13,557,779 $650,773 $3,253,867 $9,653,139
19 $14,235,668 $683,312 $3,416,560 $10,135,795
20 $14,947,451 $717,478 $3,587,388 $10,642,585
21 $15,694,824 $753,352 $3,766,758 $11,174,714
22 $16,479,565 $791,019 $3,955,096 $11,733,450
23 $17,303,543 $830,570 $4,152,850 $12,320,123
24 $18,168,720 $872,099 $4,360,493 $12,936,129
25 $19,077,156 $915,704 $4,578,518 $13,582,935
26 $20,031,014 $961,489 $4,807,443 $14,262,082
27 $21,032,565 $1,009,563 $5,047,816 $14,975,186
28 $22,084,193 $1,060,041 $5,300,206 $15,723,945
29 $23,188,403 $1,113,043 $5,565,217 $16,510,143
30 $24,347,823 $1,168,695 $5,843,477 $17,335,650
Total $393,000,000 $18,864,000 $94,320,000 $279,816,000

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.