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Mega Millions Annuity Jackpot Analysis for New York (Jul. 28, 2020 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$26,551$202,231
2$316,080$75,859$27,878$212,343
3$331,884$79,652$29,272$222,960
4$348,478$83,635$30,736$234,108
5$365,902$87,817$32,273$245,813
6$384,197$92,207$33,886$258,104
7$403,407$96,818$35,581$271,009
8$423,578$101,659$37,360$284,559
9$444,757$106,742$39,228$298,787
10$466,994$112,079$41,189$313,727
11$490,344$117,683$43,248$329,413
12$514,861$123,567$45,411$345,884
13$540,604$129,745$47,681$363,178
14$567,635$136,232$50,065$381,337
15$596,016$143,044$52,569$400,404
16$625,817$150,196$55,197$420,424
17$657,108$157,706$57,957$441,445
18$689,963$165,591$60,855$463,517
19$724,461$173,871$63,898$486,693
20$760,685$182,564$67,092$511,028
21$798,719$191,693$70,447$536,579
22$838,655$201,277$73,969$563,408
23$880,587$211,341$77,668$591,579
24$924,617$221,908$81,551$621,158
25$970,848$233,003$85,629$652,215
26$1,019,390$244,654$89,910$684,826
27$1,070,360$256,886$94,406$719,068
28$1,123,878$269,731$99,126$755,021
29$1,180,071$283,217$104,082$792,772
30$1,239,075$297,378$109,286$832,411
Total$20,000,000$4,800,000$1,764,000$13,436,000
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