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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 $212,000,000 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:  Fri, Apr 26, 2019
Jackpot:$212,000,000
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$3,190,904$765,817$0$2,425,087
2$3,350,449$804,108$0$2,546,342
3$3,517,972$844,313$0$2,673,659
4$3,693,871$886,529$0$2,807,342
5$3,878,564$930,855$0$2,947,709
6$4,072,492$977,398$0$3,095,094
7$4,276,117$1,026,268$0$3,249,849
8$4,489,923$1,077,581$0$3,412,341
9$4,714,419$1,131,461$0$3,582,958
10$4,950,140$1,188,034$0$3,762,106
11$5,197,647$1,247,435$0$3,950,212
12$5,457,529$1,309,807$0$4,147,722
13$5,730,406$1,375,297$0$4,355,108
14$6,016,926$1,444,062$0$4,572,864
15$6,317,772$1,516,265$0$4,801,507
16$6,633,661$1,592,079$0$5,041,582
17$6,965,344$1,671,682$0$5,293,661
18$7,313,611$1,755,267$0$5,558,344
19$7,679,291$1,843,030$0$5,836,262
20$8,063,256$1,935,181$0$6,128,075
21$8,466,419$2,031,941$0$6,434,478
22$8,889,740$2,133,538$0$6,756,202
23$9,334,227$2,240,214$0$7,094,012
24$9,800,938$2,352,225$0$7,448,713
25$10,290,985$2,469,836$0$7,821,149
26$10,805,534$2,593,328$0$8,212,206
27$11,345,811$2,722,995$0$8,622,816
28$11,913,102$2,859,144$0$9,053,957
29$12,508,757$3,002,102$0$9,506,655
30$13,134,195$3,152,207$0$9,981,988
Total$212,000,000$50,880,000$0$161,120,000
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