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Mega Millions Annuity Jackpot Analysis for Washington, D.C. (Oct. 16, 2018 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 $667,000,000 would be for a resident of Washington, D.C., 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:

Washington, D.C.

Drawing Date:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:8.50%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$853,341$6,776,532
2$10,541,273$2,529,905$896,008$7,115,359
3$11,068,336$2,656,401$940,809$7,471,127
4$11,621,753$2,789,221$987,849$7,844,683
5$12,202,840$2,928,682$1,037,241$8,236,917
6$12,812,983$3,075,116$1,089,104$8,648,763
7$13,453,632$3,228,872$1,143,559$9,081,202
8$14,126,314$3,390,315$1,200,737$9,535,262
9$14,832,629$3,559,831$1,260,773$10,012,025
10$15,574,261$3,737,823$1,323,812$10,512,626
11$16,352,974$3,924,714$1,390,003$11,038,257
12$17,170,622$4,120,949$1,459,503$11,590,170
13$18,029,153$4,326,997$1,532,478$12,169,679
14$18,930,611$4,543,347$1,609,102$12,778,163
15$19,877,142$4,770,514$1,689,557$13,417,071
16$20,870,999$5,009,040$1,774,035$14,087,924
17$21,914,548$5,259,492$1,862,737$14,792,320
18$23,010,276$5,522,466$1,955,873$15,531,936
19$24,160,790$5,798,590$2,053,667$16,308,533
20$25,368,829$6,088,519$2,156,350$17,123,960
21$26,637,271$6,392,945$2,264,168$17,980,158
22$27,969,134$6,712,592$2,377,376$18,879,166
23$29,367,591$7,048,222$2,496,245$19,823,124
24$30,835,970$7,400,633$2,621,057$20,814,280
25$32,377,769$7,770,665$2,752,110$21,854,994
26$33,996,658$8,159,198$2,889,716$22,947,744
27$35,696,491$8,567,158$3,034,202$24,095,131
28$37,481,315$8,995,516$3,185,912$25,299,887
29$39,355,381$9,445,291$3,345,207$26,564,882
30$41,323,150$9,917,556$3,512,468$27,893,126
Total$667,000,001$160,080,000$56,695,000$450,225,001
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