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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 $30,000,000 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:  Fri, Sep 30, 2016
Jackpot:$30,000,000
Federal Tax:  25%
State Tax:3.07%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$451,543$112,886$13,862$324,795
2$474,120$118,530$14,555$341,035
3$497,826$124,457$15,283$358,086
4$522,718$130,679$16,047$375,991
5$548,853$137,213$16,850$394,790
6$576,296$144,074$17,692$414,530
7$605,111$151,278$18,577$435,256
8$635,366$158,842$19,506$457,019
9$667,135$166,784$20,481$479,870
10$700,491$175,123$21,505$503,864
11$735,516$183,879$22,580$529,057
12$772,292$193,073$23,709$555,510
13$810,906$202,727$24,895$583,285
14$851,452$212,863$26,140$612,449
15$894,024$223,506$27,447$643,072
16$938,726$234,681$28,819$675,225
17$985,662$246,415$30,260$708,987
18$1,034,945$258,736$31,773$744,436
19$1,086,692$271,673$33,361$781,658
20$1,141,027$285,257$35,030$820,741
21$1,198,078$299,520$36,781$861,778
22$1,257,982$314,496$38,620$904,866
23$1,320,881$330,220$40,551$950,110
24$1,386,925$346,731$42,579$997,615
25$1,456,271$364,068$44,708$1,047,496
26$1,529,085$382,271$46,943$1,099,871
27$1,605,539$401,385$49,290$1,154,864
28$1,685,816$421,454$51,755$1,212,608
29$1,770,107$442,527$54,342$1,273,238
30$1,858,612$464,653$57,059$1,336,900
Total$30,000,000$7,500,000$921,000$21,579,000
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