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Mega Millions Annuity Jackpot Analysis for Florida (Dec. 17, 2013 Drawing)

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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 $648,000,000 would be for a resident of Florida, 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:

Florida

Drawing Date:  Dec. 17, 2013
Jackpot:$648,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,753,330$2,438,332$0$7,314,997
2$10,240,997$2,560,249$0$7,680,747
3$10,753,046$2,688,262$0$8,064,785
4$11,290,699$2,822,675$0$8,468,024
5$11,855,233$2,963,808$0$8,891,425
6$12,447,995$3,111,999$0$9,335,996
7$13,070,395$3,267,599$0$9,802,796
8$13,723,915$3,430,979$0$10,292,936
9$14,410,111$3,602,528$0$10,807,583
10$15,130,616$3,782,654$0$11,347,962
11$15,887,147$3,971,787$0$11,915,360
12$16,681,504$4,170,376$0$12,511,128
13$17,515,579$4,378,895$0$13,136,684
14$18,391,358$4,597,840$0$13,793,519
15$19,310,926$4,827,732$0$14,483,195
16$20,276,473$5,069,118$0$15,207,355
17$21,290,296$5,322,574$0$15,967,722
18$22,354,811$5,588,703$0$16,766,108
19$23,472,551$5,868,138$0$17,604,413
20$24,646,179$6,161,545$0$18,484,634
21$25,878,488$6,469,622$0$19,408,866
22$27,172,412$6,793,103$0$20,379,309
23$28,531,033$7,132,758$0$21,398,275
24$29,957,584$7,489,396$0$22,468,188
25$31,455,464$7,863,866$0$23,591,598
26$33,028,237$8,257,059$0$24,771,178
27$34,679,649$8,669,912$0$26,009,737
28$36,413,631$9,103,408$0$27,310,223
29$38,234,313$9,558,578$0$28,675,735
30$40,146,029$10,036,507$0$30,109,522
Total$648,000,001$162,000,000$0$486,000,001
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