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Mega Millions Annuity Jackpot Analysis for Louisiana

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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 $224,000,000 would be for a resident of Louisiana, 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:

Louisiana

Drawing Date:  Fri, Feb 22, 2019
Jackpot:$224,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,371,521$809,165$168,576$2,393,780
2$3,540,098$849,623$177,005$2,513,469
3$3,717,102$892,105$185,855$2,639,143
4$3,902,958$936,710$195,148$2,771,100
5$4,098,105$983,545$204,905$2,909,655
6$4,303,011$1,032,723$215,151$3,055,138
7$4,518,161$1,084,359$225,908$3,207,895
8$4,744,069$1,138,577$237,203$3,368,289
9$4,981,273$1,195,505$249,064$3,536,704
10$5,230,336$1,255,281$261,517$3,713,539
11$5,491,853$1,318,045$274,593$3,899,216
12$5,766,446$1,383,947$288,322$4,094,177
13$6,054,768$1,453,144$302,738$4,298,885
14$6,357,507$1,525,802$317,875$4,513,830
15$6,675,382$1,602,092$333,769$4,739,521
16$7,009,151$1,682,196$350,458$4,976,497
17$7,359,608$1,766,306$367,980$5,225,322
18$7,727,589$1,854,621$386,379$5,486,588
19$8,113,968$1,947,352$405,698$5,760,918
20$8,519,667$2,044,720$425,983$6,048,963
21$8,945,650$2,146,956$447,283$6,351,412
22$9,392,933$2,254,304$469,647$6,668,982
23$9,862,579$2,367,019$493,129$7,002,431
24$10,355,708$2,485,370$517,785$7,352,553
25$10,873,494$2,609,638$543,675$7,720,180
26$11,417,168$2,740,120$570,858$8,106,190
27$11,988,027$2,877,126$599,401$8,511,499
28$12,587,428$3,020,983$629,371$8,937,074
29$13,216,799$3,172,032$660,840$9,383,928
30$13,877,640$3,330,633$693,882$9,853,124
Total$224,000,000$53,760,000$11,200,000$159,040,000
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