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Mega Millions Annuity Jackpot Analysis for Kansas (Nov. 6, 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 $70,000,000 would be for a resident of Kansas, 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:

Kansas

Drawing Date:  Nov. 6, 2018
Jackpot:$70,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$252,864$52,680$748,056
2$1,106,280$265,507$55,314$785,459
3$1,161,594$278,783$58,080$824,732
4$1,219,674$292,722$60,984$865,969
5$1,280,658$307,358$64,033$909,267
6$1,344,691$322,726$67,235$954,730
7$1,411,925$338,862$70,596$1,002,467
8$1,482,522$355,805$74,126$1,052,590
9$1,556,648$373,595$77,832$1,105,220
10$1,634,480$392,275$81,724$1,160,481
11$1,716,204$411,889$85,810$1,218,505
12$1,802,014$432,483$90,101$1,279,430
13$1,892,115$454,108$94,606$1,343,402
14$1,986,721$476,813$99,336$1,410,572
15$2,086,057$500,654$104,303$1,481,100
16$2,190,360$525,686$109,518$1,555,155
17$2,299,878$551,971$114,994$1,632,913
18$2,414,872$579,569$120,744$1,714,559
19$2,535,615$608,548$126,781$1,800,287
20$2,662,396$638,975$133,120$1,890,301
21$2,795,516$670,924$139,776$1,984,816
22$2,935,291$704,470$146,765$2,084,057
23$3,082,056$739,693$154,103$2,188,260
24$3,236,159$776,678$161,808$2,297,673
25$3,397,967$815,512$169,898$2,412,556
26$3,567,865$856,288$178,393$2,533,184
27$3,746,258$899,102$187,313$2,659,843
28$3,933,571$944,057$196,679$2,792,836
29$4,130,250$991,260$206,512$2,932,477
30$4,336,762$1,040,823$216,838$3,079,101
Total$70,000,000$16,800,000$3,500,000$49,700,000
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