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Mega Millions Annuity Jackpot Analysis for California

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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 $60,000,000 would be for a resident of California, 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:

California

Drawing Date:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$0$686,345
2$948,240$227,578$0$720,663
3$995,652$238,957$0$756,696
4$1,045,435$250,904$0$794,531
5$1,097,707$263,450$0$834,257
6$1,152,592$276,622$0$875,970
7$1,210,222$290,453$0$919,769
8$1,270,733$304,976$0$965,757
9$1,334,270$320,225$0$1,014,045
10$1,400,983$336,236$0$1,064,747
11$1,471,032$353,048$0$1,117,984
12$1,544,584$370,700$0$1,173,884
13$1,621,813$389,235$0$1,232,578
14$1,702,904$408,697$0$1,294,207
15$1,788,049$429,132$0$1,358,917
16$1,877,451$450,588$0$1,426,863
17$1,971,324$473,118$0$1,498,206
18$2,069,890$496,774$0$1,573,116
19$2,173,384$521,612$0$1,651,772
20$2,282,054$547,693$0$1,734,361
21$2,396,156$575,078$0$1,821,079
22$2,515,964$603,831$0$1,912,133
23$2,641,762$634,023$0$2,007,739
24$2,773,850$665,724$0$2,108,126
25$2,912,543$699,010$0$2,213,533
26$3,058,170$733,961$0$2,324,209
27$3,211,079$770,659$0$2,440,420
28$3,371,633$809,192$0$2,562,441
29$3,540,214$849,651$0$2,690,563
30$3,717,225$892,134$0$2,825,091
Total$60,000,000$14,400,000$0$45,600,000
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