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Mega Millions Annuity Jackpot Analysis for New York (Oct. 16, 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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$885,467$6,744,407
2$10,541,273$2,529,905$929,740$7,081,627
3$11,068,336$2,656,401$976,227$7,435,708
4$11,621,753$2,789,221$1,025,039$7,807,494
5$12,202,840$2,928,682$1,076,291$8,197,868
6$12,812,983$3,075,116$1,130,105$8,607,762
7$13,453,632$3,228,872$1,186,610$9,038,150
8$14,126,314$3,390,315$1,245,941$9,490,057
9$14,832,629$3,559,831$1,308,238$9,964,560
10$15,574,261$3,737,823$1,373,650$10,462,788
11$16,352,974$3,924,714$1,442,332$10,985,928
12$17,170,622$4,120,949$1,514,449$11,535,224
13$18,029,153$4,326,997$1,590,171$12,111,985
14$18,930,611$4,543,347$1,669,680$12,717,585
15$19,877,142$4,770,514$1,753,164$13,353,464
16$20,870,999$5,009,040$1,840,822$14,021,137
17$21,914,548$5,259,492$1,932,863$14,722,194
18$23,010,276$5,522,466$2,029,506$15,458,303
19$24,160,790$5,798,590$2,130,982$16,231,219
20$25,368,829$6,088,519$2,237,531$17,042,780
21$26,637,271$6,392,945$2,349,407$17,894,918
22$27,969,134$6,712,592$2,466,878$18,789,664
23$29,367,591$7,048,222$2,590,222$19,729,148
24$30,835,970$7,400,633$2,719,733$20,715,605
25$32,377,769$7,770,665$2,855,719$21,751,385
26$33,996,658$8,159,198$2,998,505$22,838,955
27$35,696,491$8,567,158$3,148,430$23,980,902
28$37,481,315$8,995,516$3,305,852$25,179,947
29$39,355,381$9,445,291$3,471,145$26,438,945
30$41,323,150$9,917,556$3,644,702$27,760,892
Total$667,000,001$160,080,000$58,829,400$448,090,601
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