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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 $55,000,000 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:  Fri, Jun 21, 2019
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$73,015$556,135
2$869,220$208,613$76,665$583,942
3$912,681$219,044$80,498$613,139
4$958,315$229,996$84,523$643,796
5$1,006,231$241,495$88,750$675,986
6$1,056,543$253,570$93,187$709,785
7$1,109,370$266,249$97,846$745,275
8$1,164,838$279,561$102,739$782,538
9$1,223,080$293,539$107,876$821,665
10$1,284,234$308,216$113,269$862,749
11$1,348,446$323,627$118,933$905,886
12$1,415,868$339,808$124,880$951,180
13$1,486,662$356,799$131,124$998,739
14$1,560,995$374,639$137,680$1,048,676
15$1,639,045$393,371$144,564$1,101,110
16$1,720,997$413,039$151,792$1,156,166
17$1,807,047$433,691$159,382$1,213,974
18$1,897,399$455,376$167,351$1,274,673
19$1,992,269$478,145$175,718$1,338,406
20$2,091,882$502,052$184,504$1,405,327
21$2,196,477$527,154$193,729$1,475,593
22$2,306,300$553,512$203,416$1,549,373
23$2,421,615$581,188$213,586$1,626,841
24$2,542,696$610,247$224,266$1,708,183
25$2,669,831$640,759$235,479$1,793,592
26$2,803,323$672,797$247,253$1,883,272
27$2,943,489$706,437$259,616$1,977,436
28$3,090,663$741,759$272,596$2,076,307
29$3,245,196$778,847$286,226$2,180,123
30$3,407,456$817,789$300,538$2,289,129
Total$55,000,000$13,200,000$4,851,000$36,949,000
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