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Mega Millions Annuity Jackpot Analysis for Washington (Oct. 29, 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 $75,000,000 would be for a resident of Washington, 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:

Washington

Drawing Date:  Oct. 29, 2013
Jackpot:$75,000,000
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$1,128,858$282,214$0$846,643
2$1,185,301$296,325$0$888,975
3$1,244,566$311,141$0$933,424
4$1,306,794$326,698$0$980,095
5$1,372,133$343,033$0$1,029,100
6$1,440,740$360,185$0$1,080,555
7$1,512,777$378,194$0$1,134,583
8$1,588,416$397,104$0$1,191,312
9$1,667,837$416,959$0$1,250,878
10$1,751,229$437,807$0$1,313,422
11$1,838,790$459,698$0$1,379,093
12$1,930,730$482,682$0$1,448,047
13$2,027,266$506,817$0$1,520,450
14$2,128,629$532,157$0$1,596,472
15$2,235,061$558,765$0$1,676,296
16$2,346,814$586,703$0$1,760,110
17$2,464,155$616,039$0$1,848,116
18$2,587,362$646,841$0$1,940,522
19$2,716,730$679,183$0$2,037,548
20$2,852,567$713,142$0$2,139,425
21$2,995,195$748,799$0$2,246,397
22$3,144,955$786,239$0$2,358,716
23$3,302,203$825,551$0$2,476,652
24$3,467,313$866,828$0$2,600,485
25$3,640,679$910,170$0$2,730,509
26$3,822,713$955,678$0$2,867,034
27$4,013,848$1,003,462$0$3,010,386
28$4,214,541$1,053,635$0$3,160,905
29$4,425,268$1,106,317$0$3,318,951
30$4,646,531$1,161,633$0$3,484,898
Total$75,000,000$18,750,000$0$56,250,000
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