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Mega Millions Annuity Jackpot Analysis for Pennsylvania

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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 $48,000,000 would be for a resident of Pennsylvania, 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:

Pennsylvania

Drawing Date:  Tue, Apr 22, 2014
Jackpot:$48,000,000
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$722,469$180,617$0$541,852
2$758,592$189,648$0$568,944
3$796,522$199,130$0$597,391
4$836,348$209,087$0$627,261
5$878,165$219,541$0$658,624
6$922,074$230,518$0$691,555
7$968,177$242,044$0$726,133
8$1,016,586$254,147$0$762,440
9$1,067,416$266,854$0$800,562
10$1,120,786$280,197$0$840,590
11$1,176,826$294,206$0$882,619
12$1,235,667$308,917$0$926,750
13$1,297,450$324,363$0$973,088
14$1,362,323$340,581$0$1,021,742
15$1,430,439$357,610$0$1,072,829
16$1,501,961$375,490$0$1,126,471
17$1,577,059$394,265$0$1,182,794
18$1,655,912$413,978$0$1,241,934
19$1,738,708$434,677$0$1,304,031
20$1,825,643$456,411$0$1,369,232
21$1,916,925$479,231$0$1,437,694
22$2,012,771$503,193$0$1,509,578
23$2,113,410$528,352$0$1,585,057
24$2,219,080$554,770$0$1,664,310
25$2,330,034$582,509$0$1,747,526
26$2,446,536$611,634$0$1,834,902
27$2,568,863$642,216$0$1,926,647
28$2,697,306$674,327$0$2,022,980
29$2,832,171$708,043$0$2,124,128
30$2,973,780$743,445$0$2,230,335
Total$48,000,000$12,000,000$0$36,000,000
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