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Mega Millions Annuity Jackpot Analysis for New York (Jan. 8, 2019 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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$59,739$455,020
2$711,180$170,683$62,726$477,771
3$746,739$179,217$65,862$501,659
4$784,076$188,178$69,156$526,742
5$823,280$197,587$72,613$553,080
6$864,444$207,467$76,244$580,734
7$907,666$217,840$80,056$609,770
8$953,050$228,732$84,059$640,259
9$1,000,702$240,169$88,262$672,272
10$1,050,737$252,177$92,675$705,885
11$1,103,274$264,786$97,309$741,180
12$1,158,438$278,025$102,174$778,239
13$1,216,360$291,926$107,283$817,150
14$1,277,178$306,523$112,647$858,008
15$1,341,037$321,849$118,279$900,908
16$1,408,088$337,941$124,193$945,954
17$1,478,493$354,838$130,403$993,251
18$1,552,417$372,580$136,923$1,042,914
19$1,630,038$391,209$143,769$1,095,060
20$1,711,540$410,770$150,958$1,149,813
21$1,797,117$431,308$158,506$1,207,303
22$1,886,973$452,874$166,431$1,267,669
23$1,981,322$475,517$174,753$1,331,052
24$2,080,388$499,293$183,490$1,397,605
25$2,184,407$524,258$192,665$1,467,485
26$2,293,628$550,471$202,298$1,540,859
27$2,408,309$577,994$212,413$1,617,902
28$2,528,724$606,894$223,033$1,698,797
29$2,655,161$637,239$234,185$1,783,737
30$2,787,919$669,100$245,894$1,872,924
Total$45,000,000$10,800,000$3,969,000$30,231,000
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