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Mega Millions Annuity Jackpot Analysis for Arkansas (Oct. 26, 2018 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 $40,000,000 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:  Oct. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$42,144$415,420
2$632,160$151,718$44,251$436,191
3$663,768$159,304$46,464$458,000
4$696,957$167,270$48,787$480,900
5$731,805$175,633$51,226$504,945
6$768,395$184,415$53,788$530,192
7$806,815$193,635$56,477$556,702
8$847,155$203,317$59,301$584,537
9$889,513$213,483$62,266$613,764
10$933,989$224,157$65,379$644,452
11$980,688$235,365$68,648$676,675
12$1,029,722$247,133$72,081$710,509
13$1,081,209$259,490$75,685$746,034
14$1,135,269$272,465$79,469$783,336
15$1,192,032$286,088$83,442$822,502
16$1,251,634$300,392$87,614$863,628
17$1,314,216$315,412$91,995$906,809
18$1,379,927$331,182$96,595$952,149
19$1,448,923$347,742$101,425$999,757
20$1,521,369$365,129$106,496$1,049,745
21$1,597,438$383,385$111,821$1,102,232
22$1,677,309$402,554$117,412$1,157,343
23$1,761,175$422,682$123,282$1,215,211
24$1,849,234$443,816$129,446$1,275,971
25$1,941,695$466,007$135,919$1,339,770
26$2,038,780$489,307$142,715$1,406,758
27$2,140,719$513,773$149,850$1,477,096
28$2,247,755$539,461$157,343$1,550,951
29$2,360,143$566,434$165,210$1,628,499
30$2,478,150$594,756$173,470$1,709,923
Total$40,000,000$9,600,000$2,800,000$27,600,000
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