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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 $87,000,000 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 12, 2016
Jackpot:$87,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,309,475$327,369$65,474$916,632
2$1,374,949$343,737$68,747$962,464
3$1,443,696$360,924$72,185$1,010,587
4$1,515,881$378,970$75,794$1,061,117
5$1,591,675$397,919$79,584$1,114,172
6$1,671,259$417,815$83,563$1,169,881
7$1,754,822$438,705$87,741$1,228,375
8$1,842,563$460,641$92,128$1,289,794
9$1,934,691$483,673$96,735$1,354,284
10$2,031,425$507,856$101,571$1,421,998
11$2,132,997$533,249$106,650$1,493,098
12$2,239,646$559,912$111,982$1,567,752
13$2,351,629$587,907$117,581$1,646,140
14$2,469,210$617,303$123,461$1,728,447
15$2,592,671$648,168$129,634$1,814,869
16$2,722,304$680,576$136,115$1,905,613
17$2,858,419$714,605$142,921$2,000,894
18$3,001,340$750,335$150,067$2,100,938
19$3,151,407$787,852$157,570$2,205,985
20$3,308,978$827,244$165,449$2,316,284
21$3,474,427$868,607$173,721$2,432,099
22$3,648,148$912,037$182,407$2,553,704
23$3,830,555$957,639$191,528$2,681,389
24$4,022,083$1,005,521$201,104$2,815,458
25$4,223,187$1,055,797$211,159$2,956,231
26$4,434,347$1,108,587$221,717$3,104,043
27$4,656,064$1,164,016$232,803$3,259,245
28$4,888,867$1,222,217$244,443$3,422,207
29$5,133,311$1,283,328$256,666$3,593,317
30$5,389,976$1,347,494$269,499$3,772,983
Total$87,000,000$21,750,000$4,350,000$60,900,000
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