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Mega Millions Annuity Jackpot Analysis for Arizona

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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 $15,000,000 would be for a resident of Arizona, 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:

Arizona

Drawing Date:  Tue, Aug 4, 2015
Jackpot:$15,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$225,772$56,443$11,289$158,040
2$237,060$59,265$11,853$165,942
3$248,913$62,228$12,446$174,239
4$261,359$65,340$13,068$182,951
5$274,427$68,607$13,721$192,099
6$288,148$72,037$14,407$201,704
7$302,555$75,639$15,128$211,789
8$317,683$79,421$15,884$222,378
9$333,567$83,392$16,678$233,497
10$350,246$87,561$17,512$245,172
11$367,758$91,940$18,388$257,431
12$386,146$96,536$19,307$270,302
13$405,453$101,363$20,273$283,817
14$425,726$106,431$21,286$298,008
15$447,012$111,753$22,351$312,909
16$469,363$117,341$23,468$328,554
17$492,831$123,208$24,642$344,982
18$517,472$129,368$25,874$362,231
19$543,346$135,837$27,167$380,342
20$570,513$142,628$28,526$399,359
21$599,039$149,760$29,952$419,327
22$628,991$157,248$31,450$440,294
23$660,441$165,110$33,022$462,308
24$693,463$173,366$34,673$485,424
25$728,136$182,034$36,407$509,695
26$764,543$191,136$38,227$535,180
27$802,770$200,692$40,138$561,939
28$842,908$210,727$42,145$590,036
29$885,054$221,263$44,253$619,537
30$929,306$232,327$46,465$650,514
Total$15,000,000$3,750,000$750,000$10,500,000
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