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Mega Millions Annuity Jackpot Analysis for Ohio (Oct. 30, 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 $45,000,000 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:  Oct. 30, 2018
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$27,093$487,666
2$711,180$170,683$28,447$512,050
3$746,739$179,217$29,870$537,652
4$784,076$188,178$31,363$564,535
5$823,280$197,587$32,931$592,762
6$864,444$207,467$34,578$622,400
7$907,666$217,840$36,307$653,520
8$953,050$228,732$38,122$686,196
9$1,000,702$240,169$40,028$720,506
10$1,050,737$252,177$42,029$756,531
11$1,103,274$264,786$44,131$794,357
12$1,158,438$278,025$46,338$834,075
13$1,216,360$291,926$48,654$875,779
14$1,277,178$306,523$51,087$919,568
15$1,341,037$321,849$53,641$965,546
16$1,408,088$337,941$56,324$1,013,824
17$1,478,493$354,838$59,140$1,064,515
18$1,552,417$372,580$62,097$1,117,741
19$1,630,038$391,209$65,202$1,173,628
20$1,711,540$410,770$68,462$1,232,309
21$1,797,117$431,308$71,885$1,293,924
22$1,886,973$452,874$75,479$1,358,621
23$1,981,322$475,517$79,253$1,426,552
24$2,080,388$499,293$83,216$1,497,879
25$2,184,407$524,258$87,376$1,572,773
26$2,293,628$550,471$91,745$1,651,412
27$2,408,309$577,994$96,332$1,733,982
28$2,528,724$606,894$101,149$1,820,682
29$2,655,161$637,239$106,206$1,911,716
30$2,787,919$669,100$111,517$2,007,301
Total$45,000,000$10,800,000$1,800,000$32,400,000
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