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, Jun 13, 2023

$260,000,000

Federal Tax

Select your filing status.

-$62,400,000

State Tax

Select your state.

-$12,480,000

Net Jackpot After Tax

$185,120,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $3,913,373 $187,842 $939,210 $2,786,322
2 $4,109,042 $197,234 $986,170 $2,925,638
3 $4,314,494 $207,096 $1,035,479 $3,071,920
4 $4,530,219 $217,450 $1,087,252 $3,225,516
5 $4,756,729 $228,323 $1,141,615 $3,386,791
6 $4,994,566 $239,739 $1,198,696 $3,556,131
7 $5,244,294 $251,726 $1,258,631 $3,733,938
8 $5,506,509 $264,312 $1,321,562 $3,920,634
9 $5,781,834 $277,528 $1,387,640 $4,116,666
10 $6,070,926 $291,404 $1,457,022 $4,322,499
11 $6,374,472 $305,975 $1,529,873 $4,538,624
12 $6,693,196 $321,273 $1,606,367 $4,765,556
13 $7,027,856 $337,337 $1,686,685 $5,003,833
14 $7,379,249 $354,204 $1,771,020 $5,254,025
15 $7,748,211 $371,914 $1,859,571 $5,516,726
16 $8,135,622 $390,510 $1,952,549 $5,792,563
17 $8,542,403 $410,035 $2,050,177 $6,082,191
18 $8,969,523 $430,537 $2,152,685 $6,386,300
19 $9,417,999 $452,064 $2,260,320 $6,705,615
20 $9,888,899 $474,667 $2,373,336 $7,040,896
21 $10,383,344 $498,401 $2,492,003 $7,392,941
22 $10,902,511 $523,321 $2,616,603 $7,762,588
23 $11,447,637 $549,487 $2,747,433 $8,150,717
24 $12,020,019 $576,961 $2,884,804 $8,558,253
25 $12,621,019 $605,809 $3,029,045 $8,986,166
26 $13,252,070 $636,099 $3,180,497 $9,435,474
27 $13,914,674 $667,904 $3,339,522 $9,907,248
28 $14,610,408 $701,300 $3,506,498 $10,402,610
29 $15,340,928 $736,365 $3,681,823 $10,922,741
30 $16,107,974 $773,183 $3,865,914 $11,468,878
Total $260,000,000 $12,480,000 $62,400,000 $185,120,000

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.