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Mega Millions Annuity Jackpot Analysis for Arizona

For an out-of-state resident

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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:6.00% (For an out-of-state resident)
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$341,367$3,982,610
2$5,973,915$1,433,740$358,435$4,181,740
3$6,272,610$1,505,426$376,357$4,390,827
4$6,586,241$1,580,698$395,174$4,610,369
5$6,915,553$1,659,733$414,933$4,840,887
6$7,261,330$1,742,719$435,680$5,082,931
7$7,624,397$1,829,855$457,464$5,337,078
8$8,005,617$1,921,348$480,337$5,603,932
9$8,405,898$2,017,415$504,354$5,884,128
10$8,826,193$2,118,286$529,572$6,178,335
11$9,267,502$2,224,201$556,050$6,487,252
12$9,730,877$2,335,411$583,853$6,811,614
13$10,217,421$2,452,181$613,045$7,152,195
14$10,728,292$2,574,790$643,698$7,509,805
15$11,264,707$2,703,530$675,882$7,885,295
16$11,827,942$2,838,706$709,677$8,279,560
17$12,419,339$2,980,641$745,160$8,693,538
18$13,040,306$3,129,674$782,418$9,128,214
19$13,692,322$3,286,157$821,539$9,584,625
20$14,376,938$3,450,465$862,616$10,063,856
21$15,095,785$3,622,988$905,747$10,567,049
22$15,850,574$3,804,138$951,034$11,095,402
23$16,643,103$3,994,345$998,586$11,650,172
24$17,475,258$4,194,062$1,048,515$12,232,680
25$18,349,020$4,403,765$1,100,941$12,844,314
26$19,266,472$4,623,953$1,155,988$13,486,530
27$20,229,795$4,855,151$1,213,788$14,160,857
28$21,241,285$5,097,908$1,274,477$14,868,899
29$22,303,349$5,352,804$1,338,201$15,612,344
30$23,418,517$5,620,444$1,405,111$16,392,962
Total$378,000,001$90,720,000$22,680,000$264,600,001
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