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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 $59,000,000 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:  Fri, Apr 25, 2014
Jackpot:$59,000,000
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$888,035$222,009$0$666,026
2$932,436$233,109$0$699,327
3$979,058$244,765$0$734,294
4$1,028,011$257,003$0$771,008
5$1,079,412$269,853$0$809,559
6$1,133,382$283,346$0$850,037
7$1,190,051$297,513$0$892,539
8$1,249,554$312,388$0$937,165
9$1,312,032$328,008$0$984,024
10$1,377,633$344,408$0$1,033,225
11$1,446,515$361,629$0$1,084,886
12$1,518,841$379,710$0$1,139,130
13$1,594,783$398,696$0$1,196,087
14$1,674,522$418,630$0$1,255,891
15$1,758,248$439,562$0$1,318,686
16$1,846,160$461,540$0$1,384,620
17$1,938,468$484,617$0$1,453,851
18$2,035,392$508,848$0$1,526,544
19$2,137,161$534,290$0$1,602,871
20$2,244,019$561,005$0$1,683,015
21$2,356,220$589,055$0$1,767,165
22$2,474,031$618,508$0$1,855,524
23$2,597,733$649,433$0$1,948,300
24$2,727,620$681,905$0$2,045,715
25$2,864,001$716,000$0$2,148,000
26$3,007,201$751,800$0$2,255,400
27$3,157,561$789,390$0$2,368,170
28$3,315,439$828,860$0$2,486,579
29$3,481,211$870,303$0$2,610,908
30$3,655,271$913,818$0$2,741,453
Total$59,000,000$14,750,000$0$44,250,000
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