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Mega Millions Annuity Jackpot Analysis for New York (Nov. 2, 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 $52,000,000 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:  Nov. 2, 2018
Jackpot:$52,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$782,675$187,842$69,032$525,801
2$821,808$197,234$72,483$552,091
3$862,899$207,096$76,108$579,695
4$906,044$217,450$79,913$608,680
5$951,346$228,323$83,909$639,114
6$998,913$239,739$88,104$671,070
7$1,048,859$251,726$92,509$704,623
8$1,101,302$264,312$97,135$739,855
9$1,156,367$277,528$101,992$776,847
10$1,214,185$291,404$107,091$815,690
11$1,274,895$305,975$112,446$856,474
12$1,338,639$321,273$118,068$899,298
13$1,405,571$337,337$123,971$944,263
14$1,475,850$354,204$130,170$991,476
15$1,549,642$371,914$136,678$1,041,050
16$1,627,124$390,510$143,512$1,093,102
17$1,708,481$410,035$150,688$1,147,757
18$1,793,905$430,537$158,222$1,205,145
19$1,883,600$452,064$166,134$1,265,402
20$1,977,780$474,667$174,440$1,328,672
21$2,076,669$498,401$183,162$1,395,106
22$2,180,502$523,321$192,320$1,464,861
23$2,289,527$549,487$201,936$1,538,104
24$2,404,004$576,961$212,033$1,615,010
25$2,524,204$605,809$222,635$1,695,760
26$2,650,414$636,099$233,767$1,780,548
27$2,782,935$667,904$245,455$1,869,576
28$2,922,082$701,300$257,728$1,963,054
29$3,068,186$736,365$270,614$2,061,207
30$3,221,595$773,183$284,145$2,164,267
Total$52,000,000$12,480,000$4,586,400$34,933,600
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