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, Nov 22, 2024

$453,000,000

Federal tax

Select your filing status.

-$108,720,000

State tax

Select your state.

-$21,744,000

Net jackpot after tax

$322,536,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $6,818,300 $327,278 $1,636,392 $4,854,630
2 $7,159,215 $343,642 $1,718,212 $5,097,361
3 $7,517,176 $360,824 $1,804,122 $5,352,229
4 $7,893,035 $378,866 $1,894,328 $5,619,841
5 $8,287,686 $397,809 $1,989,045 $5,900,833
6 $8,702,071 $417,699 $2,088,497 $6,195,874
7 $9,137,174 $438,584 $2,192,922 $6,505,668
8 $9,594,033 $460,514 $2,302,568 $6,830,951
9 $10,073,735 $483,539 $2,417,696 $7,172,499
10 $10,577,421 $507,716 $2,538,581 $7,531,124
11 $11,106,292 $533,102 $2,665,510 $7,907,680
12 $11,661,607 $559,757 $2,798,786 $8,303,064
13 $12,244,687 $587,745 $2,938,725 $8,718,217
14 $12,856,922 $617,132 $3,085,661 $9,154,128
15 $13,499,768 $647,989 $3,239,944 $9,611,835
16 $14,174,756 $680,388 $3,401,941 $10,092,426
17 $14,883,494 $714,408 $3,572,039 $10,597,048
18 $15,627,669 $750,128 $3,750,640 $11,126,900
19 $16,409,052 $787,635 $3,938,173 $11,683,245
20 $17,229,505 $827,016 $4,135,081 $12,267,407
21 $18,090,980 $868,367 $4,341,835 $12,880,778
22 $18,995,529 $911,785 $4,558,927 $13,524,817
23 $19,945,305 $957,375 $4,786,873 $14,201,057
24 $20,942,571 $1,005,243 $5,026,217 $14,911,110
25 $21,989,699 $1,055,506 $5,277,528 $15,656,666
26 $23,089,184 $1,108,281 $5,541,404 $16,439,499
27 $24,243,643 $1,163,695 $5,818,474 $17,261,474
28 $25,455,826 $1,221,880 $6,109,398 $18,124,548
29 $26,728,617 $1,282,974 $6,414,868 $19,030,775
30 $28,065,048 $1,347,122 $6,735,611 $19,982,314
Total $453,000,000 $21,744,000 $108,720,000 $322,536,000

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.