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Mega Millions Annuity Jackpot Analysis for New Jersey (Aug. 7, 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 $55,000,000 would be for a resident of New Jersey, 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:

New Jersey

Drawing Date:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$66,226$562,924
2$869,220$208,613$69,538$591,070
3$912,681$219,044$73,015$620,623
4$958,315$229,996$76,665$651,655
5$1,006,231$241,495$80,498$684,237
6$1,056,543$253,570$84,523$718,449
7$1,109,370$266,249$88,750$754,372
8$1,164,838$279,561$93,187$792,090
9$1,223,080$293,539$97,846$831,695
10$1,284,234$308,216$102,739$873,279
11$1,348,446$323,627$107,876$916,943
12$1,415,868$339,808$113,269$962,791
13$1,486,662$356,799$118,933$1,010,930
14$1,560,995$374,639$124,880$1,061,477
15$1,639,045$393,371$131,124$1,114,550
16$1,720,997$413,039$137,680$1,170,278
17$1,807,047$433,691$144,564$1,228,792
18$1,897,399$455,376$151,792$1,290,231
19$1,992,269$478,145$159,382$1,354,743
20$2,091,882$502,052$167,351$1,422,480
21$2,196,477$527,154$175,718$1,493,604
22$2,306,300$553,512$184,504$1,568,284
23$2,421,615$581,188$193,729$1,646,699
24$2,542,696$610,247$203,416$1,729,033
25$2,669,831$640,759$213,586$1,815,485
26$2,803,323$672,797$224,266$1,906,259
27$2,943,489$706,437$235,479$2,001,572
28$3,090,663$741,759$247,253$2,101,651
29$3,245,196$778,847$259,616$2,206,733
30$3,407,456$817,789$272,596$2,317,070
Total$55,000,000$13,200,000$4,400,000$37,400,000
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