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Mega Millions Annuity Jackpot Analysis for Kansas (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 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:5.70%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$17,159$211,623
2$316,080$75,859$18,017$222,204
3$331,884$79,652$18,917$233,315
4$348,478$83,635$19,863$244,980
5$365,902$87,817$20,856$257,229
6$384,197$92,207$21,899$270,091
7$403,407$96,818$22,994$283,595
8$423,578$101,659$24,144$297,775
9$444,757$106,742$25,351$312,664
10$466,994$112,079$26,619$328,297
11$490,344$117,683$27,950$344,712
12$514,861$123,567$29,347$361,947
13$540,604$129,745$30,814$380,045
14$567,635$136,232$32,355$399,047
15$596,016$143,044$33,973$418,999
16$625,817$150,196$35,672$439,949
17$657,108$157,706$37,455$461,947
18$689,963$165,591$39,328$485,044
19$724,461$173,871$41,294$509,296
20$760,685$182,564$43,359$534,761
21$798,719$191,693$45,527$561,499
22$838,655$201,277$47,803$589,574
23$880,587$211,341$50,193$619,053
24$924,617$221,908$52,703$650,006
25$970,848$233,003$55,338$682,506
26$1,019,390$244,654$58,105$716,631
27$1,070,360$256,886$61,010$752,463
28$1,123,878$269,731$64,061$790,086
29$1,180,071$283,217$67,264$829,590
30$1,239,075$297,378$70,627$871,070
Total$20,000,000$4,800,000$1,140,000$14,060,000
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