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Mega Millions Annuity Jackpot Analysis for Arizona

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $77,000,000 would be for a resident of Arizona, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Arizona

Drawing Date:  Tue, Jul 29, 2014
Jackpot:$77,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,158,960$289,740$57,948$811,272
2$1,216,909$304,227$60,845$851,836
3$1,277,754$319,438$63,888$894,428
4$1,341,642$335,410$67,082$939,149
5$1,408,724$352,181$70,436$986,107
6$1,479,160$369,790$73,958$1,035,412
7$1,553,118$388,279$77,656$1,087,183
8$1,630,774$407,693$81,539$1,141,542
9$1,712,313$428,078$85,616$1,198,619
10$1,797,928$449,482$89,896$1,258,550
11$1,887,825$471,956$94,391$1,321,477
12$1,982,216$495,554$99,111$1,387,551
13$2,081,327$520,332$104,066$1,456,929
14$2,185,393$546,348$109,270$1,529,775
15$2,294,663$573,666$114,733$1,606,264
16$2,409,396$602,349$120,470$1,686,577
17$2,529,865$632,466$126,493$1,770,906
18$2,656,359$664,090$132,818$1,859,451
19$2,789,177$697,294$139,459$1,952,424
20$2,928,635$732,159$146,432$2,050,045
21$3,075,067$768,767$153,753$2,152,547
22$3,228,821$807,205$161,441$2,260,174
23$3,390,262$847,565$169,513$2,373,183
24$3,559,775$889,944$177,989$2,491,842
25$3,737,763$934,441$186,888$2,616,434
26$3,924,652$981,163$196,233$2,747,256
27$4,120,884$1,030,221$206,044$2,884,619
28$4,326,928$1,081,732$216,346$3,028,850
29$4,543,275$1,135,819$227,164$3,180,292
30$4,770,439$1,192,610$238,522$3,339,307
Total$77,000,000$19,250,000$3,850,000$53,900,000
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