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Mega Millions Annuity Jackpot Analysis for New York

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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 $192,000,000 would be for a resident of New York, 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 York

Drawing Date:  Tue, Apr 23, 2019
Jackpot:$192,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,889,876$693,570$254,887$1,941,418
2$3,034,369$728,249$267,631$2,038,489
3$3,186,088$764,661$281,013$2,140,414
4$3,345,392$802,894$295,064$2,247,435
5$3,512,662$843,039$309,817$2,359,806
6$3,688,295$885,191$325,308$2,477,796
7$3,872,710$929,450$341,573$2,601,686
8$4,066,345$975,923$358,652$2,731,771
9$4,269,662$1,024,719$376,584$2,868,359
10$4,483,145$1,075,955$395,413$3,011,777
11$4,707,303$1,129,753$415,184$3,162,366
12$4,942,668$1,186,240$435,943$3,320,484
13$5,189,801$1,245,552$457,740$3,486,508
14$5,449,291$1,307,830$480,628$3,660,834
15$5,721,756$1,373,221$504,659$3,843,876
16$6,007,844$1,441,883$529,892$4,036,069
17$6,308,236$1,513,977$556,386$4,237,873
18$6,623,648$1,589,675$584,206$4,449,767
19$6,954,830$1,669,159$613,416$4,672,255
20$7,302,572$1,752,617$644,087$4,905,868
21$7,667,700$1,840,248$676,291$5,151,161
22$8,051,085$1,932,260$710,106$5,408,719
23$8,453,639$2,028,873$745,611$5,679,155
24$8,876,321$2,130,317$782,892$5,963,113
25$9,320,137$2,236,833$822,036$6,261,268
26$9,786,144$2,348,675$863,138$6,574,332
27$10,275,452$2,466,108$906,295$6,903,048
28$10,789,224$2,589,414$951,610$7,248,201
29$11,328,685$2,718,884$999,190$7,610,611
30$11,895,120$2,854,829$1,049,150$7,991,141
Total$192,000,000$46,080,000$16,934,400$128,985,600
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