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Mega Millions Annuity Jackpot Analysis for Pennsylvania

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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 $245,000,000 would be for a resident of Pennsylvania, 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:

Pennsylvania

Drawing Date:  Tue, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$113,209$2,689,368
2$3,871,982$929,276$118,870$2,823,836
3$4,065,581$975,739$124,813$2,965,028
4$4,268,860$1,024,526$131,054$3,113,280
5$4,482,303$1,075,753$137,607$3,268,943
6$4,706,418$1,129,540$144,487$3,432,391
7$4,941,739$1,186,017$151,711$3,604,010
8$5,188,826$1,245,318$159,297$3,784,211
9$5,448,267$1,307,584$167,262$3,973,421
10$5,720,680$1,372,963$175,625$4,172,092
11$6,006,714$1,441,611$184,406$4,380,697
12$6,307,050$1,513,692$193,626$4,599,732
13$6,622,403$1,589,377$203,308$4,829,718
14$6,953,523$1,668,845$213,473$5,071,204
15$7,301,199$1,752,288$224,147$5,324,764
16$7,666,259$1,839,902$235,354$5,591,003
17$8,049,572$1,931,897$247,122$5,870,553
18$8,452,050$2,028,492$259,478$6,164,080
19$8,874,653$2,129,917$272,452$6,472,284
20$9,318,386$2,236,413$286,074$6,795,899
21$9,784,305$2,348,233$300,378$7,135,693
22$10,273,520$2,465,645$315,397$7,492,478
23$10,787,196$2,588,927$331,167$7,867,102
24$11,326,556$2,718,373$347,725$8,260,457
25$11,892,884$2,854,292$365,112$8,673,480
26$12,487,528$2,997,007$383,367$9,107,154
27$13,111,904$3,146,857$402,535$9,562,512
28$13,767,499$3,304,200$422,662$10,040,637
29$14,455,874$3,469,410$443,795$10,542,669
30$15,178,668$3,642,880$465,985$11,069,803
Total$245,000,000$58,800,000$7,521,500$178,678,500
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