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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 $233,000,000 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, May 29, 2015
Jackpot:$233,000,000
Federal Tax:  25%
State Tax:No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,506,984$876,746$0$2,630,238
2$3,682,334$920,583$0$2,761,750
3$3,866,450$966,613$0$2,899,838
4$4,059,773$1,014,943$0$3,044,830
5$4,262,761$1,065,690$0$3,197,071
6$4,475,899$1,118,975$0$3,356,925
7$4,699,695$1,174,924$0$3,524,771
8$4,934,679$1,233,670$0$3,701,009
9$5,181,413$1,295,353$0$3,886,060
10$5,440,484$1,360,121$0$4,080,363
11$5,712,508$1,428,127$0$4,284,381
12$5,998,133$1,499,533$0$4,498,600
13$6,298,040$1,574,510$0$4,723,530
14$6,612,942$1,653,236$0$4,959,707
15$6,943,589$1,735,897$0$5,207,692
16$7,290,769$1,822,692$0$5,468,077
17$7,655,307$1,913,827$0$5,741,480
18$8,038,072$2,009,518$0$6,028,554
19$8,439,976$2,109,994$0$6,329,982
20$8,861,975$2,215,494$0$6,646,481
21$9,305,074$2,326,268$0$6,978,805
22$9,770,327$2,442,582$0$7,327,745
23$10,258,844$2,564,711$0$7,694,133
24$10,771,786$2,692,946$0$8,078,839
25$11,310,375$2,827,594$0$8,482,781
26$11,875,894$2,968,973$0$8,906,920
27$12,469,689$3,117,422$0$9,352,266
28$13,093,173$3,273,293$0$9,819,880
29$13,747,832$3,436,958$0$10,310,874
30$14,435,223$3,608,806$0$10,826,417
Total$233,000,000$58,250,000$0$174,750,000
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