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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 $245,000,000 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, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$325,246$2,477,331
2$3,871,982$929,276$341,509$2,601,197
3$4,065,581$975,739$358,584$2,731,257
4$4,268,860$1,024,526$376,513$2,867,820
5$4,482,303$1,075,753$395,339$3,011,211
6$4,706,418$1,129,540$415,106$3,161,772
7$4,941,739$1,186,017$435,861$3,319,860
8$5,188,826$1,245,318$457,654$3,485,853
9$5,448,267$1,307,584$480,537$3,660,146
10$5,720,680$1,372,963$504,564$3,843,153
11$6,006,714$1,441,611$529,792$4,035,311
12$6,307,050$1,513,692$556,282$4,237,076
13$6,622,403$1,589,377$584,096$4,448,930
14$6,953,523$1,668,845$613,301$4,671,377
15$7,301,199$1,752,288$643,966$4,904,945
16$7,666,259$1,839,902$676,164$5,150,193
17$8,049,572$1,931,897$709,972$5,407,702
18$8,452,050$2,028,492$745,471$5,678,087
19$8,874,653$2,129,917$782,744$5,961,992
20$9,318,386$2,236,413$821,882$6,260,091
21$9,784,305$2,348,233$862,976$6,573,096
22$10,273,520$2,465,645$906,124$6,901,751
23$10,787,196$2,588,927$951,431$7,246,838
24$11,326,556$2,718,373$999,002$7,609,180
25$11,892,884$2,854,292$1,048,952$7,989,639
26$12,487,528$2,997,007$1,101,400$8,389,121
27$13,111,904$3,146,857$1,156,470$8,808,577
28$13,767,499$3,304,200$1,214,293$9,249,006
29$14,455,874$3,469,410$1,275,008$9,711,456
30$15,178,668$3,642,880$1,338,759$10,197,029
Total$245,000,000$58,800,000$21,609,000$164,591,000
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