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 23, 2023

$150,000,000

Federal Tax

Select your filing status.

-$36,000,000

State Tax

Select your state.

-$7,200,000

Net Jackpot After Tax

$106,800,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $2,257,715 $108,370 $541,852 $1,607,493
2 $2,370,601 $113,789 $568,944 $1,687,868
3 $2,489,131 $119,478 $597,391 $1,772,261
4 $2,613,588 $125,452 $627,261 $1,860,874
5 $2,744,267 $131,725 $658,624 $1,953,918
6 $2,881,480 $138,311 $691,555 $2,051,614
7 $3,025,554 $145,227 $726,133 $2,154,195
8 $3,176,832 $152,488 $762,440 $2,261,904
9 $3,335,674 $160,112 $800,562 $2,375,000
10 $3,502,457 $168,118 $840,590 $2,493,750
11 $3,677,580 $176,524 $882,619 $2,618,437
12 $3,861,459 $185,350 $926,750 $2,749,359
13 $4,054,532 $194,618 $973,088 $2,886,827
14 $4,257,259 $204,348 $1,021,742 $3,031,168
15 $4,470,122 $214,566 $1,072,829 $3,182,727
16 $4,693,628 $225,294 $1,126,471 $3,341,863
17 $4,928,309 $236,559 $1,182,794 $3,508,956
18 $5,174,725 $248,387 $1,241,934 $3,684,404
19 $5,433,461 $260,806 $1,304,031 $3,868,624
20 $5,705,134 $273,846 $1,369,232 $4,062,055
21 $5,990,391 $287,539 $1,437,694 $4,265,158
22 $6,289,910 $301,916 $1,509,578 $4,478,416
23 $6,604,406 $317,011 $1,585,057 $4,702,337
24 $6,934,626 $332,862 $1,664,310 $4,937,454
25 $7,281,357 $349,505 $1,747,526 $5,184,326
26 $7,645,425 $366,980 $1,834,902 $5,443,543
27 $8,027,697 $385,329 $1,926,647 $5,715,720
28 $8,429,081 $404,596 $2,022,980 $6,001,506
29 $8,850,535 $424,826 $2,124,128 $6,301,581
30 $9,293,062 $446,067 $2,230,335 $6,616,660
Total $150,000,000 $7,200,000 $36,000,000 $106,800,000

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.