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Mega Millions Annuity Jackpot Analysis for Arizona (Jul. 28, 2020 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:4.80%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$14,449$214,332
2$316,080$75,859$15,172$225,049
3$331,884$79,652$15,930$236,302
4$348,478$83,635$16,727$248,117
5$365,902$87,817$17,563$260,522
6$384,197$92,207$18,441$273,549
7$403,407$96,818$19,364$287,226
8$423,578$101,659$20,332$301,587
9$444,757$106,742$21,348$316,667
10$466,994$112,079$22,416$332,500
11$490,344$117,683$23,537$349,125
12$514,861$123,567$24,713$366,581
13$540,604$129,745$25,949$384,910
14$567,635$136,232$27,246$404,156
15$596,016$143,044$28,609$424,364
16$625,817$150,196$30,039$445,582
17$657,108$157,706$31,541$467,861
18$689,963$165,591$33,118$491,254
19$724,461$173,871$34,774$515,817
20$760,685$182,564$36,513$541,607
21$798,719$191,693$38,339$568,688
22$838,655$201,277$40,255$597,122
23$880,587$211,341$42,268$626,978
24$924,617$221,908$44,382$658,327
25$970,848$233,003$46,601$691,244
26$1,019,390$244,654$48,931$725,806
27$1,070,360$256,886$51,377$762,096
28$1,123,878$269,731$53,946$800,201
29$1,180,071$283,217$56,643$840,211
30$1,239,075$297,378$59,476$882,221
Total$20,000,000$4,800,000$960,000$14,240,000
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