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, Oct 29, 2024

$250,000,000

Federal tax

Select your filing status.

-$60,000,000

State tax

Select your state.

-$12,000,000

Net jackpot after tax

$178,000,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $3,762,859 $180,617 $903,086 $2,679,155
2 $3,951,002 $189,648 $948,240 $2,813,113
3 $4,148,552 $199,130 $995,652 $2,953,769
4 $4,355,979 $209,087 $1,045,435 $3,101,457
5 $4,573,778 $219,541 $1,097,707 $3,256,530
6 $4,802,467 $230,518 $1,152,592 $3,419,357
7 $5,042,591 $242,044 $1,210,222 $3,590,325
8 $5,294,720 $254,147 $1,270,733 $3,769,841
9 $5,559,456 $266,854 $1,334,269 $3,958,333
10 $5,837,429 $280,197 $1,400,983 $4,156,249
11 $6,129,300 $294,206 $1,471,032 $4,364,062
12 $6,435,765 $308,917 $1,544,584 $4,582,265
13 $6,757,554 $324,363 $1,621,813 $4,811,378
14 $7,095,431 $340,581 $1,702,904 $5,051,947
15 $7,450,203 $357,610 $1,788,049 $5,304,545
16 $7,822,713 $375,490 $1,877,451 $5,569,772
17 $8,213,849 $394,265 $1,971,324 $5,848,260
18 $8,624,541 $413,978 $2,069,890 $6,140,673
19 $9,055,768 $434,677 $2,173,384 $6,447,707
20 $9,508,557 $456,411 $2,282,054 $6,770,092
21 $9,983,985 $479,231 $2,396,156 $7,108,597
22 $10,483,184 $503,193 $2,515,964 $7,464,027
23 $11,007,343 $528,352 $2,641,762 $7,837,228
24 $11,557,710 $554,770 $2,773,850 $8,229,090
25 $12,135,596 $582,509 $2,912,543 $8,640,544
26 $12,742,375 $611,634 $3,058,170 $9,072,571
27 $13,379,494 $642,216 $3,211,079 $9,526,200
28 $14,048,469 $674,327 $3,371,633 $10,002,510
29 $14,750,892 $708,043 $3,540,214 $10,502,635
30 $15,488,437 $743,445 $3,717,225 $11,027,767
Total $250,000,000 $12,000,000 $60,000,000 $178,000,000

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.