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Mega Millions Annuity Jackpot Analysis for Ohio (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:4.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$183,628$3,305,295
2$4,820,222$1,156,853$192,809$3,470,560
3$5,061,233$1,214,696$202,449$3,644,088
4$5,314,295$1,275,431$212,572$3,826,292
5$5,580,009$1,339,202$223,200$4,017,607
6$5,859,010$1,406,162$234,360$4,218,487
7$6,151,961$1,476,471$246,078$4,429,412
8$6,459,559$1,550,294$258,382$4,650,882
9$6,782,537$1,627,809$271,301$4,883,426
10$7,121,663$1,709,199$284,867$5,127,598
11$7,477,747$1,794,659$299,110$5,383,978
12$7,851,634$1,884,392$314,065$5,653,176
13$8,244,216$1,978,612$329,769$5,935,835
14$8,656,426$2,077,542$346,257$6,232,627
15$9,089,248$2,181,419$363,570$6,544,258
16$9,543,710$2,290,490$381,748$6,871,471
17$10,020,895$2,405,015$400,836$7,215,045
18$10,521,940$2,525,266$420,878$7,575,797
19$11,048,037$2,651,529$441,921$7,954,587
20$11,600,439$2,784,105$464,018$8,352,316
21$12,180,461$2,923,311$487,218$8,769,932
22$12,789,484$3,069,476$511,579$9,208,429
23$13,428,958$3,222,950$537,158$9,668,850
24$14,100,406$3,384,097$564,016$10,152,292
25$14,805,427$3,553,302$592,217$10,659,907
26$15,545,698$3,730,968$621,828$11,192,903
27$16,322,983$3,917,516$652,919$11,752,548
28$17,139,132$4,113,392$685,565$12,340,175
29$17,996,089$4,319,061$719,844$12,957,184
30$18,895,893$4,535,014$755,836$13,605,043
Total$305,000,001$73,200,000$12,200,000$219,600,000
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