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, Jan 17, 2025
$113,000,000
Federal tax
Select your filing status.
-$27,120,000State tax
Select your state.
-$5,424,000Net jackpot after tax
$80,456,000
|
Payment Number |
Gross Payment |
State Tax for AZ |
Federal Tax |
Net Payment |
|---|---|---|---|---|
| 1 | $1,700,812 | $81,639 | $408,195 | $1,210,978 |
| 2 | $1,785,853 | $85,721 | $428,605 | $1,271,527 |
| 3 | $1,875,145 | $90,007 | $450,035 | $1,335,104 |
| 4 | $1,968,903 | $94,507 | $472,537 | $1,401,859 |
| 5 | $2,067,348 | $99,233 | $496,163 | $1,471,952 |
| 6 | $2,170,715 | $104,194 | $520,972 | $1,545,549 |
| 7 | $2,279,251 | $109,404 | $547,020 | $1,622,827 |
| 8 | $2,393,214 | $114,874 | $574,371 | $1,703,968 |
| 9 | $2,512,874 | $120,618 | $603,090 | $1,789,166 |
| 10 | $2,638,518 | $126,649 | $633,244 | $1,878,625 |
| 11 | $2,770,444 | $132,981 | $664,907 | $1,972,556 |
| 12 | $2,908,966 | $139,630 | $698,152 | $2,071,184 |
| 13 | $3,054,414 | $146,612 | $733,059 | $2,174,743 |
| 14 | $3,207,135 | $153,942 | $769,712 | $2,283,480 |
| 15 | $3,367,492 | $161,640 | $808,198 | $2,397,654 |
| 16 | $3,535,866 | $169,722 | $848,608 | $2,517,537 |
| 17 | $3,712,660 | $178,208 | $891,038 | $2,643,414 |
| 18 | $3,898,293 | $187,118 | $935,590 | $2,775,584 |
| 19 | $4,093,207 | $196,474 | $982,370 | $2,914,364 |
| 20 | $4,297,868 | $206,298 | $1,031,488 | $3,060,082 |
| 21 | $4,512,761 | $216,613 | $1,083,063 | $3,213,086 |
| 22 | $4,738,399 | $227,443 | $1,137,216 | $3,373,740 |
| 23 | $4,975,319 | $238,815 | $1,194,077 | $3,542,427 |
| 24 | $5,224,085 | $250,756 | $1,253,780 | $3,719,549 |
| 25 | $5,485,289 | $263,294 | $1,316,469 | $3,905,526 |
| 26 | $5,759,554 | $276,459 | $1,382,293 | $4,100,802 |
| 27 | $6,047,531 | $290,282 | $1,451,408 | $4,305,842 |
| 28 | $6,349,908 | $304,796 | $1,523,978 | $4,521,134 |
| 29 | $6,667,403 | $320,035 | $1,600,177 | $4,747,191 |
| 30 | $7,000,773 | $336,037 | $1,680,186 | $4,984,551 |
| Total | $113,000,000 | $5,424,000 | $27,120,000 | $80,456,000 |
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.
