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Mega Millions Annuity Jackpot Analysis for Ohio

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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 $55,000,000 would be for a resident of Ohio, 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:

Ohio

Drawing Date:  Fri, Jun 21, 2019
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$33,113$596,037
2$869,220$208,613$34,769$625,839
3$912,681$219,044$36,507$657,131
4$958,315$229,996$38,333$689,987
5$1,006,231$241,495$40,249$724,486
6$1,056,543$253,570$42,262$760,711
7$1,109,370$266,249$44,375$798,746
8$1,164,838$279,561$46,594$838,684
9$1,223,080$293,539$48,923$880,618
10$1,284,234$308,216$51,369$924,649
11$1,348,446$323,627$53,938$970,881
12$1,415,868$339,808$56,635$1,019,425
13$1,486,662$356,799$59,466$1,070,397
14$1,560,995$374,639$62,440$1,123,916
15$1,639,045$393,371$65,562$1,180,112
16$1,720,997$413,039$68,840$1,239,118
17$1,807,047$433,691$72,282$1,301,074
18$1,897,399$455,376$75,896$1,366,127
19$1,992,269$478,145$79,691$1,434,434
20$2,091,882$502,052$83,675$1,506,155
21$2,196,477$527,154$87,859$1,581,463
22$2,306,300$553,512$92,252$1,660,536
23$2,421,615$581,188$96,865$1,743,563
24$2,542,696$610,247$101,708$1,830,741
25$2,669,831$640,759$106,793$1,922,278
26$2,803,323$672,797$112,133$2,018,392
27$2,943,489$706,437$117,740$2,119,312
28$3,090,663$741,759$123,627$2,225,277
29$3,245,196$778,847$129,808$2,336,541
30$3,407,456$817,789$136,298$2,453,368
Total$55,000,000$13,200,000$2,200,000$39,600,000
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