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Mega Millions Annuity Jackpot Analysis for Washington, D.C. (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 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$26,942$201,840
2$316,080$75,859$28,289$211,932
3$331,884$79,652$29,704$222,528
4$348,478$83,635$31,189$233,655
5$365,902$87,817$32,748$245,337
6$384,197$92,207$34,386$257,604
7$403,407$96,818$36,105$270,485
8$423,578$101,659$37,910$284,009
9$444,757$106,742$39,806$298,209
10$466,994$112,079$41,796$313,120
11$490,344$117,683$43,886$328,776
12$514,861$123,567$46,080$345,214
13$540,604$129,745$48,384$362,475
14$567,635$136,232$50,803$380,599
15$596,016$143,044$53,343$399,629
16$625,817$150,196$56,011$419,610
17$657,108$157,706$58,811$440,591
18$689,963$165,591$61,752$462,620
19$724,461$173,871$64,839$485,751
20$760,685$182,564$68,081$510,039
21$798,719$191,693$71,485$535,541
22$838,655$201,277$75,060$562,318
23$880,587$211,341$78,813$590,434
24$924,617$221,908$82,753$619,956
25$970,848$233,003$86,891$650,953
26$1,019,390$244,654$91,235$683,501
27$1,070,360$256,886$95,797$717,676
28$1,123,878$269,731$100,587$753,560
29$1,180,071$283,217$105,616$791,238
30$1,239,075$297,378$110,897$830,800
Total$20,000,000$4,800,000$1,790,000$13,410,000
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