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Mega Millions Annuity Jackpot Analysis for Delaware (Apr. 3, 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 $121,000,000 would be for a resident of Delaware, 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:

Delaware

Drawing Date:  Apr. 3, 2020
Jackpot:$121,000,000
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$1,821,224$437,094$0$1,384,130
2$1,912,285$458,948$0$1,453,336
3$2,007,899$481,896$0$1,526,003
4$2,108,294$505,991$0$1,602,303
5$2,213,709$531,290$0$1,682,419
6$2,324,394$557,855$0$1,766,540
7$2,440,614$585,747$0$1,854,867
8$2,562,645$615,035$0$1,947,610
9$2,690,777$645,786$0$2,044,990
10$2,825,316$678,076$0$2,147,240
11$2,966,581$711,980$0$2,254,602
12$3,114,911$747,579$0$2,367,332
13$3,270,656$784,957$0$2,485,699
14$3,434,189$824,205$0$2,609,984
15$3,605,898$865,416$0$2,740,483
16$3,786,193$908,686$0$2,877,507
17$3,975,503$954,121$0$3,021,382
18$4,174,278$1,001,827$0$3,172,451
19$4,382,992$1,051,918$0$3,331,074
20$4,602,141$1,104,514$0$3,497,628
21$4,832,248$1,159,740$0$3,672,509
22$5,073,861$1,217,727$0$3,856,134
23$5,327,554$1,278,613$0$4,048,941
24$5,593,932$1,342,544$0$4,251,388
25$5,873,628$1,409,671$0$4,463,957
26$6,167,310$1,480,154$0$4,687,155
27$6,475,675$1,554,162$0$4,921,513
28$6,799,459$1,631,870$0$5,167,589
29$7,139,432$1,713,464$0$5,425,968
30$7,496,404$1,799,137$0$5,697,267
Total$121,000,000$29,040,000$0$91,960,000
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