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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 $127,000,000 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:  Fri, Feb 27, 2015
Jackpot:$127,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$477,883$95,577$1,338,073
2$2,007,109$501,777$100,355$1,404,976
3$2,107,464$526,866$105,373$1,475,225
4$2,212,838$553,209$110,642$1,548,986
5$2,323,479$580,870$116,174$1,626,436
6$2,439,653$609,913$121,983$1,707,757
7$2,561,636$640,409$128,082$1,793,145
8$2,689,718$672,429$134,486$1,882,803
9$2,824,204$706,051$141,210$1,976,943
10$2,965,414$741,353$148,271$2,075,790
11$3,113,685$778,421$155,684$2,179,579
12$3,269,369$817,342$163,468$2,288,558
13$3,432,837$858,209$171,642$2,402,986
14$3,604,479$901,120$180,224$2,523,135
15$3,784,703$946,176$189,235$2,649,292
16$3,973,938$993,485$198,697$2,781,757
17$4,172,635$1,043,159$208,632$2,920,845
18$4,381,267$1,095,317$219,063$3,066,887
19$4,600,330$1,150,083$230,017$3,220,231
20$4,830,347$1,207,587$241,517$3,381,243
21$5,071,864$1,267,966$253,593$3,550,305
22$5,325,457$1,331,364$266,273$3,727,820
23$5,591,730$1,397,933$279,587$3,914,211
24$5,871,317$1,467,829$293,566$4,109,922
25$6,164,883$1,541,221$308,244$4,315,418
26$6,473,127$1,618,282$323,656$4,531,189
27$6,796,783$1,699,196$339,839$4,757,748
28$7,136,622$1,784,156$356,831$4,995,635
29$7,493,453$1,873,363$374,673$5,245,417
30$7,868,126$1,967,031$393,406$5,507,688
Total$127,000,000$31,750,000$6,350,000$88,900,000
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