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Mega Millions Annuity Jackpot Analysis for Mississippi (Apr. 14, 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 $145,000,000 would be for a resident of Mississippi, 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:

Mississippi

Drawing Date:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$109,123$1,549,545
2$2,291,581$549,979$114,579$1,627,023
3$2,406,160$577,478$120,308$1,708,374
4$2,526,468$606,352$126,323$1,793,792
5$2,652,791$636,670$132,640$1,883,482
6$2,785,431$668,503$139,272$1,977,656
7$2,924,703$701,929$146,235$2,076,539
8$3,070,938$737,025$153,547$2,180,366
9$3,224,485$773,876$161,224$2,289,384
10$3,385,709$812,570$169,285$2,403,853
11$3,554,994$853,199$177,750$2,524,046
12$3,732,744$895,859$186,637$2,650,248
13$3,919,381$940,651$195,969$2,782,761
14$4,115,350$987,684$205,768$2,921,899
15$4,321,118$1,037,068$216,056$3,067,994
16$4,537,174$1,088,922$226,859$3,221,393
17$4,764,032$1,143,368$238,202$3,382,463
18$5,002,234$1,200,536$250,112$3,551,586
19$5,252,346$1,260,563$262,617$3,729,165
20$5,514,963$1,323,591$275,748$3,915,624
21$5,790,711$1,389,771$289,536$4,111,405
22$6,080,247$1,459,259$304,012$4,316,975
23$6,384,259$1,532,222$319,213$4,532,824
24$6,703,472$1,608,833$335,174$4,759,465
25$7,038,645$1,689,275$351,932$4,997,438
26$7,390,578$1,773,739$369,529$5,247,310
27$7,760,107$1,862,426$388,005$5,509,676
28$8,148,112$1,955,547$407,406$5,785,159
29$8,555,518$2,053,324$427,776$6,074,417
30$8,983,293$2,155,990$449,165$6,378,138
Total$145,000,000$34,800,000$7,250,000$102,950,000
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