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Mega Millions Annuity Jackpot Analysis for Arkansas

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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 $31,000,000 would be for a resident of Arkansas, 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:

Arkansas

Drawing Date:  Fri, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$32,662$321,950
2$489,924$117,582$34,295$338,048
3$514,420$123,461$36,009$354,950
4$540,141$129,634$37,810$372,698
5$567,149$136,116$39,700$391,332
6$595,506$142,921$41,685$410,899
7$625,281$150,068$43,770$431,444
8$656,545$157,571$45,958$453,016
9$689,373$165,449$48,256$475,667
10$723,841$173,722$50,669$499,450
11$760,033$182,408$53,202$524,423
12$798,035$191,528$55,862$550,644
13$837,937$201,105$58,656$578,176
14$879,834$211,160$61,588$607,085
15$923,825$221,718$64,668$637,439
16$970,016$232,804$67,901$669,311
17$1,018,517$244,444$71,296$702,777
18$1,069,443$256,666$74,861$737,916
19$1,122,915$269,500$78,604$774,812
20$1,179,061$282,975$82,534$813,552
21$1,238,014$297,123$86,661$854,230
22$1,299,915$311,980$90,994$896,941
23$1,364,911$327,579$95,544$941,788
24$1,433,156$343,957$100,321$988,878
25$1,504,814$361,155$105,337$1,038,322
26$1,580,055$379,213$110,604$1,090,238
27$1,659,057$398,174$116,134$1,144,750
28$1,742,010$418,082$121,941$1,201,987
29$1,829,111$438,987$128,038$1,262,086
30$1,920,566$460,936$134,440$1,325,191
Total$31,000,000$7,440,000$2,170,000$21,390,000
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