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Mega Millions Annuity Jackpot Analysis for Florida (Dec. 17, 2013 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 $636,000,000 would be for a resident of Florida, 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:

Florida

Drawing Date:  Dec. 17, 2013
Jackpot:$636,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,572,713$2,393,178$0$7,179,534
2$10,051,348$2,512,837$0$7,538,511
3$10,553,916$2,638,479$0$7,915,437
4$11,081,612$2,770,403$0$8,311,209
5$11,635,692$2,908,923$0$8,726,769
6$12,217,477$3,054,369$0$9,163,108
7$12,828,351$3,207,088$0$9,621,263
8$13,469,768$3,367,442$0$10,102,326
9$14,143,257$3,535,814$0$10,607,443
10$14,850,419$3,712,605$0$11,137,815
11$15,592,940$3,898,235$0$11,694,705
12$16,372,587$4,093,147$0$12,279,441
13$17,191,217$4,297,804$0$12,893,413
14$18,050,778$4,512,694$0$13,538,083
15$18,953,316$4,738,329$0$14,214,987
16$19,900,983$4,975,246$0$14,925,737
17$20,896,031$5,224,008$0$15,672,023
18$21,940,833$5,485,208$0$16,455,625
19$23,037,874$5,759,469$0$17,278,406
20$24,189,768$6,047,442$0$18,142,326
21$25,399,257$6,349,814$0$19,049,442
22$26,669,219$6,667,305$0$20,001,915
23$28,002,681$7,000,670$0$21,002,010
24$29,402,814$7,350,704$0$22,052,111
25$30,872,955$7,718,239$0$23,154,716
26$32,416,603$8,104,151$0$24,312,452
27$34,037,433$8,509,358$0$25,528,075
28$35,739,305$8,934,826$0$26,804,478
29$37,526,270$9,381,567$0$28,144,702
30$39,402,584$9,850,646$0$29,551,938
Total$636,000,001$159,000,000$0$477,000,001
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